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 Posted: Wed May 14, 2008 11:21 am Post subject: insurance |
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| Gotta add something here...............my parents live in CA and I live in PA. They are both in their 70's. My POA lives in PA...who happens to be my best friend!! Can trust her with anything!! Anyway....I think it would be scary to think about 'the courts' deciding ANYTHING for my son ( providing my parents are no longer living). I REALLY want to 'protect' my son as much as I can!! |
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sdchargersfan
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| Posted: Wed May 14, 2008 11:24 am Post subject: |
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We feel the same way about our grandson (his mother is a single mom) unfortunately as you know ''dad'' will be the next of kin to your son...
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Lori
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| Posted: Wed May 14, 2008 11:47 am Post subject: |
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Okay, we've beat this dead horse to death.
Time for some fun....
Lori has sexy eyes!
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GarySpicuzza
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| Posted: Wed May 14, 2008 12:20 pm Post subject: |
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 That cracks me up!!!!!!! They're mine you know! (NOT)
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Lori
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| Posted: Wed May 14, 2008 12:44 pm Post subject: |
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yeah, but was the horse insured? and how about the beneficiary?
I think this may be the most important topic I've seen here and I don't think we could ever spend too much time on it.
We can repair a car and most injuries will eventually heal, but death . . . well that's permanent.
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InsuranceMaze
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| Posted: Wed May 14, 2008 12:50 pm Post subject: |
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| Quote: | I think this may be the most important topic I've seen here and I don't think we could ever spend too much time on it.
We can repair a car and most injuries will eventually heal, but death . . . well that's permanent. |
I agree with you maze...and if anyone has never had the unpleasant task of making funeral arrangements for a loved on (and then having to pay for it!  ) let me tell you in my neck of the wood, a modest, but nice funeral (including burial) is gonna run you 10-15k...You just wouldn't believe the mark up! It blew my mind...I had to personally either make or help with about 8, and it's no time to have the added pressure of finances....
If people would minimally have enough to well, planet them (IMO) that is atleast showing some responsiblity and effort to not leave ones loved ones on the short end of the stick...additional money after that...well that (again IMO) is gravy.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Wed May 14, 2008 6:38 pm Post subject: |
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sd'fan wrote:
| Quote: | | Gotta add something here...............my parents live in CA and I live in PA. They are both in their 70's. My POA lives in PA...who happens to be my best friend!! Can trust her with anything!! Anyway....I think it would be scary to think about 'the courts' deciding ANYTHING for my son ( providing my parents are no longer living). I REALLY want to 'protect' my son as much as I can!! |
sd'fan, simply set up a Revocable Trust.
Name your best friend who you can trust with ANYTHING your successor trustee.
Name your son as the beneficiary of the Trust.
Change the beneficiary of your life insurance policies to the trust.
It's that simple.
Now, your best friend is in control of the life insurance proceeds but those proceeds ARE NOT her money. They belong to your son for her to use for his care, comfort and support until he reaches legal age or some other age you decided in your trust.
Mama's going to get custody of the child but she won't have control of the money if you went this route.
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Gary Spicuzza, *SAFE
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GarySpicuzza
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| Posted: Wed Jun 10, 2009 7:55 pm Post subject: what if divorce agreement was first |
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I have a divorce agreement that states a parent was to maintain a policy and list siblings and beneficiaries. The parent subsequently changed beneficiaries anyway 10 years later. Is there recourse to contest in this situation or file against the estate?
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looking4help
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| Posted: Wed Jun 10, 2009 8:05 pm Post subject: |
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| Quote: | | I have a divorce agreement that states a parent was to maintain a policy and list siblings and beneficiaries. |
Some courts will require a divorced parent to maintain adequate life insurance on his/her life with proceeds payable to the children of the divorce.
I'm not quite sure that I understand your concern. Are you the other divorced parent? Did your husband/wife purchase the life insurance as ordered by the court? The beneficiaries should have been irrevocable, meaning the existing beneficiary(ies) would have to consent to a beneficiary change. |
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InsuranceMaze
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| Posted: Wed Jun 10, 2009 8:25 pm Post subject: |
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I am a sibling that would have been listed as beneficiary. The change occurred to list a step parent. The original policy was opened by my actual parents - and there are no half siblings. My siblings are concerned that our step parent will not honor the original agreement and forward the proceeds to us. Also a second policy was also listed with the same facts and that insurance company stated that they would not consider our request to examine the divorce agreement and my step parent will receive the benefits.
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looking4help
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| Posted: Wed Jun 10, 2009 9:39 pm Post subject: |
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| Quote: | | Gotta add something here...............my parents live in CA and I live in PA. They are both in their 70's. My POA lives in PA...who happens to be my best friend!! Can trust her with anything!! Anyway....I think it would be scary to think about 'the courts' deciding ANYTHING for my son ( providing my parents are no longer living). I REALLY want to 'protect' my son as much as I can!! |
You are giving your son no protection at all. When you die, your POA dies also. POAs are only for living people. If you haven't named a guardian for your child, you have done nothing to protect your son and the courts will make the decision. |
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InsuranceExpert
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| Posted: Thu Jun 11, 2009 4:38 am Post subject: |
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| Hi Looking4help, How old are you? Is your father/mother still responsible for the child support? |
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jeorge
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