Sentences with phrase «pay other beneficiaries»

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.

Not exact matches

If these loans don't get paid back then banks could start going bust, while local governments, some of which have been a beneficiary of these loans, and other companies could find themselves underwater, too.

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.

However long you live, eventually your funeral expenses and other debts must be paid for before your executor can distribute your estate to beneficiaries.

In some cases, payouts might continue to your spouse, but not be paid out to other beneficiaries, such as children.

It would not be included in your estate for other purposes, such as paying creditors, unless you named the estate as beneficiary or all your beneficiaries passed away.

The most important and difficult aspect in drafting this type of trust is to make sure that no one who is older than the minor or the other primary beneficiary can ever receive any of the required minimum distributions that have been paid to the trust, but not then subsequently distributed to the minor or the other primary beneficiary for his or her benefit.

This, according to the beneficiaries has affected them so badly that they are not able to pay for their medical bills and other fees.

Typically a married couple adds each other as the «Pay on Death» beneficiary designation for each bond purchase or you can add your children or whomever you desire as beneficiary.

It would not be included in your estate for other purposes, such as paying creditors, unless you named the estate as beneficiary or all your beneficiaries passed away.

If your grandmother has also passed and there are no other named beneficiaries, then the death benefit will be paid to your uncle's estate.

Back in the day, any form of flying was considered extremely hazardous and most life insurance companies would either force the applicant to pay an exorbitant amount or they would add an aviation exclusion clause to the policy, in other words, if you died as the result of a plane crash, your beneficiaries wouldn't receive the death benefit.

Any remaining money in the cash value account of the annuity is usually paid to your beneficiaries, which can include your children, other family members, your church, or charities.

In some cases, if you transfer the ownership of your life insurance policy to another party before your death for monetary value or other consideration, the proceeds paid to the beneficiary at your death could be considered taxable income to that beneficiary.

Important notice to non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pays taxes or lives offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in my529.

For others they have the peace of mind of knowing that as long as they continue to pay the premiums on a permanent insurance product, their beneficiaries will eventually receive a death benefit.

On the other hand a life insurance allows you to make any relative of yours the beneficiary who can acquire the money and use it to pay off the mortgage debt and get any other issues in order as well.

Once you begin receiving payments, most annuity contracts do not allow money to be paid to your heirs, other than your designated joint - life beneficiary, in the event of your death.

There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible.

For example, if you have a $ 15,000 burial insurance policy and funeral expenses came in at $ 10,000, your beneficiary might choose to use the additional funds to pay for other final expenses such as outstanding medical bills, legal costs, or any other outstanding debts you may owe.

As with other types of life insurance, you pay regular premiums to your insurance company, in exchange for which the insurance company will pay a specific benefit to your beneficiaries upon your death.

Insurance that pays cash to your family or other beneficiary after your death.

So, depending on what other assets are in your estate to pay that tax and to pay other bequests or distributions to beneficiaries, you will want to make sure that's all considered in your estate planning, Brian.

If you die during your policy term and your plan is in force, your beneficiaries will receive your death benefit, which can go towards helping pay for college tuition and other expenses.

The beneficiaries can utilize the money as a source of income or to pay off debts, amongst others.

However long you live, eventually your funeral expenses and other debts must be paid for before your executor can distribute your estate to beneficiaries.

Donate a permanent life insuranceLife Insurance Insurance that pays cash to your family or other beneficiary after your death.

Using life insuranceLife Insurance Insurance that pays cash to your family or other beneficiary after your death.

Through the cash from a life insurance payout, the beneficiary has immediate liquid cash that can be used to pay off creditors and other debts or expenses that may arise.

Life Insurance is designed to pay out a lump sum to your relatives or other beneficiaries in the unfortunate even of your death, offering peace of mind and financial security at the most difficult of times.

In addition, non-spouse beneficiaries could be liable for paying estate taxes if the value of the retirement account plus other inherited assets exceeds estate tax exemptions.

Joint - and - Survivor (J&S) Annuity - An annuity that typically pays a participant a fixed monthly amount for life and, after the participant dies, continues payments to the participant's spouse or other designated beneficiary for the rest of the beneficiary's life.

The state in which you or your beneficiary pays taxes or lives may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in UESP.

To do so, please name Angels Among Us Pet Rescue as the beneficiary of your paid life insurance policy, 401 (k), IRA, TSA or other retirement account, you can make a substantial future gift to benefit our rescue pets.

A charitable remainder annuity trust is a separately invested and managed charitable trust that pays you, and / or other beneficiaries, a fixed annuity for life or for a term of years (up to 20).

Through this initiative, the corporate world as major beneficiaries from the environmental capital and other endowments» will be mobilized to reduce ecological footprints, pay back for goods and services from the environment and embrace sustainable green production techniques.

«Legal Fees: Getting Paid - Preferably by the Estate, Trust or the Other Guy,» Representing Estate and Trust Beneficiaries and Fiduciaries, American Law Institute / American Bar Association (2012)

Here, the defendants to the application — former trustees and a beneficiary of the trusts — were seeking an order that the trustees personally pay their own costs and the costs of the other parties to the application and the costs of proposed litigation.

Final expense life insurance, also known as burial insurance, can provide cash to beneficiaries for paying off these costs quickly — without the need to dip info savings or other assets in their quest for finding payment.

In other words, you pay the insurance company $ 114 and the insurance company pays out $ 100,000 to your beneficiary.

If death occurs within the first two policy years for any reason other than an accident all premiums plus 10 % interest shall be paid to your beneficiary.

In this manner, any necessary expenses such as funeral costs, providing a legacy for the beneficiaries and other benefits can be paid out before the policy holder passes away.

In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.

The proceeds of such policies provide immediate tax free liquidity to the beneficiaries who can use the proceeds to pay federal and state estate taxes or other expenses.

If death occurs within the first two policy years for any reason other than an accident, all premiums paid plus 7 % interest shall be paid to the beneficiary.

Further, with term life insurance, your beneficiary may choose how best to spend the life benefit — paying off the mortgage, other debts or funding children's education.

In many ways, Final expense insurance — which is also oftentimes referred to as funeral insurance or burial insurance coverage — works like most other types of life insurance in that, in exchange for a premium payment, a death benefit will be paid out to a named beneficiary (or beneficiaries).

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

A contract is described in this paragraph (c)(2)(iv) if the contract provides that no benefit is permitted to be paid to a beneficiary other than the employee's surviving spouse after the employee's death --

Graded death benefits means that if the policyholder dies of natural causes (any cause other than an accident) during the first two years the beneficiaries will receive all premiums paid plus 10 percent.