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.
Estate Planning Attorney
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 informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
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.
DISCLAIMERâ€”This answer is for informational purposes only under the AVVO system, its terms and conditions. It is not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship. I am admitted only in California. (Bryant) Keith Martin sbbizlaw.com