joesgirl80: "Bill & Peter: Well, thank you, you charming heartbreakers! I must have had on my rose colored glasses when researching. P O Ds. My bad!Thanks very much!!"Perhaps, or maybe you read that they pass directly to the named party and are not part of the estate governed by the will.You would not be the first person to read some such description and then infer that if they are not part of the estate governed by the will, then they are not part of the taxable federal estate.I/We need to disabuse you of that idea.Insurance policies are similar. They are paid to the beneficiaries, but if the deceased owned the policy then such amount is part of the federal taxable estate.". . .the proceeds of any life insurance on the deceased owned by the deceased either at death or within three years prior to death will be included in the [federal] taxable estate." http://www.bankrate.com/finance/insurance/life-insurance-own...Regards, JAFO
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