Of times and $$$$

by zebagain 11 Replies latest forum announcements

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  zebagain

  In sorting insurances out updating , i just mentioned to my wife who is 'in' that in the event you have to claim "dont give any of it to anyone else".. there was a pause I didnt like.

  Comments by others on this site indicated the wts has been beating the drum for $$ i fear what she may have agreed to.

  To those who have insurance it is not.. NOT to go, not a cent to the WTS as they have belittled anyone taking out insurance or retirement benefits.

  My insurance has been created to keep her and our handicapped offspring not the gb on a building spree.
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  Happified
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  Defianttruth

  Nothing would make me more angry. Just because something is yours doesn't make it is your wifes. Period. Set up a trust and make sure your death doesn't support this cult. It will cost a little money, but would be worth a piece of mind. You don't even have to tell her. Sure she'll be mad, but you'll be dead and atleast you would know your children have been taken care of.
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  jgnat

  Defiantruth, not quite true. Regardless of what is written in a will, the spouse is entitled to the estate. And after you are dead, what are you going to do to prevent your spouse from doing what they want?

  I think if clarity is important on this, see a lawyer. And the wife should be informed of your plans, in unambiguous terms.

  The will and insurance documents should also be held in a safe place where relatives can't "accidentally" destroy them.
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  hoser

  That is why everyone should live life to the fullest so that the next guy (or gal) doesn't squander it all after you're gone.
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  Defianttruth

  Depends on region and law of the land. Trusts are very solid in some areas. An individual can claim anyone he or she wants on a life insurance policy they pay for period. I have a policy on myself payable to one of my business partners to cover his loss in my death and He the same for me. None of that money will go to my wife. A LIP is not part of ones estate. I do not own that money. When an individual dies they are no longer legally married so a spouse has no claim to a policy not in their name. At any rate, hire a legal professional and get this straightened out. I couldn't sleep knowing this.
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  talesin

  Life insurance is pretty cut-and-dried. Here's a site with good USA info ........ and a bit of a quote re trusts for . :))

  URL: http://www.investopedia.com/ask/answers/08/revocable-living-trust.asp

  Why? By having the irrevocable trust own the policy, the proceeds of the death benefit payout will not be included as part of your taxable estate, which can be taxed as high as 45%. Revocable trusts will not qualify for the exclusion. If the policy is a new policy, name the trust as owner immediately. If the policy is existing, you can transfer ownership to the trust. Beware: to eliminate deathbed transfers, the government mandates that you must survive the transfer by three years or your estate will be taxed anyway. Also, if the cash value of the policy that you would get if you cashed in now instead of when you die is more than $14,000 (as of 2013), the transfer may use up part of your gift and estate tax exemptions.

  In most cases, it makes better sense to name your beneficiaries individually on life insurance policies versus naming a trust as beneficiary. If your beneficiaries have creditor issues, mental health problems, can't be trusted with large sums of cash or their primary beneficiaries are minors or have drug issues, or there other special scenarios, then naming the trust as beneficiary might be a better route.

  < bold is mine >

  I know nothing of other assets, like property, cash, etc. The laws may well favour the spouse if it came to a court battle. I know of one trust-fund family I went to school with. The father's estate was in probate for over 10 years while the siblings fought it out. For sure, he must have been turning in his grave, being the self-made man he was. But that involved much more than life insurance,, lol, probably none, as it's generally a bad investment, except for Term Insurance. *shrug*

  tal
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  redvip2000

  When an individual dies they are no longer legally married so a spouse has no claim to a policy not in their name.

  What?? You are not legally married yes, but you were before you were DEAD.

  in the USA, if you live in a state where there is community property, your spouse automatically gets half of everything you have. You can leave your half to whoever you want to.

  In some other states, it's different. The spouse doesn't get half automatically, but is entitled to a portion of what you own, but has to seek this via the court system. In these states without community property, if you have a trust and your spouse is not the beneficiary, she is not entitled to anything, BUT

  unless you have received written agreement from her to be excluded, she can seek and often get at least a portion of that money as well.
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  Defianttruth

  Depending on the law of the land, a wife may be entitled to some of a husbands estate if not all of it, however the question here is about insurance and you can leave that to whoever you want. As an example, you die and have a million dollar LIP on yourself and you have named your trust as the payee. You never owned that million dollars. You were dead before it was paid. It is no way part of your estate.
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  zebagain

  wow. thanks all but dont miss the point that the wts and its eternal 'trust in jehovah' and dont prepare for lifes ultimate eventualitys is lightening quick to put the hand out for peoples estates or the latest thing that as i say i fear she has 'signed up' to.

  Take a look at

  the watchtowerfiles

  todays posting speaks of the"Watchtower money machine"