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Will a death benefit from a life insurance policy for spousal support be taxable to the beneficiary?
The death benefit of any life insurance policy with properly named beneficiary is federal tax free. What you do with the money...may be taxable. Fear not, you are in the clear. 4lifeguild It also depends on who paid the premiums. If a company paid, and deducted then it's a good chance the proceeds will be taxable.
What else can I help you with?
Does the law require that I provide life insurance on myself for spousal support after divorce?
Laws vary from state to state and other countries. The divorce decree can specify that the spouse be named a beneficiary on a life insurance policy of a certain amount.
What is the law regarding grandparents insurance policy if the grandson is deceased and owes child support in Texas?
If question refers to whether or not the insurance benefit is subject to seizure for child support arrearages. If that is the case, the answer would be yes. Any monies garnered from the insurance benefit that belongs to the obligated parent would be subject to garnishment for child support arrearages. If the named beneficiary of the insurance benefit is deceased and the grandparent(s) are still living, they can legally have the policy amended and another beneficiary named. In that case the monies would not be a part of the deceased grandson's estate and not subject to probate action nor distribution for his debts.
What is The person who receives financial protection from a life insurance plan is called a what?
The person who receives financial protection from a life insurance plan is called a "beneficiary." In the event of the policyholder's death, the beneficiary is entitled to receive the death benefit payout from the insurance company. This financial support can help cover expenses such as funeral costs, debts, and living expenses for dependents.
What is the person who receives financial protection from a life insurance plan is called?
The person who receives financial protection from a life insurance plan is called a "beneficiary." In the event of the policyholder's death, the beneficiary receives the death benefit payout from the insurance policy. This financial support can help cover expenses such as funeral costs, debts, and ongoing living expenses for dependents.
Can you buy life insurance on your de-facto husband?
If you will somehow suffer a financial loss upon his death, then you should be able to. An example would be if he is paying some sort of child support or spousal maintenance. He would need to be aware of that policy and assign you as a beneficiary.
Is the beneficiary of a life insurance policy responsible for back child support of deceased?
No, you are not responsible for their back child support.
Can a spouse waiver spousal support by not enforcing a spousal support order?
No. The spousal support order remains in effect until it is modified by the court.
Can your spouse collect benefit from your social security if he is retired and his SS is not sufficient to support your need?
Yes, your spouse may be eligible to collect spousal benefits from your Social Security if their own benefits are insufficient. To qualify, they must be at least 62 years old and you must be receiving Social Security benefits. The spousal benefit can be up to 50% of your primary insurance amount, which can help support their financial needs. It's advisable for them to check with the Social Security Administration for specific eligibility requirements and potential benefit amounts.
Is child and spousal payments protected from garnishment in AZ?
only child support. Spousal support is taxable income.
If you get child support from the father of your child can you get marital spousal child support?
There's no such thing as "marital spousal child support." You might be able to get spousal support ("alimony" or "maintenance") for a brief period to allow you to become self-sufficient.
Can you receive spousal support if you are not marrief and have a child?
No; as the term implies, spousal support is for spouses. However, you ought to be able to receive child support.
What does Terminate the court's jurisdiction to award spousal support to Petitioner mean?
the petitoner is asking the court to deny spousal support
