What types of investments or accounts might have been held by the deceased?
Life Insurance Life insurance is a vehicle for protecting beneficiaries. This contract is known as a policy and is purchased to insure the life of a person. Upon the death of the insured person, the insurance company pays a death benefit to a named beneficiary. Proceeds from a life insurance policy are generally free from federal income taxes. The proceeds are paid directly to the named beneficiaries, bypassing the delays and expenses of the probate process. Tax-Deferred AnnuityThink of a tax-deferred annuity like a retirement savings vehicle. The annuity owner puts in money overtime (“premium payments”) and at a future date (typically after age 59-1/2, in order to avoid a 10% IRS penalty tax), can take withdrawals to supplement retirement or alternatively can receive that money as regular monthly payments. Upon the death of the owner, or in some cases the death of the annuitant, and if the contract has not been annuitized, a death benefit may be paid to the beneficiaries designated un
Life Insurance Life insurance is a vehicle for protecting beneficiaries. This contract is known as a policy and is purchased to insure the life of a person. Upon the death of the insured person, the insurance company pays a death benefit to a named beneficiary. Proceeds from a life insurance policy are generally free from federal income taxes. The proceeds are paid directly to the named beneficiaries, bypassing the delays and expenses of the probate process. Tax-Deferred Annuity Think of a tax-deferred annuity like a retirement savings vehicle. The annuity owner puts in money overtime (“premium payments”) and at a future date (typically after age 59-1/2, in order to avoid a 10% IRS penalty tax), can take withdrawals to supplement retirement or alternatively can receive that money as regular monthly payments. Upon the death of the owner, or in some cases the death of the annuitant, and if the contract has not been annuitized, a death benefit may be paid to the beneficiaries designated u
