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: Fri Oct 24, 2008 12:40 pm Post Subject:
"same page" i meant above
Posted: Fri Oct 24, 2008 01:33 pm Post Subject:
Technically yes. However, anybody can contest anything. So even if the insurance policy has only you, anyone member of the family can "contest/sue" to have them included. They can say you coerced them, they were mentally incapacitated, etc. They could even go as far as saying that "I talked to mom and she told me she wanted me to have half, but _____ would never get the forms for her to sign."
Having that specifically mentioned as an exclusion in another legal document will give you more data to support your side should it be contested.
Posted: Fri Oct 24, 2008 08:51 pm Post Subject:
I also ran into clients that did not want their beneficiaries to know that they where the beneficiaries. I simply told them that they might as well give me the premiums ( jokingly of course) because the life insurance company will not contact their beneficiaries if they died. I informed them that someone must be notified or the chances of them not getting anything are high.
Michael
FindYourPolicy.com
Posted: Fri Oct 24, 2008 10:44 pm Post Subject:
Have mom include in her will something along the lines of, 'it is my intent that my 'good kid' also gets all my life insurance, i in no way intend for him to have to share this benefit with his/her siblings' you get the picture.
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