Know About Second-To-Die Policies
Did you know that in a second-to-die life insurance policy, usually, the death benefit is intended to go to the children , a charity or pay taxes owed after both spouses pass away? There are quite a few things we don’t know about this kind of policy for the simple reason that many of us don’t think of taking it. Bestsyndication.com reports:
In the U.S. there is a marital deduction permitting you to leave an unlimited amount of assets to your surviving spouse with no taxes payable at your death. Those assets then become part of the estate of the spouse and if it includes a second to die life insurance polciy it could help pay any taxes. In Canada, there is more lenient tax treatment.
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