Tax Consequences for Life Insurance
Life insurance proceeds may be subject to estate tax; policies can be transferred to others.
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Life insurance proceeds may be subject to estate tax; policies can be transferred to others.
→ Read MoreAn irrevocable beneficiary of a life insurance policy has a vested interested in the proceeds payable by the policy. A vested interest provides an irrevocable beneficiary with immediate rights – that means the policy holder cannot take certain actions without the permission of the irrevocable beneficiary.
→ Read MoreGenerally, life insurance benefits are paid to the named beneficiary, regardless of his or her status as a spouse. In places other than Michigan, divorce usually has no effect on this designation of beneficiary.
→ Read MoreIt’s the responsibility of the insured to name beneficiaries, and company will pay estate if none are named.
→ Read MoreFind out how to collect on life insurance after many years and factors that determine right to benefits.
→ Read MoreLimiting life insurance benefits to be used for a specific purpose is difficult. Setting up a trust can accomplish the goal of specifying how life insurance benefits are spent.
→ Read MoreAn ex-spouse can be removed as beneficiary after a divorce by action of state law or language of decree or agreement.
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