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Life Insurance Estate Taxes

Post image for The Importance of a Life Insurance Trust for Estate Planning

For the affluent, depending on your gross estate, everything you own may be subject to tax upon your death.  The taxes that must be paid to the federal government are called estate taxes.  A smaller but still substantial amount that may have to be paid to the state in which you live is called an inheritance tax.  While the laws regarding taxes are complicated, generally though, transfers between spouses at death are not subject to tax liability.  Conversely,  when the surviving spouse passes the estate to their heirs, often the children, that is when the tax is imposed and at […]