However, I still have no idea how to do the future death benefit.
It is not an asset of mine. It might be an asset of my wife (if I die
first).
The death benefit is not an asset of anybody (yet). And yes, it could
result in an asset in YOUR books. Sorry, but death is no excuse for not
paying taxes so your books may live on a bit until closed by your executor.
As owner of the policy (unless a court rules otherwise*) one of your
rights is to name/specify the beneficiary but that COULD be you, in the
sense of your estate.
Michael D Novack
* You might be ordered to lose this right to change the beneficiary, say
as part of a divorce settlement
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