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Can the remaining spouse change beneficiaries in a revocable trust?
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Can a policy owner of a keyman life policy change irrevocable beneficiaries where the beneficiaries are split between the insureds spouse and the owner-employer?
Yes, the policy OWNER has the right to make changes on the policy, including changes of beneficiaries, or % of split between different beneficiaries. Keyman life policies are usually owned by the key person's employer. The employer in this case can decide what % of the benefit the business will receive and if they want to split the benefit for other purposes (key person's spouse, trust, charity, etc).
Can the surviving spouse of the deceased husband continue to receive mineral rights income he had inherited?
Typically the spouse will inherit the property of a deceased spouse. A will may assign things to other beneficiaries. Consult a licensed attorney in the state in question.
Is a spouse of one of the beneficiaries of an estate permitted to remove tangible property from the home such as tools?
The spouse of a beneficiary has no rights to the estate. Removal of property without the executor's authorization could be prosecuted as theft.
Can a spouse change a life insurance policy without letting the other spouse know?
No
Is the spouse entitled to an inheritance the other spouse receives in New York?
Not directly. The spouse that receives the inheritance can determine what is done with that inheritance. There is no automatic right for the other spouse to receive any of it.
Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
Is a revocable trust made in one marriage valid in a subsequent marriage?
A trust stands apart as an entity holding property and remains valid after a divorce. The trustee of a trust holds title to the trust property for the benefit of the beneficiaries named in the trust document. If a former spouse is named as a beneficiary the trust should be amended if the trustor wishes to make the present spouse a beneficiary instead.
Can you modify a revocable trust?
A revocable trust can be changed or modified prior to the Settlor's (a settlor is the person who opened the trust, in this case your aunt) death. Only the Settlor can change or terminate the trust, and after the death, the trust cannot be changed. If the trust was made with a spouse who has passed away, it may not be possible for the trust to be changed.
Can a policy owner of a keyman life policy change irrevocable beneficiaries where the beneficiaries are split between the insureds spouse and the owner-employer?
Yes, the policy OWNER has the right to make changes on the policy, including changes of beneficiaries, or % of split between different beneficiaries. Keyman life policies are usually owned by the key person's employer. The employer in this case can decide what % of the benefit the business will receive and if they want to split the benefit for other purposes (key person's spouse, trust, charity, etc).
Do beneficiaries of an IRA account pay taxes?
Spouse certainly not. Others possibly.
How do you chose the beneficiaries to your life cover plan?
To choose the beneficiaries to your life cover plan you need to consider who you want to benefit in the event of your death. Most people choose their spouse and children as their beneficiaries.
Does a spouse of deceased have to pay taxes on insurance payout?
NAMED beneficiaries of insurance policies do not pay tax on it.
Can your spouse witness your will if he isn't a beneficiary?
The witnesses should not be related to you, and should not be beneficiaries. Your spouse has a statutory right to inherit from your estate whether or not he is mentioned in your will. You should pick objective witnesses instead of a spouse or other relative.
When one spouse abandons another in NY who is responsible for the shared debt?
Unfortunately, if the debts are in both names then the remaining spouse will be responsible for paying them. The remaining spouse may want to consult with an attorney who could negotiate on their behalf with the creditors.
What happens to Illinois TRS benefits if spouse dies and there are no children?
A revocable trust can be made a beneficiary, subject to restrictions and limitations, or the benefits will not be paid to anybody.
In California can a spouse revoke a revokable living trust without the other knowing?
No, it is not possible for a spouse to revoke a revocable living trust without the other spouse knowing in California. Both spouses typically have rights and responsibilities in managing community property, including property held in a revocable living trust. Any changes made to the trust would likely require the knowledge and consent of both spouses.
AB Trust Information?
Married couples are able to increase the use of his/her federal exemptions from the estate tax by the use of an AB Trust as a part of their estate plan. This system organized under the couples’ Revocable Living Trusts or Last Will and Testaments. The “A Trust” is usually referred to as the Marital Deduction, QTIP, or Marital Trusts. The “B Trust” is usually referred to as the “Family Trust”, “Credit Shelter Trust”, or “Bypass Trust”. Ways the AB Trust Maximizes Both Spouses Tax Exemptions: 1.The couple has the correct AB Trust Language included in their Revocable Living Trust or the Last Will and testament. •Should be done with a qualified estate-planning attorney. 2.The couples assets are divide so each spouse has just about the same value of assets in their Revocable Living Trust or in their individual name. •This is an essential step and need to be done so that the AB Trust system can work. Often, couples leave his/her assets in joint account, which completely cancels the use of the AB Trust system because the joint assets will pass to the surviving spouse outright, instead of by way of the deceased spouse’s Living Trust (Revocable), or Last Will. 3.The first $ 3,500,000 of the surviving spouse’s assets will be funded into the B Trust, if the first spouse died in 2009. •This successfully utilizes the first spouses $ 3,500,000 federal exemption that comes from taxes that were available for deaths happening in 2009. The B Trust can be used for the benefit the descendants, the surviving spouse or other beneficiaries and can be reasonably flexible. 4.The excess is funded into the A trust if the spouse who is deceased assets exceed $ 3, 500,000. •This will postpone the payment of estate taxes on amounts of the deceased spouse exemption of $ 3, 500,000, pending the surviving spouse’s death. The A Trust is less flexible, because of this estate tax deferment and can only be utilized for the advantage of the surviving spouse. The surviving spouse is also required to accept all of the incomes from the A trust. 5.Later, as a result of the surviving spouse dying, the surviving spouse will keep their own estate tax exemption, if a federal estate tax is in effect. •If the exemption sum is $ 3,500,000 at the time the surviving spouse dies, then the first $3,500,000 that comes from the surviving spouse’s detached assets will go to the final beneficiaries, tax-free. Anything above $ 3,500,000 will experience tax.
