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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.
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