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Flight insurance still subject to federal estate taxes
A Mississippi broker died in a plane crash after buying a $30,000 flight insurance policy for $1 and assigning it to his son. The IRS taxed the policy as part of the estate, a ruling reversed at first but later upheld on appeal. The three year contemplation of death rule applies to policies purchased within three years of death, unless the assignment was not made in anticipation of death. Experts suggest alternatives including long term accidental death policies or ownership by the beneficiary spouse to avoid estate taxes.
MENTIONED IN THIS ARTICLE
Robert J. Cole
N.Y. Times News Service
New York
Joseph E. Berman
Internal Revenue Service
Internal Revenue Code
Berman
IRS
Harold Cox
United States District Court
Jackson
Miss
Cox
U.S. Court of Appeals
New Orleans
Paul H. Roney
Roney
Byrle M. Abbin
Arthur Andersen & Co
Chicago
Continental Insurance Company of
Continental Casualty Company of
The
American Home Assurance Company of New York
Mutual of Omaha
Lloyds of London
Executive Reports Corporation
Englewood Cliffs
N.J