Ex wife as Life insurance beneficiary

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PostPosted: Wed May 27, 2009 5:09 pm   Post subject: Ex wife as Life insurance beneficiary  

My wife and I are already divorced. She has not re-married, neither has I.

We are in our late 50s. We are on good terms. I want to add her to my life insurance policy as a beneficiary. What information would I need from ex wife, so I can add my ex-wife as beneficiary?

phbrandt
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PostPosted: Wed May 27, 2009 10:15 pm   Post subject:   

It depends on the insurance company. In most cases, all that is needed is her name and date of birth. They usually want the SS #, but not having it shouldn't matter.

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PostPosted: Thu May 28, 2009 12:32 am   Post subject: insurance  

I'm glad you nad your EX get along. However ( putting in my ' 2 cents here') i don't think it's a good idea if you put your EX on as Beneficiary. Of course, you can have who you want. But,...what if something happens and you two get in a fight, etc? What then? You'd probably would want to change it ( just assuming, of course).

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PostPosted: Thu May 28, 2009 12:55 am   Post subject:   

Do you want to have your ex-wife as beneficiary so that the money will go to her? Or do you want to have her as beneficiary so that she can give the money to a child or some other purpose?



There are many ways to accomplish what it is that you would like to. If it is simply that you would like the money to go to her, then just give the insurance company her name and SS# if you have it.



Quote:
However ( putting in my ' 2 cents here') i don't think it's a good idea if you put your EX on as Beneficiary.




Not the best person to be giving advice on beneficiaries...LOL!
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PostPosted: Thu May 28, 2009 1:02 am   Post subject:   

Quote:
I'm glad you nad your EX get along. However ( putting in my ' 2 cents here') i don't think it's a good idea if you put your EX on as Beneficiary. Of course, you can have who you want. But,...what if something happens and you two get in a fight, etc? What then? You'd probably would want to change it ( just assuming, of course).




It takes about 60 seconds to change a beneficiary designation. You may want to try it.
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PostPosted: Thu May 28, 2009 4:16 am   Post subject:   

Hi phbrandt, I think Chri's post has given you some food for thought. You haven't mentioned whether you two have children. You need to keep in mind their reactions too about this issue.



Regarding assigning your ex-wife as beneficiary.... it wouldn't be a problem. You only need to call up your agent and complete the needed paper-work.



By the way, who is the current beneficiary of the policy? Why do you want to change the beneficiary name, anyway? You can share some more information if its not too personal.

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PostPosted: Thu May 28, 2009 10:06 am   Post subject:   

Quote:
Do you want to have your ex-wife as beneficiary so that the money will go to her? Or do you want to have her as beneficiary so that she can give the money to a child or some other purpose?




Good point Chris Smile Although this may be only a matter of a few minutes or maybe a few seconds at that, naming a beneficiary is something you must do after a lot of thinking. You definitely do have a purpose for which you want to name someone as beneficiary. It's your money after all and you know where you want it to go. Again you may also have certain responsibilities to take care of (children) and when you name your beneficiary in a policy think properly about who you are naming as primary beneficiary and who as secondary beneficiary.


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PostPosted: Fri May 29, 2009 10:53 am   Post subject: insurance  

Quote:
I want to add her to my life insurance policy as a beneficiary.
Of course, it's your decision who you want as Beneficiary. If you DO trust your EX enough to give the money to the kids, well,..then..good. A Beneficiary should be someone you DEARLY trust, amoung other things.
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PostPosted: Fri May 29, 2009 9:08 pm   Post subject:   

Quote:
Of course, it's your decision who you want as Beneficiary. If you DO trust your EX enough to give the money to the kids, well,..then..good. A Beneficiary should be someone you DEARLY trust, amoung other things.




You just don't get it. It's not about trust. Let me give you an example:



SDCharger trusts me completely. She knows that I'm a great guy and am wealthy and I don't need her money and I will make sure to give it to her kid. Thus, she names me as the beneficiary of her $1,000,000 life insurance policy. I then gift the money to her child and put the money in an UTMA account. I am the custodian and I make sure that the money is used wisely for her kid.



