| Life Insurance Benefit for child |
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olsonj112
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| Life Insurance Benefit for child |
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My mother-in-law recently passed with her husband as sole beneficiary of her life insurance policy. He wants to give us a large portion of that money to pay down our mortgage (greater than 50k), is there anyway to do this without incurring a tax penalty as the life insurance was paid to him tax free.
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Wed Sep 01, 2010 6:16 pm |
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moonraker1
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I would suggest to contact an attorney or mortgage officer if there is a way around it to avoid getting taxed.
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Wed Sep 01, 2010 6:41 pm |
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mike11
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I think you should go to the attorney or mortgage officer.... You can also Go to the insurance company and trying to solve the issue with them !!!!!!
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Thu Sep 02, 2010 7:49 am |
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coaster
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I don't think the tax advantage to him has any bearing. I think that what applies is the cap on the amount that can be gifted, which if it hasn't been changed recently, is $10,000.
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No, that's wrong. It's more than that. I just came back from looking at the IRS web site. You might want to cruise on over there and take a look at Publication 950.
~Tim~
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Sat Sep 04, 2010 4:27 am |
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Jammy
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| ask a professional |
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Rather than asking on a forum, asking a professional attorney would be more helpful I think. Because they can provide support on all aspects.
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Fri Sep 17, 2010 6:02 am |
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riccky4787
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My friend had a similar situation. I think this will help him
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Tue Dec 21, 2010 11:22 am |
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DanielTodaro
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To subscribe to life insurance coverage for newborns and children of all ages are often neglected. It should be noted that each policy is unique and the details should be studied carefully, if the right product to buy.
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Thu Dec 30, 2010 5:56 am |
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financegenie
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The best child insurance option is from Illinois Mutual and it is called Childguard. A single $300 premium and the child is covered from birth to 23 y/o. At that age, you have the right to convert the policy to $100,000 of whole life with an option for another $100,000 of permanent coverage. The whole life premium is roughly $17/month at this time.
Why might I insure my child. Some childhood illnesses can make it impossible to get coverage once the child is diagnosed. Most common is diabetes. Typically we must wait until the client is in their 30's with excellent control to be offered an extremely pricey term policy.
Thanks
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Wed Jan 12, 2011 6:26 am |
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$hawn585
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quote:
Originally posted by DanielTodaro
To subscribe to life insurance coverage for newborns and children of all ages are often neglected. It should be noted that each policy is unique and the details should be studied carefully, if the right product to buy.
Very true, but you've got to be careful about it - do your research and as I general rule, I say never except the first quote you get from someone. There's a good site with unbiased info at http://www.lifeinsurancequotes.org that helped me out a lot.
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Tue Jan 18, 2011 6:47 pm |
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