My Grandmother recently died leaving me an insurance policy for about 100k will I be taxed?
2007-03-01 12:57:43 · 9 answers · asked by bpeter3196 5 in Business & Finance ➔ Insurance
HI, your friendly insurance guy here again!
If you were the beneficiary of the policy, the funds should be available to you:
Free of income tax
Free of estate tax
Without going through probate
Make sure that the insurance company provides the funds to you in a lump sum. The company will offer to do several things with the money instead. Examples would be:
Hold the money for you and provide you with a checkbook you can use to withdraw funds. (Essentially the insurance company keeps the money till you write checks, meaning THEY, not YOU, get the interest on the money.)
Pay the funds out in installments (generally not to your advantage).
Help you invest the money (generally they will recommend an investment product that is proprietary to that company, which may not be in your best interest.)
Always start by getting the full amount given to you in one lump sum. That way YOU have control over what is done with it and you gain the full benefits of any interest that money can earn.
Feel free to write to me with any questions.
2007-03-01 13:56:34 · answer #1 · answered by Bright Future Penguin 3 · 0⤊ 0⤋
At - INSUREDEAL.INFO- you can get quotes in just a few minutes
RE Life Insurance policy?
My Grandmother recently died leaving me an insurance policy for about 100k will I be taxed?
2014-09-09 09:10:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
For free insurance quotes
2015-01-01 00:02:43 · answer #3 · answered by ? 1 · 0⤊ 0⤋
Nope. Life insurance proceeds are not taxed. Use the money wisely to honor your grandmother's legacy. See the IRS page below.
2007-03-01 13:04:56 · answer #4 · answered by Tom's Mom 4 · 1⤊ 0⤋
I'm sorry to hear about your grandmother. You will not be taxed for the proceeds of the policy.
2007-03-02 00:58:42 · answer #5 · answered by Byron Udell 2 · 1⤊ 0⤋
If you're the beneficiary of the policy, no. If her estate is the beneficiary, it becomes part of her estate before you inheirit it, and is subject to taxes.
2007-03-01 14:54:31 · answer #6 · answered by Anonymous 7 · 0⤊ 0⤋
you can check under what plan she taken insurance . for all plan of selected companies can check from the following websites
http://www.poonam.reliancefresh.info
http://www.joginderkathuria.ignou.info
http://www.reliancelife.reliancefresh.info
2007-03-02 01:01:03 · answer #7 · answered by RAVINDER PAL 2 · 0⤊ 0⤋
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2014-06-04 12:17:00 · answer #8 · answered by Anonymous · 2⤊ 0⤋
NOPE.. INVEST WISELY
2007-03-04 18:57:51 · answer #9 · answered by larsgirl 4 · 0⤊ 0⤋