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The insurance is set to go to the estate. Trying to decide if we should elect a beneficiary.

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ASK your accountant. There are to many variables that could change the answer.
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Insurance proceeds are generally not subject to income tax.   If the estate owns the policy, they are subject to estate tax, but federal estate tax exemption is 11M, but set to go down to 4.5M (estimate?) in 2021.   Some states have lower exemption amounts.

There may be additional probate costs if it goes to estate and not beneficiary. 

If your mom has already passed, it is likely too late to make any elections
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Useful IRS link:

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds#:~:text=Answer%3A,report%20it%20as%20interest%20received.
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Thanks! My Dad is still living and can elect a beneficiary.
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