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lilsnapdragon | Can life insurance benefits be seized to pay debts? |
I know they're not taxed. But if my husband has debts that are in his name only that were incurred before we were married, or even while we've been married, can those companies collect payment from the benefits I would receive from his life insurance? If so, is there a way to prevent this and protect my benefits? |
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mbrcatz
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Sort of.
Here's the scoop - debts that accumulate from one spouse during a marriage, in most states, are owed by BOTH spouses. So if one dies, the debt doesn't go away.
The life insurance is going to pay out to ONLY the beneficiary - if it's the estate, then all his debts will have to get paid out of it, before any leftover is distributed. If it's a person, then that person gets the money. But once that person gets the money, it's THEIRS. And any debt actions - such as bank account attachments - can attach any of their money.
So, the BEST way to protect, is to 1. pay off the debts that occurred during the marriage 2. possibly you'll need to pay off the prior debts, depending on the property laws of your state and 3. leave the money to an individual, not an estate, or use it to set up a trust and pay out a monthly payment instead of a lump sum.
You should probably sit down with an estate lawyer on this issue, for state-specific answers. |
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Cort
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No, the benefit is not money of your husband or his estate. It is the beneficiaries money, it could only be seized to pay the debts of the beneficiary. |
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davidg32
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Depends on state law. In some states, life insurance benefits CANNOT be seized if the beneficiary is a person...but CAN be seized if the beneficiary is "Estate".
Good luck... |
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IWIU
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I don't think they can collect from Life Insurance |
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blb
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The only way they would be able to use them is if your husband has his estate listed as the beneficiary. If you are listed they will not be able to collect. |
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deep5223
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If you are the named beneficiary on his life insurance, the proceeds can not be attached by a creditor. However, if you are the executor of his estate, one of the first things you must do is pay his outstanding debts. How you get the money to do so is up to you. You may need the insurance proceeds to settle the estate. |
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