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Life Insurance

Can a Life Insurance Beneficiary Refuse the Proceeds?
  • Published: July 23, 2018

The contingent beneficiary receives the insurance proceeds of a life insurance policy, when there is a primary beneficiary and a contingent beneficiary, when the primary beneficiary predeceases. What if that beneficiary is alive, but refuses to collect the benefit? A recent article asks “Who would get this life insurance payout?” The article explains that an individual who’s designated as a beneficiary of a…Read More

Are You Prepared for a Sudden Death in Your Family?
  • Published: July 10, 2018

The sudden deaths of fashion designer Kate Spade and chef and storyteller Anthony Bourdain are sparking discussions about mental health. They’re also a stark reminder that a sudden death can affect any family. CNBC’s article, “Sudden deaths like those of Kate Spade and Anthony Bourdain can devastate family finances,”explains that a number of the leading causes of death in the US are…Read More

Do I Need Life Insurance in Retirement?
  • Published: June 3, 2018

As you look at your financial future, procrastinating can make things much tougher down the road. Here's how to get confident about your money. USA Today’s recent article, “Financial planning: How to determine if you need life insurance in retirement,”notes that many older Americans wonder if they’ll need life insurance in retirement. They are concerned about whether their surviving spouse and loved…Read More

Check Those Beneficiary Designations
  • Published: May 21, 2018

Beneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as a…Read More

Are Contingent Beneficiaries Subject to Inheritance Tax on Life Insurance?
  • Published: April 17, 2018

Let’s say that you and your spouse both have life insurance policies of $500,000 on each other and have no children. Each spouse is named as the primary beneficiary on the other's policies, and the contingent beneficiaries are a brother and a niece. The issue that’s often raised, is whether the brother and the niece would be subject to the…Read More

How to Name Your Beneficiaries the Right Way
  • Published: March 26, 2018

Are you certain that the beneficiaries you designated to receive your assets are up-to-date? Are your assets titled correctly, and has anything changed since the last time you reviewed them? As WTOP’s recent article, “7 common mistakes to avoid when naming your beneficiaries,” explains, after any major life change, like a marriage, divorce, birth of a child, or death of a spouse, you need…Read More

Elderly Houston Woman Falls Victim to Financial Abuse
  • Published: March 15, 2018

“An elderly Houston woman says an on-line coin seller, based in New York, took advantage of her loneliness to sell her $1.3 million in gold and silver coins at inflated prices.” Seventy-two-year-old Patricia Thomas recently sued the National Collector's Mint in federal court in Houston, claiming that one of its sales representatives, under the guise of "checking in" with her,…Read More