What rights do we have?

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PostPosted: Thu Apr 09, 2009 1:31 pm   Post subject: hi  

surely u have da right to see the policy. as on bank account if ur dads wife is the main beneficiary then she can change bank account. but u have some legal rights to stop them too. like any will. if your dad has no will then u also stop them to change the bank account. first try some emotional things. give respect n other emotional things to your dad's wife. this will surely work. n she will transfer some benefits to you too.



emotional things always works.



good luck

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PostPosted: Thu Apr 09, 2009 2:24 pm   Post subject:   

Quote:
Hey Insurance Expert..would you please share more about this UTMA thing. If I'd have a secondary beneficiary to be treated as a "trustee", does that turn my child into a tertiary beneficiary?

PalinRome




No. In an UTMA account, the money must be used to benefit the child.
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PostPosted: Fri Apr 10, 2009 3:28 am   Post subject:   

UGMA (Uniform Gift to Minor's Act) and UTMA (Uniform Transfer to Minor's Act) are just fancy custodial accounts. They're commonly set up to make sure that any assets a minor owns are protected against evil-doers. The account hold the assets of the kid, and they're watched over by big brother to make sure the assets aren't misused. The kid gains control when they reach their state's age of majority.



Lot's of legal games are played here. You can use the account to take advantage of kid's tax rates, including the fun "kiddie tax" which allows part of a kid's earnings to go untaxed (unlike me and mom!) Children's tax rates are often less than adults, but I'm too tired to go into that here.



There's more to it than this, but you can get a ton of info online. If you need any specifics, let us know.



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PostPosted: Fri Apr 10, 2009 4:09 am   Post subject:   

Quote:
The account hold the assets of the kid, and they're watched over by big brother to make sure the assets aren't misused




Hey INS Could you please tell here who can be a big brother in this UTMA case.I think it can be any person to whomever one (parents of child) trust.

Plz let me know.... Arrow


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PostPosted: Fri Apr 10, 2009 11:43 am   Post subject:   

Hi InsTeacher,



Quote:
UGMA (Uniform Gift to Minor's Act) and UTMA (Uniform Transfer to Minor's Act) are just fancy custodial accounts.


So, you mean these are accounts that are being regulated under the UGMA and UTMA acts? What does one need to do in order to set up such accounts?

Quote:
Lot's of legal games are played here.


You've certainly given us a hint over here. It would be worth knowing a bit more.. Smile

Quote:
I think it can be any person to whomever one (parents of child) trust.


So, I suppose these accounts are to be created while the parents are still alive..is that correct?



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