Fast forward 10 years. I want to give my kid $300,000 to buy a house. Unfortunately, I was forced to use up my $1,000,000 lifetime gifting exclusion when I gave SDChargers money to her kid. Now, because SDCharger "trusted" me, I'm going to have to pay about $150,000 in taxes on this gift to my daughter.



Beneficiary designations have consequences beyond the initial naming. Always name the beneficiary that should get the money either directly or through trust mechanisms.
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PostPosted: Sat May 30, 2009 1:17 am   Post subject: insurance  

HUH??????!!!!!! OF COURSE, you would make your Beneficiary someone you trust. Why wouldn't you? SGLI are under defferent 'guidelines' then a 'civilian' Life Insurance policy. I believe I explained this several times, already. If people want to 'beat a dead horse', that's up to them.

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PostPosted: Sat May 30, 2009 1:20 am   Post subject: insurance  

Quote:
SDCharger trusts me completely
the 'advice' you are giving me, pertaining to a SGLI, is completely incorrect. HELL NO...I wouldn't trust you.
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PostPosted: Sat May 30, 2009 12:32 pm   Post subject:   

Quote:
the 'advice' you are giving me, pertaining to a SGLI, is completely incorrect. HELL NO...I wouldn't trust you.




Actually, let's not make this about me. If the advice that I'm giving you is incorrect, so is the advice that EVERYONE on this board is giving to you since EVERYONE other than you agrees that I'm correct. Additionally, the SGLI website that Pickles linked to, is also showing that we are correct and you are wrong.



Quote:
HUH??????!!!!!! OF COURSE, you would make your Beneficiary someone you trust. Why wouldn't you?




I've tried explaining this several times, but you don't seem to have the brainpower to understand it. It's not just about trust. The tax laws and other legal issues make it a very stupid idea to give the money to someone you trust instead of setting up a trust for the person that should be the ultimate recipient.



When you give your friend $500,000 to give to your kid, you are negatively impacting your friend, but you don't have the brain power to understand this. IT'S NOT ABOUT TRUST!!!



Your SGLI policy will absolutely accept the beneficiary designation "trustee under the will of SDCharger". This will allow your friend whom you trust to handle the money for your son without her being negatively impacted.



It's critical that if your son is going to get the money that someone else doesn't own it before it becomes his.
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PostPosted: Sun May 31, 2009 6:45 pm   Post subject: INSURANCE  

............AND, again, I'll say..............according to 'guidleines' of the SGLI, since my son is a Minor, he needs to be 'Secondary' on my Life Insurance until he becomes 18 years of age. I sure would NOT want someone I COULD NOT trust on my policy, as 'Primary' Beneficary.

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PostPosted: Sun May 31, 2009 8:10 pm   Post subject:   

Quote:
............AND, again, I'll say..............according to 'guidleines' of the SGLI, since my son is a Minor, he needs to be 'Secondary' on my Life Insurance until he becomes 18 years of age. I sure would NOT want someone I COULD NOT trust on my policy, as 'Primary' Beneficary.




That is a grossly inaccurate misinterpretation on your part.



Let me explain. The rule is that a minor can't be a primary beneficiary.



SDCharger's incorrect interpretation: "The minor needs to be the secondary beneficiary." "Can't be Primary" is not synonymous with "must be secondary".



Correct interpretation: "Because the primary beneficiary can't be a minor, the primary beneficiary must be a trust that is set up for the benefit of the minor."



SDCharger, maybe you can answer a couple of questions for me because I can't figure out an answer.



1) Why would you set something up that depends on trust instead of a legal responsibility to act in a certain way? In other words, why are you having the money go directly to your friend instead of having your friend be responsible for the money? Or to put it even another way, why are you making it so that your friend has free reign over the money instead of having a legal responsibility towards your son?



2) If the money is going to go directly to your friend, how is she going give the money to your son without negative consequences? Some of these negative consequences can include gift tax issues, financial aid issues for her own kids, divorce issues for her, lawsuits, change of mind, etc.
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PostPosted: Sun May 31, 2009 8:50 pm   Post subject: insurance  

Quote:
That is a grossly inaccurate misinterpretation on your part.



Yeah..ok. I'll let the Military know.
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