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In Ohio are life insurance polocies and 401K accounts considered part of the decedants estate?
Wiki User
∙ 14y ago
401 K assets are considered part of an individuals estate for Federal Estate Tax purposes. Life Insurance would also be includable in the gross estate if the decedent owned the Insurance Policy. However if a Irrevocable Life Insurance Trust (ILIT) owned the Insurance Policy it would be excludable from the decedent's estate if the policy was transferred to the Trust 3 years prior to the decedents death. If the policy had been transferred to the Trust within 3 years of the decedents death it would be includable in the decedeants gross estate due to the "3 year throwback rule." The way around the three year throwback rule is to have the (ILIT) be the applicant and owner of a new life insurance policy when the insurance policy is first set up. If that is not possible then be aware of the 3 year throwback rule and hold your breath.
Wiki User
∙ 14y ago
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