Here is your daily LawFact from Wise Law for Thusday December 22, 2016. Today we are talking about Wills and Estates.
Life insurance policies that designate a beneficiary become that beneficiary's property on the day the insured dies.
The proceeds of that policy do not become part of the insured's estate and are not subject to estate tax.
Life insurance policies that designate a beneficiary become that beneficiary's property on the day the insured dies.
The proceeds of that policy do not become part of the insured's estate and are not subject to estate tax.
- Garry J. Wise, Toronto
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