 A dumb question; can insurance experts answer? |
| I heard about something years back about being able to cash out a life insurance policy after so many years, after you have put so many thousands into it. Is there anything like this? I want to know ... |
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 Pregnant with no insurance! What do i do? |
| Im 24 years old and pregnant with my first child.I have no insurance and I dont quilify for medicaid because my boyfriend in I make like $400 over the limit to quilify. I cant get married and be put ... |
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 An insurance check with my name and the bank name...? |
| I have a check from my insurance company to fix my car after an accident. Because it is under a loan through the bank still, the check has my name and their name on it, am i ok to just go ahead and ... |
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| Can I open a life insurance policy on my grandma who is in her late 60's? |
| My grandmother in-law is in her late 60's and she doesn't have life insurance. She has six children who are incapable of paying for her funeral costs and handling her money. My husband and I... |
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 Is it easy to commit insurance fraud? |
Additional Details
and get away with it?... |
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 Is there any insurance company in India that can insure bank deposits? |
| I am willing to pay the premium so that the insurance shud cover the complete deposit amount other thn the 1lac tht RBI gurantees..... |
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 Is it a normal procedure for a loan comapny to ask for an insurance premium to secure a loan? |
| I have been applying for a loan, I have noticed that some companies are asking for an insurance premium to secure my loan. The premium is quite substantial, antwhere from $700 - $1000... |
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 I received a large check from my health insurance provider. Details below.? |
| I believe the check was a computer mistake. My ex-wife who was no longer on my policy fraudulently used my insurance coverage to get procedures done when she and her daughter had no coverage with my ... |
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 Life Insurance .... Need help deciding how to destribute? |
I am 25 years old and currently looking for life insurance
I am interested in a $50,000 policy
Here my dilemna ~
I just had a baby (the money she would recieve would go to a ... |
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 Health Insurance Question? |
| So my husband was in the emergency room a few months back and he has health insurance. They sent us a bill for about 1700 dollars but said do not pay, that they have filed it with our insurance ... |
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 Purchasing life insurance on a 70 year old man? |
What are the pros / cons on purchasing life insurance on a
70 year old man. I just found out there is no life insurance
on him.... |
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 Where can I workpart time and have GOOD health insurance? |
| I am going from full time to part time but I need a job that offers good insurance for me and my family.... |
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 Is it legit for insurance companies not to cover you if you have a medical condition? |
| I am so confused! I have several medical conditions; which means I NEED Health Insurance. I am unemployed and looking for work, so am trying to get temporary HI. The Insurance person told me I have ... |
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 I am plannin to invest in insurance. gimme a nice plan wat u know bout...? |
| in bajaj allianz one plan goes like this rs.10kp.a. for 3 yrs wil fetch us 310000after 20 yrs. isnt that good? another plan i heard... rs.10kp.a. for 25 yrs wil fetch us 1 crore.. is that true? is ... |
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nealguidry | Life insurance beneficiary refuses the proceeds |
assume my father had a life insurance policy for 1,000,000 on his life with me as the beneficiary. upon his death i recieved the proceeds and did not touch one penny. six months later i decide that my mother needs the money, what can i do? can i opt to denounce the life insurance proceeds and make my mother the beneficiary of the proceeds?? |
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src50
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You can only accept or reject the benefit. You can't direct it to be transferred to another person. |
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Change Now
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Once you receive the benefits, the term beneficiary loses its meaning. You can gift the money to your mom, but she may be liable for taxes. Check with your tax accountant.
Sounds like your dad is mad at your mom. |
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Judy1
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No, you are the named beneficiary, so you can't change it to be your mom. You can give her the money though, or part of it. |
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maxmom56
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As the beneficiary, you received the proceeds tax free. I don't think you can later renounce the proceeds. You probably have to do that immediately. Giving the proceeds to your mom will create gift tax liability if it's over a certain amount.
It would be best to go see an attorney who specializes in estates and trusts. You may be able to put the proceeds into a trust for the benefit of your mother without incurring tax liabilities.
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car253
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You can do whatever you want with the money because it is yours. See a tax person to see how to avoid any taxes. Most insurance companies now have some kind of savings account you can roll the money into which earn interest. You might do that just on a temporary basis until you decide where to invest the money. |
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Insurance Pickle.com
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If you have already taken receipt you can give it to your mother...you would pay gift tax giving it to her (assuming you didn't use your unified credit).
There is no income tax. |
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Marysue
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If you got the money, you can give it to your mom. You're just both going to pay income taxes on it. |
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