1104.023 – DEBTS; INHERITANCE TAX. Life insurance policy
Texas Insurance Code § 1104.023
Summary
This law ensures that life insurance proceeds received by a trustee are protected from the insured's debts and inheritance tax. It applies equally whether the proceeds go to a designated beneficiary or to the estate's executor or administrator.
Life insurance proceeds are shielded from the insured's debts.
Proceeds are also exempt from inheritance tax.
Protection applies whether paid to a trustee or beneficiary.
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In simple terms: Learn about Texas's DEBTS; INHERITANCE TAX. Life insurance policy law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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