ok, I was just having difficulties interpreting it, as I was told if I had switched beneficiaries over to my children already it would have been fully exempt
The law I was trying to understand is 215-5/238
I guess this is an Illinois state law,
it is from the list of exemptions for Illinois and reads: Life insurance, annuity proceeds or cash value if beneficiary is insuredís child, parent, spouse or other dependent
That is the entire statement that I am able to locate
ok, thanks. that explains the spouse/exspouse issue, he wasn't and isn't my dependent. So it is the dependency status. Thank you
I do have two more law code questions, if I could ask them now. I have rollover Roth IRA accounts that I understand are exempt under federal law, but cannot find the law code to reference on my schedule C. Also I own a mobile home valued less than 10,000. I understand that is expempt, is that just the homestead exemption, or is there something else that is accurate?
Thank you very much, I guess that leaves one more question...I assume the Mobile home is listed on Schedule A then?
Thank you so very much! Have a good day.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).