Sentences with phrase «other beneficiaries when»

Another way of looking at it: You need to figure out what income you want to provide for your spouse or other beneficiaries when you die.

Not exact matches

Since estate taxes are assessed only when bequests are left to someone other than a husband or wife — most commonly, when estates pass, after parents» death, to the children — it's smart to buy enough second - to - die coverage in the name of the beneficiary to pay off future estate - tax bills.

Real values don't really apply when charity is the beneficiary, so although the Stingray is an appealing bit of convertible kit — with its 444bhp 6.2 litre V8 good for 0 - 62mph in around 4 seconds — there's no point comparing its sale price to the list price of other, more appealing, cars.

The owner of the 529 account can make contributions which may be withdrawn by the beneficiary when they attend college (or other eligible educational institution).

When beneficiaries other than your spouse inherit your non-Roth IRA, they will have to withdraw the funds based on your life expectancy (faster pace than if it were their life expectancy).

When someone (other than a spouse) is the beneficiary of a deceased person's IRA, they need to open aBeneficiary IRA.

Prior to 2008, Western District of New York courts held that when a husband and a wife both file bankruptcy and one spouse has a life insurance policy with cash value and the other spouse as the beneficiary, the bankruptcy trustee, as trustee for both the owner and beneficiary of the policy, could claim in the cash value.

It's a common scenario for people to make beneficiary designations first and draft other estate - planning documents later, when their families have grown.

When the grantor (or the surviving spouse) dies, the proceeds from the insurance policy flow into the ILIT and are eventually distributed to the trust beneficiaries, often the grantor's children, grandchildren, or other family members.

When money, securities, property, or other assets are placed in a properly structured charitable remainder trust, the grantor or the grantor's beneficiaries receive payment of a specified amount at least annually.

When someone passes away and leaves their stocks, bonds, mutual funds, properties, and many other assets to family members, the beneficiary often receives the assets at a stepped up cost basis.

In other words, adult heirs that inherit a few million when their parents pass away, can use 25 % -50 % of their inheritance to buy another single premium policy on themselves, so their future beneficiaries (e.g. children or charities) can have an even greater inheritance.

When the account transfer is complete, we'll send you and any other beneficiaries a letter or an email letting you know the account has been transferred into your names.

This can be after death or, sometimes, when the beneficiaries become legal adults or certain other conditions are met.

Other advantages of a Living Trust are (1) control over how and when your beneficiaries will receive your assets, and (2) ability to change your estate plan without the formality of a Will.

However, when a representative payee uses the beneficiary's funds to meet their personal expenses, or puts the beneficiary's funds in their own personal account, or charges the beneficiary for managing their funds, or misuses the beneficiary's benefits in any other unreasonable way, they are liable for social security disability fraud.

While the exclusion of overseas foreign national beneficiaries has been deleted from the definition of «individual,» we have revised § 164.500 to indicate that the rule does not apply to the Department of Defense or other federal agencies or non-governmental organizations acting on its behalf when providing health care to overseas foreign national beneficiaries.

(c) The standards, requirements, and implementation specifications of this subpart do not apply to the Department of Defense or to any other federal agency, or non-governmental organization acting on its behalf, when providing health care to overseas foreign national beneficiaries.

We clarify that the Department of Defense or any other federal agency and any non-governmental organization acting on its behalf, is not subject to this rule when it provides health care in another country to foreign national beneficiaries.

My understanding is that when a fiduciary is mandated to manage another person's affairs, during a period when the would - be beneficiary is indisposed, ill - disposed, unable to tend to his own affairs because of other obligations, e.g., cabinet ministers, or absent on a long cruise, it is the fiduciary who has the obligation to provide a full, accurate and honest accounting to the beneficiary upon his return.

There are so many decisions to make when it comes to beneficiaries and such that you are hardly considering the other ramifications of the policy.

Death Claim When an insured dies, the policy owner will provide the insurer with poof of death (including a death certificate) and other information to cause the proceeds of the policy to be paid to the beneficiary.

Other times you should update your beneficiary include getting married (add your spouse), getting divorced (subtract your spouse), when buying a new home or car (to make sure your wife is the primary beneficiary in case she needs to make loan payments), or after having a child (same, but for paying for college).

Much like term insurance, you can buy a policy with a death benefit equal to your home loan (or any other amount), and when you die, the proceeds go to your beneficiaries to use any way they want.

Apart from providing a lump sum of cash for your beneficiaries when you pass away, there are some other interesting ways to use your life insurance policy.

Survivorship life insurance is most commonly used to ensure that when the second individual dies, the beneficiaries have money to cover estate taxes or other costs.

For example, life insurance has the advantage of providing quick cash to beneficiaries when you die, unlike other parts of your estate that are tougher to turn into cash, like real estate, a business or artwork.

If you had a mortgage life insurance policy in effect when you died, your beneficiaries could use all of the benefits that they would receive from a regular policy for other things.

When one has children and names a secondary life insurance beneficiary other than their child, that secondary party is the person whom the insured trusts to make sure the money is used to help the child rather than for the beneficiary's own personal gain.

These benefits include an option to have all premiums returned to the beneficiary at death, a level death benefit for joint - life policies and a new limited pay cost of insurance that provides low cost protection today and a guarantee to stop paying at the later of age 85 or 15 years — a time when other insurance cost structures could become prohibitive.

When purchasing these policies, James and Lily would have likely named each other primary beneficiaries, followed up by naming Sirius Black their contingent beneficiary as custodian of their minor son.

A term or permanent life insurance policy, on the other hand, typically covers most types of deaths when your beneficiary submits a claim and produces the death certificate.

This policy is best to use when you have enough money to pay significantly higher premiums (as compared to term life) in the beginning and you do not want to deal with investment choices, letting an insurer to invest for you.If the policyholder dies, family members (other beneficiaries) can use the funds for a variety of reasons, from paying off a mortgage, dealing with existing personal or business debt, etc..

Just as with other types of life insurance coverage, you will need to choose a beneficiary when you purchase a burial insurance policy.

This means that if you and your spouse take out the policy, neither of you will collect a death benefit payout when the other spouse dies, but life insurance will be paid after your death to your beneficiaries, which can be heirs, a charity or trust that you set up.

Naming a contingent beneficiary is beneficial because according to the Uniform Simultaneous Death Act, when a policyholder and beneficiary who die within a short time period of each other, it will be presumed that the beneficiary died first.

When you die, your beneficiaries can use this benefit payment to help pay for your funeral, burial, cremation or other end - of - life expenses, which could include unpaid medical bills or consumer debt.

Life insurance companies are in business to make money, and when you withdraw cash value from a policy, the insurance company no longer has that money available to invest, cover overhead, or pay other beneficiaries claims, and so they charge interest to make up the difference.

This means that if you die because of some other cause, such as a debilitating disease, your beneficiaries could find that the claim is denied when they file it.

Therefore, under the principle of reciprocity, when an individual feels that he has benefited from an act, which is the beneficiary of the act, the individual will have a psychological pressure to return the interest to the other subjects initiating such behavior, creates a sense of return benefit, which may give rise to an act of reward for an individual receiving a benefit, thus forming a reciprocal mechanism for giving and rewarding, and establishing a continuing good social Exchange [14].

When a tenant in common dies, his or her share of the property goes to his or her beneficiaries, rather than to the other tenants in common.