Tax Facts

138 / If an insured assigns a life insurance policy in which a spouse is the named beneficiary, will the full amount of the proceeds qualify for the marital deduction?

As a general rule, if a property interest passing to a surviving spouse is subject to an encumbrance, only the value of the property interest in excess of the amount of the encumbrance qualifies for the marital deduction.1 If the debt that is secured by the policy is actually paid from estate assets, or if the spouse-beneficiary has a right of subrog...
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