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My mother recently passed and left a $10,000 life insurance policy. My dad who is deceased 2013 or her surviving children are the beneficiaries. There were 3 of us but one sister died in 2008. Is the policy payable to survivors or will there need to be a distribution. The policy simply stated child of and did not indicate names
Submitted Aug 1, 2015
If an insured passes away with a life insurance contract in force, & has an outstanding loan on the policy that exceeds the death benefit & cash value, are there any tax consequences. For example, the death benefit is 1 million, cash value is $200,000 and the outstanding loan is for 1.5 million. Thank you.
Submitted Jul 31, 2015
In May '14 my mom was diagnosed w/ Stage 4 cancer. She is now deceased. She was married to my step-father for 39 yrs but Im the one who took her for treatments 5 x a wk while he did absolutely nothing. She came to my home on hospice in March '15. I was sole caregiver 24/7 until her demised May 5, 2015. She gave her SS ck of approx. $700 to me so it would help out. My...
Submitted Jul 30, 2015
We had both of our parents pass away and recently found out about a policy that our mother had. She had our father as the beneficiary but he passed away prior to her. I am told we need to have an attorney file the paper work. Its not a great deal of money so an attorney may use it all up. We live in Florida. Any idea why the insurance company will not release it to...
Submitted Jul 29, 2015
In 1986, my mother purchased a single premium ($10,000) endowed life insurance policy, she as owner and I as insured. In 1993, a loan of $14,000 was taken against the policy that had a value of $14,900. Ownership was then transferred into a family trust. Trustees made no repayment of loan as interest of 8% accumulated until 2010 when overloan status was reached. ...
Submitted Jul 29, 2015
My Dad passed away and we haven't probate his will as of yet, I went to pay the land taxes for my mother this year and noticed that there land survey paper showes it as one whole partial, But the taxes records show it as 2. One partial has both my parents name on it but the other only has my dad's name on it, But they left survivor wills so as the one is to get...
Submitted Jul 27, 2015
Hi, my mom is 65 and gets Medicare. She went to pick up her blood pressure medicine today. They charged her $170.00. She couldn't afford it. What should she do?
Submitted Jul 25, 2015
I like to start multiple businesses but I want to start them in industries that are going to exist and be profitable in the long run.What 15 industries last for a long term? And Can opening a casino be considered one?
Submitted Jul 24, 2015
I have an 88 year old donor who is considering gifting his variable annuity to us. He purchased it for $100K, and it is now worth between $600-$700K. What are the tax implications of him gifting it to us now? If it matters any, it is not paying out yet.
Submitted Jul 22, 2015