Are Life Insurance Policy Payouts Taxable? (Chesterland, OH)

Some life insurance policy, a little bit concerned about whether or not any payout provided by their policy is subject to taxation, but rest assured with only really a handful of exceptions, life insurance payouts are not going to be taxed because forms of insurance payouts aren’t considered income and therefore are not subject to income tax. However, in some cases, if you have say a significant amount of assets, then your life insurance be subject to estate taxes. So how do you avoid taxation in this situation? Well, I’ll tell you life insurance products can often be set up in a way that will prevent your family from having to pay state taxes on those funds. So to like in, yeah, doing, we suggest that you speak with your tax advisor insurance agent before making any final decisions.

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