Will Your Life Insurance Payout Be Taxed? Think ILIT

Many people automatically assume that the life insurance death benefit they leave over to their loved ones will not be taxed. This common misconception can result in the unnecessary payment of tens or hundreds of thousands of dollars of estate taxes. The Rule: The IRS (Section 2042) states that the death benefit of your life […]

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Attorney Advertising Disclaimer: The estate planning, probate, elder law or other New York legal information presented on this site should NOT be construed to be formal legal advice nor the formation of a lawyer or attorney client relationship. Using the advice provided on this site without consulting an lawyer can have disastrous results. Prior results do not guarantee similar outcomes. Please contact a Queens estate planning attorney at one of our law firms located in New York City. This web site is not intended to solicit clients for matters outside of the State of NY, although we have relationships with attorneys and law firms in states throughout the United States. Free consultation applies to an initial phone consultation.
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