What is the estate tax liability-both at the federal and PA state level-for two small life insurance policies totalling $550.00?

Asked about 2 years ago - Allentown, PA

The policies were in my father's name who passed away in 2005. Both policies had no beneficiaries named. They were taken out on my father by his parents when he was 5 & 9 years old. My mother who was married to him at his date of death had no idea of the policies and she has also passed away in 2011.

Attorney answers (2)

  1. Steven M Zelinger

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . If this is a PA estate life insurance is not taxable for inheritance tax purposes.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  2. Bryant Keith Martin

    Contributor Level 18

    1

    Lawyer agrees

    Answered . Depends on the rest of your parents’ estates. If the estate was less than $5 million, it is entirely exempt from federal estate tax, and the value of the policies should not affect that. See Mr. Zelinger’s answer as to state taxes.

    DISCLAIMER—This answer is for informational purposes only under the AVVO system, its terms and conditions. It is... more

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