What property is excluded from the inheritance tax?
Revised Statute 47:2404(C) excludes proceeds received by any beneficiary, other than the decedent’s estate, from a life insurance policy or a retirement or pension plan, trust, system, or policy. Retirement or pension plan, trust, system, or policy means any contract, agreement, or arrangement qualified under Internal Revenue Code Sections 401 and 408 under which an annuity or other payment was payable to the decedent or which the decedent possessed the right to receive, either alone or in conjunction with another, for his life.
