My interest wrote:
- quote -

and/or your state has adopted the Uniform Simultaneous Death Act
and what's in a decedent's will regarding simultaneous death with
a named heir.

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"My interest" <myinterest[at]gmail.com> wrote
- quote -




My understanding is that it could vary according to the wording of the
insurance policy, but also as to the state law where the plane wreckage is.
So it could boil down to who the coroner declares is dead first and in what
order he makes those declarations.

So readdress the issue with your attorney to account for all possibilities.





--
Paul A. Thomas, CPA
Watkinsville, Georgia

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My interest wrote:

- quote -

Always good to have a further contingent beneficiary for just this
reason. The simultaneous car/plane death prompted the question and need
for that.
Joe

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My interest <myinterest[at]gmail.com> wrote:

- quote -

Since this is a tax group and not a legal group, I'll start off by
saying that the life insurance death benefit will probably not be
subject to income tax irrespective of who receives it under you
scenario.

In addition, whoever receives it, the death benefit will be included in
your taxable estate for estate tax purposes.

As for the legal issue, read your policy. I'd guess it will go to the
estate of your son and be distributed among his heirs. But it all
depends on your policy.

Stu

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The primary beneficiary of my life insurance is my wife, and the
secondary is my son. What if all of us die in a single accident?
Will the insurance payout goes into my estate and be distributed among
whoever inherit that? Thanks.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >