my ex passed away and had our 14 year old son named as benef

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PostPosted: Fri May 29, 2009 9:45 am   Post subject:   

There's not going to be anything difficult. The insurance company, like Gary said, is just going to want to make sure that it's ok to release the money.



You will set up an UTMA account. This is no more difficult than setting up any other bank account or investment account. The insurance proceeds will go in there. As guardian, it will be your responsibility to make sure that the money is spent for your son's benefit. As long as this is how you use it, there will be no issues.

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PostPosted: Sat May 30, 2009 6:47 am   Post subject:   

Hi bjamm1972,



Quote:
i think the guardian ad litem is a good idea though, just so noone can say that i am misusing or abusing my sons money. woulden't you think?


It surely is a good idea..especially when you have kids as beneficiaries. Just make sure that you're spending it for his benefit and all other things would fall in to place quite naturally.



Quote:
alot of times the beneficiary of a life policy will have the check sent directly to the funeral home so they can receive their costs first


I understand that...but are you gonna experience the same thing? What did the funeral director say?



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PostPosted: Sat May 30, 2009 10:59 pm   Post subject:   

ok well, the funeral director said he had never come across a situation like this. let me say this, yes, i am guardian of my minor child and his estate, but the court will appoint a guardian ad litem to oversee my actios and to approve any withdraw of the money. i think i am right about that? does anyone know? this money is intended for my son a car, college and to invest ...this is his future. hope to let you all know something new soon. thanx

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PostPosted: Sat May 30, 2009 11:59 pm   Post subject:   

Unless the court has reason to believe that you are a bad parent who is going to steal your kid's money, there is no reason why they would appoint a guardian ad litem.

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PostPosted: Sun May 31, 2009 12:08 pm   Post subject:   

Quote:
but the court will appoint a guardian ad litem to oversee my actios and to approve any withdraw of the money. i think i am right about that? does anyone know? this money is intended for my son a car, college and to invest ...this is his future. hope to let you all know something new soon. thanx
I had a similar situation in my own family...my brother and sister in law were divorced, neither remarried, in fact they were still 'kinda' together...they have two daughters he still had her as beneficary, on a life policy ...the girls (because they were divorced) were his heirs...he had 401k account, owned a home etc...the sister in law got an attorney and was named 'something' that put her in charge of his estate, for the girls...the girls also receive ss benefits...it ended up being around maybe close to 100k in all (not counting the ss payments they get/got till 18 yrs old)..anyway...she doesn't have prove or request any type of permission to use any of this money....in our case, we were all fine with this and had to sign off that we (as sisters, mother and father) were not challenging any of the estate...



I'm sure this is a state to state thing...and I would think a good idea to atleast have one visit with an attorney to make sure you have everything that you need legally to protect your son as heir.


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PostPosted: Fri Jun 19, 2009 11:22 pm   Post subject: Guardian Ad Litem  

At 14, I'd think the minor child is of age to agree to a guardian. If mom petitioned the court for appointment on the minor's behalf and the minor agreed to have mom appointed and the judge agreed, isn't the issue resolved?

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PostPosted: Wed Apr 20, 2011 4:02 am   Post subject:   

my grandmother passed away a little over a year ago, but before she passed she asked me for my social security number address, bank and account number. She mentioned something about a life insurance policy and naming me as a beneficiary? Then someone my father (if thats what you want to call him) did something and signed it into his name and cashed it before i could get it... how do i go about finding out what happened and if i can sue my father?


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PostPosted: Thu Apr 24, 2014 1:36 pm   Post subject: Terms of Policy (guaranteed interest)  

This IS a VERY helpful blog - info in layman terms. One thing about group life insurance (hubby added supplemental Ins), the employee nor beneficiary(s) recv'd entire policy w/terms, tho' told hubby to ask for it bcus he's entitled to a complete copy, but he didn't. (In 1998 when hubby died my son was beneficiary at age 4.) Employer Plan Admin'tor called & told me I should keep my son's money in acct setup by ins co becus the policy terms guarantees a set interest rate % to be compounded qtrly 'til age of majority. The acct is considered a trust w/Ins co as trustee/fiduciary, acct must be FDIC insured, etc., (read ur state laws for specifics). Qs: 1- Can proceeds be transferred or sold w/o disclosure to a non-affiliated annuity com that's NOT FDIC insured to avoid paying guaranteed interest rate?; 2- Can acct funds be taxed (if transferred) by annuity comp - tho' never taxed by bank when opened? 3- Annuity company reduced interest rate when proceeds were transferred to them...I read that this violates UTC & is a breach of duties. I'm looking for an aggressive, estate attorney who is not scared to fight vs. 3 financial institutions (Annuity company, after taxing funds for 4 yers transferred acct to another bank, who never acknowledged their existence. This minor has been unjustly deceived.


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PostPosted: Tue May 13, 2014 4:27 pm   Post subject:   

Quote:
acct must be FDIC insured, etc., (read ur state laws for specifics)
WRONG! FDIC is for member banks and is not available to insurance companies.

Quote:
1- Can proceeds be transferred or sold w/o disclosure to a non-affiliated annuity com that's NOT FDIC insured to avoid paying guaranteed interest rate?
You are describing a "retained asset account" and technically it is the property of the insurance company. Can they transfer the asset to someone else? Yes, but they cannot change the original terms of the account.

Quote:
2- Can acct funds be taxed (if transferred) by annuity comp - tho' never taxed by bank when opened?
All INTEREST paid from a retained asset account is taxable as income. The insurance company does not tax the money, the IRS does.

Quote:
3- Annuity company reduced interest rate when proceeds were transferred to them
This would be a "breach of contract" issue, and may involve other legal issues.



Contact me via the "Send me your questions . . ." link below to discuss your situation confidentially.


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