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Are there any legal concerns a person holding POA over the

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beneficiary of a life insurance...
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
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Answered in 16 minutes by:
2/26/2016
Estate Lawyer: RayAnswers, Attorney replied 1 year ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 43,425
Experience: Texas lawyer for 30 years in Estate law
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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.

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Customer reply 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.
Estate Lawyer: RayAnswers, Attorney 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.

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Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Be here all night , thanks again .

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