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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 40669
Experience:  Texas lawyer for 30 years in Estate law
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Are there any legal concerns a person holding POA over the

Customer Question

Are there any legal concerns a person holding POA over the beneficiary of a life insurance claim should have in disclaiming the benefit so it can be paid out to the beneficiary's children?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. Ray here to help you tonight.Here if you are the named beneficiary you should accept the insurance payment and gift it to the kids.You cannot disclaim the insurance since it passes outside probate unless the life insurance folks will agree to it.Otherwise you can receive it tax free and gift it the kids again tax free.The limits for claiming the life insurance are $5,430,000 anything under this is not taxable to you nor taxable to the children.

This may be a different answer than you were expecting please follow up if you have more questions.Thanks again.

Customer: replied 1 year ago.
the insurance company has agreed to draft a disclaimer so the benefit can be passed on to the kids. the concern is that by disclaiming the benefit, the person holding POA over the beneficiary will become liable for his debts, of which he has many.
Expert:  RayAnswers replied 1 year ago.

I can do unlimited chat here, not set up for phone calls.I will send you the offer to offer you unlimited follow up.

Expert:  RayAnswers replied 1 year ago.

Be here all night , thanks again .

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