Paul Thomas, CPA wrote:
- quote -

I believe that the insurance proceeds would not enter the
wife's estate if the wills specified that, in the case of
"simultaneous" deaths, it is assumed that the wife died
first. (I believe that to be the law in some states.)

That is is not an uncommon will clause; and is included
precisely for situations such as this. The insurance
proceeds, as well as the husband's other assets, would then
go directly to the contingent beneficiaries.

Bill

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D. Stussy wrote:
- quote -

But I think they better hurry if they're planning on it
'cause I expect the loophole to be closed by then...

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<nesss01[at]yahoo.com> wrote:

- quote -

Definently no tax if you die in 2010.

Aside: I'm wondering how many people are planning on dying
that year just to beat the transfer taxes?

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<nesss01[at]yahoo.com> wrote

- quote -

Estate tax is due on her estate (even if there were nothing
else. She's the owner and that amount goes to her estate.

--
Paul A. Thomas, CPA
Athens, Georgia

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If I have term life insurance for 5 million dollars, owned
by my wife, with my wife the primary beneficiary and our
kids the contingent beneficiaries, and we both die
simultaneously, will there be estate tax? (assume our wills
have eachother as primary beneficaries and kids as secondary
for everything)

Thanks

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