Life Insurance Beneficiary Taxed
What is the End of the survival of life Insurance.Are all inheritants responsible for property taxes.?
There was an end of political survival (800,000) for my grandmothers to cover property taxes. The beneficiary was the executor (my aunt) of the property, taking the insurance money as his and says my mother has to divide the property taxes of 750,000. The representative said that insurance was to cover the taxes. The accountant says he had to be left as beneficiaries and my mother is responsible for 1 / 2 the property taxes.Can tell me what specific IRS guidelines for this. Where can we go for that solution. It was not the property in the farm, but not much money. My mother can not afford to pay this money to her and the property taxes on this property all year. Also I think my aunt is trying to strong arm too. Thanks forany advice you may have. Colsond4
While the aunt can "opt out" Policy Insurance back to the farm, which is voluntary. (You know the $ 800K is also part of the estate, right?) Your mother can sue, but if it lasts too long, will be after the deadline to resign and may cause other problems.
