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Started By
Message
Taxes on a burial policy as a beneficiary
Posted on 9/25/23 at 6:52 pm
Posted on 9/25/23 at 6:52 pm
I assume taxes are paid on this. Standard 25%?
5
Posted on 9/25/23 at 6:54 pm to Julz5198
Life insurance isn’t taxed.
Yet.
Yet.
This post was edited on 9/25/23 at 6:55 pm
Posted on 9/25/23 at 7:02 pm to Julz5198
quote:What?!
Standard 25%?
This post was edited on 9/25/23 at 7:03 pm
Posted on 9/25/23 at 9:39 pm to Julz5198
My Dads policy paid directly to the cemetery. Mom is still alive but her policy will do the same. No tax because there is no beneficiary.
Posted on 9/25/23 at 9:46 pm to NBR_Exile
quote:
No tax because there is no beneficiary.
No tax because it’s a life insurance policy.
Posted on 9/26/23 at 9:27 am to Julz5198
Almost all life insurance proceeds are paid out tax free.
Posted on 9/26/23 at 9:32 am to NBR_Exile
quote:
No tax because there is no beneficiary.
quote:
My Dads policy paid directly to the cemetery.
Posted on 9/26/23 at 11:55 am to NBR_Exile
I'm guessing that the funeral home/cemetery sold the policy.
They listed themselves as the beneficiary.
This isn't the ideal situation, but I'm guessing it is what your folks wanted (they don't trust you with money of they didn't want you to have to manage the transaction).
They listed themselves as the beneficiary.
This isn't the ideal situation, but I'm guessing it is what your folks wanted (they don't trust you with money of they didn't want you to have to manage the transaction).
Posted on 9/26/23 at 3:30 pm to meansonny
quote:
but I'm guessing it is what your folks wanted
They did it so none of the kids would have to worry about it during a pretty stressful period of time. Dad bought two plots and all the arrangements well in advance.
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