0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
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.
How do you find out if a life insurance policy was paid out?
How do I get information on a pay out on my fathers insurance policy made on July 2012, where all 5 siblings were named beneficiaries .
Do insurance companies write separate checks if there are multiple beneficiaries?
Yes, the insurance company will pay the benefit amount to each beneficiary as named on the policy at the percentage listed.
Is everything sold to pay outstanding debts?
The executor is expected to exhaust the resources of the estate to resolve all debts. If the value of the estate does not cover them, those owed money are short changed and the beneficiaries do not receive anything.
Can a trust open an account in a bank?
Yes, the trust is a separate legal entity just like a person, corporation or business and may own bank accounts in its name. In order to open an account, the trust must first obtain a taxpayer ID number, also called an employee identification number, for the trust. This is similar in concept to an individual's social security number, because the trust is a legal entity and it will have to report income for income tax purposes. If the trust accumulates and keeps income it earns, then the trust has to pay income taxes on that income. If the trust pays out all income to the beneficiaries, then the beneficiaries will pay the income taxes. In either event the trust has to file a tax return to either pay the income taxes or report the giving of the income to the beneficiaries so they can pay the taxes. In addition, the trustee may be required to obtain documentation from the local probate court to prove that the person claiming to be the trustee is in fact the trustee.
Will your life insurance with your children as beneficiaries pay for your medical bills if you die?
no
Does a spouse of deceased have to pay taxes on insurance payout?
NAMED beneficiaries of insurance policies do not pay tax on it.
Can an executor allow a house to be foreclosed on if there is no money in the estate to pay monthly mortgage?
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
Do beneficiaries of an IRA account pay taxes?
Spouse certainly not. Others possibly.
Does medicaid pay the Part B deductible?
Yes, for low-income beneficiaries.
Do you have to pay unsecured credit card debts?
The personal represenative of the estate should pay them from estate assets if they are valid claims. The beneficiaries would not pay them.
In Florida concerning the payment to a beneficiary of a large account with two beneficiaries do both beneficiaries need be present together for one to withdraw their share of the funds?
No, the executor can pay them separately.
Do all retirees pay the same for medicare?
Medicare beneficiaries pay premiums (most people do not have to pay a premium for Medicare Part A); also, working retirees pay Medicare payroll tax.
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.
Do you need to pay tax for insurance death claim?
No. Death proceeds are received income tax free by beneficiaries.
Has ssi been order by the court to pay childsupport?
SSI beneficiaries cannot be ordered to pay child support. Child support cannot be deducted from SSI payments.
What are the three items that the Medicare beneficiaries are responsible for paying before Medicare will began to pay for services?
deductibles2) premiums3) coinsurance
