If a minor is a beneficiary of an insurance policy on death, will any income derived from that payment by a minor be considered as "excepted income".
To be more detailed it would be a Challenger Care Plus Lifetime policy which is effectively a combined annuity and insurance policy
Yes. Excepted income.
Yes. Excepted income.
Thanks Taxduck. Very quick answer.
I had already seen that reference. What made me unsure however is that the insurance payment, technically, will not come directly from the estate trustee. Instead, it comes directly from the insurance company once probate is granted.
Do you think this might need further clarification?
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