Tax Freedom Day Assess how many days you'll work to pay your federal tax liability. You are viewing this website at a small screen resolution which doesn't support calculators. Click here to view this calculator. Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. A Primer on Irrevocable Life Insurance Trusts Irrevocable life insurance trusts can be important tools that may accomplish a number of estate objectives. Estate Strategies of the Rich and Famous The examples of famous celebrities underline the need for a clear estate strategy.