Hello,

Unfortunately my dad passed away unexpectedly last year and I just received his life insurance policy payout. I’m splitting the money three ways with my two brothers. The payments will be over the annual exclusion threshold of $19k.

I was just planning on going to the bank to deposit it and send each of my brothers their portions. From what I’ve learned in my limited research the life insurance policy itself isn’t taxable but I would have to file Form 709 next year for the money I’m gifting.

Am I missing anything?