by lifegoeson » Wed Oct 22, 2008 07:55 pm
Does the life insurance policy have to be revealed to anyone other than the sole beneficiary? Can it be taxed? Thank you any info or links --are appreciated. Having a hard time finding info. Maybe I am not asking the right questions.
Posted: Thu Oct 23, 2008 03:01 pm Post Subject:
weeeeeeeeeeeee (sorry don't know how to really spell it... :roll:
Psst....Oui.
Posted: Thu Oct 23, 2008 04:21 pm Post Subject:
I appreciate all the quick replies and light humor.
Here is what I meant to ask... Since I am "the only responsible child" and sole beneficiary of (Mothers) life ins policy, can this be kept confidential??
Otherwise, the deadbeats and flies will be coming out of the woodwork.
Thank you
Posted: Thu Oct 23, 2008 04:48 pm Post Subject:
No one will know unless you or your mom tells them.
Now, when your mom passes, I can guarantee you will be contacted by others because they know you are the "responsible" one wanting to find out if there is a policy.
Posted: Thu Oct 23, 2008 08:40 pm Post Subject:
Oh believe me there will be plenty "deadbeats" crfawling out of the woodwork...friends..family ..you name it.. My first hubby never had so many friends until he died. The instead of going away and letting me try to move on I had all kinds of "requests" I sure would like to have....
Never got them far since we had to sell almost all the extras to pay for cancer treatments.
Best thing to do here is just prepare yourself..you will have a lot to deal with when this does happen so getting prepared in advance for "deadbeats" and how to get rid of them would be a good idea.
Posted: Thu Oct 23, 2008 09:15 pm Post Subject:
ohhhh I can keep my mouth shut... ;-) Just didn't know if I had any obligation to tell. If she wanted them to receive part of the life ins. she would have named them. They are no help to her now and I don't expect help after she's gone. what they don't know won't hurt them.
Thank you.
Posted: Thu Oct 23, 2008 09:21 pm Post Subject:
If I can make a suggestion...
In her will/estate/etc, she might want to purposely exclude the "irresponsible" ones by name. In one of the estate planning sessions in which I was involved, the customer purposely wanted to leave two children out of the will/proceeds from life insurance. The attorney suggested a simple one line addition, "I am purposely excluding _______ and _______ from receiving anything from the will and have also purposely excluded them from any proceeds from my life insurance policy."
The reason for this was so if they still wanted to contest (mental incapacity, etc), there would be no question that he knew exactly what he was doing - in fact, he even purposely mentioned (excluded) it in the will.
Posted: Thu Oct 23, 2008 11:46 pm Post Subject:
Hey I know what life is speaking of. My dad had his will made out years ago and he purposely excluded one of our half brothers. Put it right there in writing that he was purposely excluding him. dad'd not a mean person ...just had really good reasoning for doing this.
Posted: Fri Oct 24, 2008 12:13 am Post Subject:
He's dead right (pun intended)...we've all been there, I too have seen this 'save' the estate from the excluded ones...My grandpa, left two 'bad' grandsons (who's father was his son and died young), 100 bucks each with a line kind of along the line of, "It is my intention that Douglas and Derrick receive this 100 each and nothing else, including any of my personal property unless, my daughter 'blankity blank' see's fit to gift them with something'' or at my daughters sole discretion...
My dad and step mom, and my mom both have me as the 'boss' of the estate, their documents both say something like, 'The division of all personal property is at the sole discretion of Lori, and her decision is final'
I'd say that your mom needs to put something in there as LIG said, because you know the vultures will flock immediately...and even though you don't tell them about the life policy they are sure to ask....just a little heads up when the time comes and you have to make arrangements, the funeral guy will ask how you are paying for this, is there any life ins etc....you might want to tell him on the DL how you will handle this and the others need not know...
Posted: Fri Oct 24, 2008 12:21 am Post Subject:
Exactly what my dad did...left me and my one brother to see to things. I guess when the time comes it will be a little uneasy dealing with the situation but he knows we would follow his wishes.
Posted: Fri Oct 24, 2008 12:39 pm Post Subject:
Right, in the will and or estate leave them out----got it---
But so I know we are on the same pafe about this--- Life Insuranse money is a different story. If they were not named, they have no claim to it right?
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