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What else can I help you with?
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
Who is responsible for paying the transfer tax in a Florida commercial real estate transaction?
It depends on if it was mentioned in the purchase offer. In the state of Florida the seller commonly pays for the deed transfer taxes but there is not a mandate on who pays it.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
What is the voluntary life benefit and how does it work?
The voluntary life benefit is an optional insurance policy that provides a cash payment to the beneficiary upon the death of the insured person. The insured person pays premiums to maintain the policy, and in return, their beneficiary receives a lump sum payment if the insured person passes away.
Who pays if the wire transfer is reversed?
The Sender would. The money would be taken out from the Sender's initial amount that was sent.
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
Who pays the cost to transfer car title?
Buyer pays the notary and fees.
Who pays the taxes on a house that is left to a beneficiary if the will is still ongoing?
It is up to the executor of the will to keep taxes, insurance etc. current.
What happens to the cash value of a life insurance policy when you die?
Pays out to beneficiary-just the value of coverage not cash value if sold.
Is there a clause in a life insurance policy that pays for a home if the owner dies?
It would be possible to write an insurance policy that way if you wanted to, however, normally a life insurance policy pays a fixed amount of money (known as the death benefit) to a chosen beneficiary. If the beneficiary then wished to use that money to pay for a home, that could be done.
Is there a way to name multiple beneficiaries without them being aware of one another and their percentage allocations upon the insured's death?
Try naming a trust as beneficiary and have the trustee send out the checks. For more details see http://www.steveshorr.com/estate.planning.htm Even if the Insurance Company pays them directly - they get their check. I don't think they see the actual policy or beneficiary designation. You might also want to check the probate laws - I don't think life insurance proceeds go thru probate
Who is responsible for paying the transfer tax in a Florida commercial real estate transaction?
It depends on if it was mentioned in the purchase offer. In the state of Florida the seller commonly pays for the deed transfer taxes but there is not a mandate on who pays it.
Is there a statute of limitation on collecting monies from a life insurance policy?
no there is not. If you can prove who you are and that you are the beneficiary, the Insurance company sometimes pays interest on the money owed.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Who pays transfer tax in a 55 and older community in Winter Haven Florida when transferring title of home?
In Florida it is customary that the seller pays for the deed transfer tax. This is not a law so if you can make a deal with the new owner to pay it then that is fine.
Should the person who has ownership rights in an insurance policy and the insured be relatives?
The question does not really involve "should". The direct answer is "no". Using life insurance as an example, the owner of the policy is often the person who pays the premium. The insurance contract gives the owner various rights, such as to initially designate the beneficiary, change the beneficiary, pledge the policy as security for a loan, and other acts. The insured is the person whose life is, well, insured. Stated otherwise, this means that when the insured dies, the insurance company generally pays the death benefit to the beneficiary.
Does your spouse have to be your beneficiary for long term disability?
Since IRA accounts are not governed by ERISA law as are 401(k) plans and other qualified retirement plans (such as 403(b) and others), the spouse is not required to be the default beneficiary. For those plans governed by ERISA, a spouse must either be the beneficiary of the plan or must have authorized any other beneficiary designation. IRAs (both traditional and Roth IRAs) do not have this restriction: you can name anyone you wish as the beneficiary of your IRA account.
