What is End of Survivorship Life Insurance.Are all of the inheritants responsible for the estate taxes.?
There was an End of Survivorship Policy (800,000) for my grandmothers estate to cover the taxes. The beneficiary who was the executor(my aunt) of the estate took the insurance money as her own and says my mother has to split the estate taxes of 750,000.The insurance rep says that it was to cover the taxes. The accountant says that it had to be left as both as beneficiaries and my mother is responsible for 1/2 the estate taxes.Can you tell me the specific IRS guidelines for this. Where might can we go to get this resolved. There was property in the estate but not much money. My mother can't afford to pay this money to her and the property taxes on all this property each year. Also which I think my aunt is trying to strong arm her out of as well. Thanks forany advice you may have. Colsond4
Public Comments
- While the aunt can "disclaim" the insurance policy back to the estate, that's voluntary. (You do know the $800K is also part of the estate, right?) Your mom can sue her, but if that drags on too long, it will be past the time limit to disclaim and can cause other issues.
