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โˆ™ 2005-10-16 22:23:31
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Q: As beneficiary to a foreign life policy taken out by your French grandmother for us grandkids in the US do you have to pay tax on the amount received to the French government?
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Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.


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The executor should contact the beneficiary to see if the check was ever received. If it was they should request it be cashed immediately. If not, depending on the type of check used, that executor should arrange for a replacement. It would seem that the checks were simply mailed out with no request for the beneficiary to sign any release. A signed release shows the funds were received.


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What happens if one beneficiary is deceased?

The answer depends upon the laws of the state in which the decent died. It also depends upon what the will says. Some will specifically state what happens in such a case and those wishes are to be followed. In absence of specific directions or in absence of a will state laws control. Different states might have different rules. As an example, in NJ, there are several rules dealing with this issue. First, if the deceased beneficiary is a child of a grandparent common to the decedent and the beneficiary, then the gift the deceased beneficiary would have received had he/she lived goes to the issue (children and grandchildren) of the beneficiary. It does not get distributed as part of the deceased beneficiary's estate. If the beneficiary and the decedent have no common grandparent then the gift lapses and it goes back into the estate to be distributed according to the will most likely as part of the residuary estate. I trust that that is perfectly unintelligible.


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Are death benefits received from a veba taxable to the beneficiary of a member?

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Does the beneficiary of a life insurance policy have to pay taxes on the proceeds?

The answer to the question of whether or not beneficiaries have to pay taxes on the money received from life insurance policies is: no they will not have to.


Does the beneficiary pay taxes on income?

It depends on where the income comes from. If it is interest on a municipal bond, then no. If it is distributions from a traditional IRA, then yes (except for the decedent's basis in the IRA). There are many kinds of accounts or other property that you can be the beneficiary of. It depends on exactly what you received.


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Gwen received her powers from her Grandmother Verdona, who is an Alien being that can control life energy.


Do you claim the money from life insurance policies from your parents death?

If you are the named beneficiary of their life policies you do. You can call and ask the insurance companies who the beneficiary is and they will tell you that much. I presume your question had to do with claiming the death proceeds as income. If so, the answer is NO! Life insurance proceeds are received income tax free.


What does it mean when you are a new beneficiary and you have received an award letter from Social Security office?

that uve done something amazing and they want to award u with a letter hahaa


Was ford motor company bailed out by the government?

No, they received no government loans and the did not take bankruptcy.