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/Ask a similar question
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.
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