J
Jim Walsh
My wife and I are joint tenants in a primary residence, land
held as an investment and lease by farmer, and investments.
We both have Roth IRA's, personal life insurance, and
company-paid life insurance of which we are each other's sole
beneficiary. The land (worth ~8 million) was inherited by
my wife several years ago.
A financial planner told me that because we both owners of
our life insurance policies, the other policies are
company-paid, and our estate exceeds $10 million, the
insurance proceeds are taxable upon death.
I'm a Civil Engineer and my wife is a Medical Doctor so
neither of us financially savvy. But it has always been
my understanding that life insurance proceeds are exepmt
from taxation and that real estate inheritance between
joint tenants is also tax exempt.
Please clarify this for me.
Jim
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held as an investment and lease by farmer, and investments.
We both have Roth IRA's, personal life insurance, and
company-paid life insurance of which we are each other's sole
beneficiary. The land (worth ~8 million) was inherited by
my wife several years ago.
A financial planner told me that because we both owners of
our life insurance policies, the other policies are
company-paid, and our estate exceeds $10 million, the
insurance proceeds are taxable upon death.
I'm a Civil Engineer and my wife is a Medical Doctor so
neither of us financially savvy. But it has always been
my understanding that life insurance proceeds are exepmt
from taxation and that real estate inheritance between
joint tenants is also tax exempt.
Please clarify this for me.
Jim
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>