After devastating losses, some fire victims will hopefully be receiving money soon from their insurance companies, even if any eventual lawsuit recoveries may be years away. The IRS and the California ...

Generally, no. As a general rule, death proceeds are excludable from the beneficiary’s gross income. 1 Death proceeds from single premium, periodic premium, or flexible premium policies are received ...

When beneficiaries receive a payout from a life insurance policy, they typically don’t have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is taxable ...

Succession planning for closely held business owners has always carried estate tax risks, but the Supreme Court's 2024 decision in Connelly v. United States has made those risks more costly (to the ...

In Connelly v. United States, the U.S. Supreme Court addressed a critical issue regarding whether life insurance proceeds used to redeem the shareholder’s stock affect the valuation of the stock for ...

Massachusetts burdens low-income families after a loved one dies, a report says, by requiring they pay the state back for all services received through MassHealth — sometimes costing families their ...