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posted to Accountants on 03/10/09 02:40 PM, Briarcliff Manor, NY 10510

Question about tax consequences of an insurance payout. I have a term life insurance policy. I'm the insured, my partner is the owner, and the beneficiary is my sister. Who is responsible for taxes, if any, on the death benefit should I die?. My partner (the owner) or my sister (the beneficieary), or my estate?

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Answered By

Andrew S. Kenward, CPA, 03/10/09 08:27 PM

Andrew S. Kenward, CPA
32 Hartford Lane
White Plains, NY 10603
914-592-4343
askacpa@msn.com

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Please visit my wesite www.ASKCPA.COM , & give me a call. I'll be happy to discuss your issue with you.

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