Posted on 03/26/2021 11:29:46 AM PDT by SeekAndFind
Since she is not his wife, why not skip the insurance premium payments and the insurance policy paper trail, and just give her a gift of cash in the amount of the tax-fee limit each year? The limit this year is $15,000.00. She could be investing cash now instead of waiting for the potentially contested $100,000.00 down the road.
Maybe he doesn’t have enough cash to do this.
On another note, what if this guy wanted to set up a life insurance policy like this for a valued employee, or a favored niece, nephew or grandchild? Would his wife still have a claim to that policy? I thought insurance policies, trusts, financial accounts, etc. with named beneficiaries went directly to the beneficiary and remained outside of the deceased’s will and probate. There are many things people do to keep assets out of their estate to reduce estate taxes.
The police would probably look at the wife first.
I have seen cases where a man gets divorced, gets married again, never bothers to change his insurance beneficiary, and then dies.
The ex-wife gets the cash.
It is not income for her, probably.
But he would be on the hook for gift taxes?
Probably to protect a senior position in a church based in that state.
Do you think the writer(s) of Dear Ann Landers and Dear Abby are qualified advice columnists?
Yep.... best way to leave tax free money to whoever in the world you please is to prepay an insurance policy naming them as the beneficiary. With current laws that is rock solid.....
Get several private PO Boxes. Mail tangible (gold, silver) items to them. Give her the combination. Check to see if items are still in boxes occasionally. She can clear them out on your demise.
I think those two are the best in their business. But, I occasionally read one of their columns and it often strikes me that they are advising life changing decisions on a very limited set of facts.
Louisiana has ‘Putative Marriage’ or at least they did 40 years ago. Now that they’ve let their law get largely Anglicized, who knows (except, perhaps, a Louisiana domestic relations lawyer).
... pretty sure that if you are the named beneficiary on the policy, it’s your money.
Also pretty sure that anyone can buy insurance on/for anyone else in most states. I personally have bought a term policy covering a family member to whom I had loaned a large sum of money. I was the named beneficiary. If they had passed before they finished paying me back, I would have received the policy death benefit.
He could claim the girl friend as a dependent if she lives in the same house as the man and his wife, and the girl friend’s income would have to be extremely low.
From my limited experience with Insurance companies, I would say that the wife will probably never be allowed to know the name of, or the amount going to the other beneficiary. That is pretty much all I can say about that.
I've known some guys whose wives turn into absolute bitches over time. The father of a girl I dated for a while in college was one such person.
He was a great guy, worked hard, made good money...and had nothing but an angry resentful wife to come home to.
I used to think how much better his life would be if he had a woman on the side who simply showed him a little kindness and affection. As far as I know, he didn't.
He was Catholic BTW and divorce was out of the question.
That’s the answer they don’t want to hear!
The young lady pictured in the full length fur coat was Meaghan Marshak. The politician was former governor and vice-president of the United States, Nelson Rockefeller. Marshak received full title to the luxurious townhouse. Nelson's wife Happy had no comment.
The jokes wrote themselves.
https://www.nydailynews.com/new-york/nelson-rockefeller-death-spin-truth-article-1.808749
Let's just say she wasn't "Happy".
Well, dear, you should be.
I rode back to New York from some work in Florida seated on a 737 next to Miss Marshak about 30 years ago - very nice, good talker, but she certainly kept up her end of the deal.
My wife hates that i have life insurance on her. Whenever she complains i tell her we can both cancel our policies and save the premiums. That ends the complaints for a while.
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