Sentences with phrase «by one's beneficiaries»

Because life insurance policies are paid with after - tax dollars, the life insurance proceeds are not taxable when received by beneficiaries of business owners or employees.

The proceeds that are received by the beneficiaries of a life insurance policy are able to receive the funds free of income taxation.

Therefore, all of the funds that are received are available for use by the beneficiary for paying funeral costs and other related expenses.

The proceeds are received income tax free by the beneficiary regardless of whether the beneficiary is an individual, a corporation, a trustee or the insured's estate.

The excess death benefit can be used by the beneficiary for other needs and expenses at their discretion.

Keep in mind that retirement assets are generally passed by beneficiary designation.

The second, but thankfully less common, line of attack to raise its ugly head in this context is some kind of direct claim by the beneficiaries against the trustee's lawyer.

(3) An application made by the beneficiaries who make claims adverse to other beneficiaries.

If you tell a lie on the application, the insurance company may deny a claim filed by your beneficiary.

Term Life is generally used to provide your beneficiaries with a certain amount of money, determined by you, to be used by your beneficiaries as they see fit upon your death.

A renewable term is contingent on premium payments being up to date, as well as a renewal premium being paid by the beneficiary.

The money received by the beneficiary from your life insurance can be used for any purpose; such as, paying for funeral costs.

Final expense insurance can often be used for other necessary or related costs as determined by your beneficiary.

It's important to note that the death benefit can be used by beneficiaries in any way they choose.

One of the biggest reasons for this is because the proceeds from a life insurance policy may be used for any number of reasons by the beneficiary.

Most importantly, these policies avoid income taxes when inherited by a beneficiary.

A Death Claim is a request for payment by the beneficiary for the amount promised as death benefit upon the insured's death.

Further, if the death benefit exceeds the policy cash surrender value, the proceeds received by the beneficiary after the client's death will also be income tax - free.

Some people choose to put away a nest egg, which can be accessed by beneficiaries if they were to pass away.

The proceeds are received income tax free by the beneficiary regardless of whether the beneficiary is an individual, a corporation, a trustee or the insured's estate.

The information required by the beneficiary will be stated in the policy, as to who to contact.

This policy can be used for any purpose by your beneficiaries.

Even after the state receives death benefit, the funds can still be collected by a beneficiary.

This then provides money to pay estate taxes when they are needed, or otherwise use the proceeds by the beneficiary.

This request for payment of the amount due in accordance with the terms and conditions of the policy by the beneficiary is known as Death Claim.

Because the third - party special needs trust, rather than the child, owns the assets, a properly drafted trust can not be pursued by the beneficiary's creditors.

And I don't think that's widely known by beneficiaries of the plans or taxpayers.

The benefit can be turned into a cash stream by your beneficiary rather than being paid in a lump sum.

Interest earned on the holding account will be taxable and should be reported by the beneficiary.

Unlike some mortgage life insurance policies, a term life insurance policy can be used by your beneficiaries however they wish — whether to pay off the home loan or for other purposes.

Furthermore, a discrepancy in your application can cause an insurance company to deny future claims submitted by your beneficiaries.

Also, when considering «final costs» that may be incurred by your beneficiaries, be sure to consider all federal and state taxes that may be due immediately upon your death.

In doing so, it is important to note that even though life insurance policy proceeds are received income tax free by the beneficiary, these proceeds could be subject to possible estate taxation.

The amount received by your beneficiary, whether in a lump sum or other payout, does not constitute taxable income.

In other words, both insured persons must pass before a claim can be filed by beneficiaries.

It is a request made by the beneficiary for the payment of Death Benefits on the death of the Life Assured, as per the terms of the policy.

The order is determined by the beneficiary's level of dependence on the deceased and the type of damages.

The proceeds from your life insurance policy can be used for any reason by the beneficiaries who are named to receive the death benefit on your life insurance policy.

This is no different when a retirement account is inherited by a beneficiary or spouse.

The proceeds from your life insurance policy can be used for any reason by the beneficiaries who are named in the life insurance policy to receive the death benefits.

The benefits that the burial insurance offers can be used by the beneficiaries after a claim is filed.

The proceeds for your life insurance policy can be used by your beneficiary for any reason, including paying for their own living expenses.

Claim by beneficiary of pension fund against pension trustees, solicitor and accountants regarding pension planning and purchase of annuity.

All of the proceeds from a burial insurance policy can be used by the beneficiary, too, because life insurance proceeds are free of income taxation to the recipient.

Funds that are received by a beneficiary of a life insurance policy are typically able to obtain the money income tax - free.

Defending a bank trustee in federal court regarding breach of fiduciary duty claims arising out of real estate investments brought by beneficiaries of a multimillion dollar charitable lead annuity trust.

Further, section 21 (1)(a) provides that no period of limitation shall apply to an action by a beneficiary under a trust being an action to in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy.

These assets can be sold by the beneficiaries with no capital gains taxes being levied.