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Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 53820
Experience:  Licensed attorney helping individuals and businesses.
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My mom passed away approx. 27 years ago, and I was her sole

Customer Question

My mom passed away approx. 27 years ago, and I was her sole beneficiary. From her employer I received life insurance and another benefit in the amount of $1500. So here we are all this time later, and coincidentally, I recently retired from the same institution, the University of California. Therefore, I have made myself aware as to what benefits I am entitled to now and to those upon my death. Therefore, according to their literature, my benefactor is entitled to my life insurance, the one-time benefit of $7500 (which has been raised from the $1500 that I previously received) AND a one-time payment equal to one-month of the deceased's monthly salary, (in her case around $1500). However, I want to know if I am entitled to the compounding interest on that $1500, since it was due to their negligence that I never received it. Please make my day and tell me that I am correct!! Thanks much...
Submitted: 6 months ago.
Category: Estate Law
Expert:  Infolawyer replied 6 months ago.

The answer is yes. You can negotiate it and point out their error and delay. If needed can have a lawyer reach out and go to court to secure it as well. Have a nice weekend. Kindly rate me positively.

Customer: replied 6 months ago.
Can you plz give me a bit more pertinant info such as: 1) Is there any type of CA law or statute that I can reference to the employer as evidence that they are liable for the back interest? 2) How is the sum of back interest calculated? Is there a set formula or must I do more research such as what the annual interest rate was for each year? 3) How is the compounding part done, i.e., is it calculated quarterly, bi-annual or annually? Thanks...
Expert:  Infolawyer replied 6 months ago.

Not statutory but the delay amounts to a common law claim for principal plus interest from date it should have been provided as with any unpaid balance.

Normally, a court would apply common law interest from date should have been paid.

Interest is calculated daily.

Expert:  Infolawyer replied 6 months ago.

Kindly rate me positively. If I can clarify anything, please ask.

Customer: replied 6 months ago.
Can you please tell me what percentage rate of back-interest that I should not go below in calculating what I am owed? I am confident that the employer will offer me a miniscule amount. Thanks....
Expert:  Infolawyer replied 6 months ago.

10 percent per year.

Good luck.

Kindly click on a positive rating.

Customer: replied 6 months ago.
Can you please tell me why you arrived at the rate of 10% and why not lower (say 5%) since the cd rate has been very low (around 1.25%) for the past several years? Thanks again...
Expert:  Infolawyer replied 6 months ago.
That is the rate courts award in your state on claims.
Expert:  Infolawyer replied 6 months ago.

Kindly rate the answer positively.

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