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Hello, My father recently passed away three weeks ago and I have some questions regarding his employer life insurance policy. After working 17 years for a company, he became sick in September 2015 and was on medical leave until he is fully recovered to return back to work this January. Unfortunately, he passed away January 17, 2016. When I contacted the employer...
Submitted Feb 10, 2016
If an individual with an insurable interest in a grandchild buys a single premium policy on the life of the grandchild, a minor at the time of purchase, does the ownership of the policy change to the grandchild when he or she reaches the age of majority?John
Submitted Feb 1, 2016
I have two kids 4 and 5 y/o, they each have 20K in a regular savings account. where do I put the money to save for collage?
Submitted Jan 30, 2016
I was able to claim my daughter as a dependent last year. I did not get the Child Tax Credit because she was living w her father. This year I will not be able to claim her at all. I am now filing Single as opposed to Head of Household for 2014. How many dependents am I allowed to claim? In 2015 my gross income was $20,793.38. I work part-time for our Library...
Submitted Feb 18, 2016
My brother passed away - and he never changed his work's life insurance beneficiary to be his new wife. So when he died it was set as 50% to his 1st marriage's daughter - and 50% me. Whats the best way for me to simply give the money to his current wife - it is hers - without either of us getting hit with any taxes or penalties or fees of any sort. Thanks...
Submitted Feb 17, 2016
Universal life insurance was sold to us to cover possible inheritance tax for our daughter. Annual premium amounts to $22,000 for a face value of $1,550,000. We have paid in for 12 years and the cash value is approx. $100,000 and declining. Is it worth to maintain such a insurance especially as we learn now that premium could increase in the future and I am not quite...
Submitted Feb 15, 2016
my wife and i were both born in 1951. if my wife files for her benefits at 66, and i file for spousal benefits, in order to let mine grow till 70, can she change to spousal benefits once i start recieving my own full benefit at 70? I realize that her spousal benefit a 70 would only be half of what my benefit would have been at fra.
Submitted Feb 5, 2016
I have a trust that includes all of my assets. Recently I purchased a time share with my partner in another state. We both jointly own it. Should I put this property in my trust? He is thinking of getting out of his trust and having a simple will where he will leave everything to his daughter. How do we handle this? Thanks
Submitted Feb 5, 2016
If a child's UGMA/UTMA custodial account is transferred to a 529 plan are future earnings taxed as they would be in the UGMA/UTMA account or as they would be in a traditional 529 account?
Submitted Feb 16, 2016
Hi My wife and I have an utma set up for our daughter who be 18 years old in a few weeks. There is about $40,000 in the account. It started out years ago with a initial contribution of $15,000. She plans on college at private college Northand, Wisc. next fall. I am disabled and collect ss and csrs check a total of $2,500 monthly. My wife a Social Worker...
Submitted Jan 28, 2016