by Guest » Sat Apr 09, 2016 03:09 am
My ex husband acquired life insurance through his work (Chevron) in 1994 leaving me his spouse at the time as sole beneficiary. We have been divorced almost 18 years and i've since remarried. He has passed away recently , our chiildren are trying to collect the insurance but MetLIfe is giving them all kinds of trouble. Even though we were divorced so many years he has not removed my name off his policy as beneficiary, nor was it listed in our divorce decree that I way my rights. I don't want the money but would like for my kids to receive it . What can I do to help them as nobody at Chevron or Metlife is offering any kind of help.
Posted: Fri Apr 15, 2016 04:13 pm Post Subject:
If the policy was acquired through his employment, it could be governed under ERISA health and welfare benefit plan rules. You should ask Chevron for a copy of its current Summary Plan Description. That document should have an answer to your basic question.
If the answer supports your children, then you can press MetLife to make the payment. Otherwise, you may still be the beneficiary. If your children were listed as "contingent beneficiaries" you could disclaim your interest and the money would be paid to them.
If you are the beneficiary and receive the proceeds tax free, you can gift the money (up to $14,000 each) to your children in one year. GIving them more than that means a Gift Tax liability for you.
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