Transfer Tax Implications of Life Insurance and GSTT

Transfer Tax Implications of Life Insurance and GSTT

To help look after future generations, many people elect to transfer property and life insurance policies by gift or at death to a person two more generations below himself or herself. Typically, this means grandchildren and great-grandchildren, also referred to as skip-persons. The goal is to have assets pass from grandparent to skip-persons without being taxed in the child’s estate.

Typically, the transferor places assets in trust to children for life, then to grandchildren. Or, the transferor gives property to grandchildren or places it in trust for their benefit.

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Special Insurance Considerations for Dependents

Special Insurance Considerations for Dependents

Children and spouses are just one group of dependents that may require cash proceeds from a life insurance policy. Age and direct ties to your family are a couple things to think about if the worst should happen to you.

Distant relatives, ex-in-laws, foster children, and child support for any illegitimate children may also require additional streams of cash, notes Edward Graves, author of “McGill’s Life Insurance.”

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Know This Before Disputing A Life Insurance Beneficiary – It’s An Uphill Climb

Know This Before Disputing A Life Insurance Beneficiary – It’s An Uphill Climb

You hired a divorce attorney, split your possessions amicably, remarried, and lived happily ever after for 30 years. Everything’s been taken care of, right? Wrong.

Did you remember to change the beneficiary on your life insurance policy? If not, there’s a good chance your life insurance proceeds might go to your previous spouse, leaving your current partner with nothing more than a pile of bills.

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