An elder care attorney told me to change the ownership of his insurance policies to my mothers name which I did. The beneficiary who was my mother was changed to my name because my mother wanted me to handle all her money which I have been doing since 2007. The death benefit is $30,000. The last statement said it is now $31,000. Will I be taxed and about how much? I heard death benefits are not taxable but do not believe it! Thank you for your help. Oh, I am in the state of Connecticut.
I'm insurance agent and the Death Benefit never is taxed. However, it your father has a company and he was making payments from his business to pay the premiun then it will be taxable. Any other questions write me back. I'm sorry for the lost of your father. If do you need any help with insurances for your mother, pls let me know. takecare.