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The Judge overseeing my divorce in NJ ordered that my ex…

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The Judge overseeing my divorce...
The Judge overseeing my divorce in NJ ordered that my ex maintain a life insurance policy with me as beneficiary to cover 1) alimony, 2) child support and 3) legal fees awarded me that he has not paid. Thereafter the Judge ordered the policy be put in my name because my ex kept cancelling it. Several months ago it was lowered from $500,000 to $350,000 (because alimony was lowered) and my ex motioned that instead of getting a new policy he wanted to keep the policy the same amount but have his girlfriend be made a cobeneficiary on the 30% it was lowered. the court granted his motion and told me to order change of beneficiary forms, which I did. Since I am the owner of the policy I since discovered that adding her as beneficiary could result in tax liability to me as owner of the policy if my ex dies before i do. It will be as if i am making a gift to her from what i have read. I was unaware of this at the time he made the motion to allow his gf to be added as a co beneficiary. What should I do to protect myself from potential tax liability?
Submitted: 1 month ago.Category: Family Law
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3/21/2018
Family Lawyer: Legal Eagle, Lawyer replied 1 month ago
Legal Eagle
Legal Eagle, Lawyer
Category: Family Law
Satisfied Customers: 10,245
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Family Lawyer: Legal Eagle, Lawyer replied 1 month ago

This is a highly unusual circumstance. Could you tell me what information you've found that would suggest that if you add a beneficiary that increases your tax liability? Is this because you would technically be making a gift to her?

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Customer reply replied 1 month ago
Is there any way to send you the article I found that warns me of this
Family Lawyer: Legal Eagle, Lawyer replied 1 month ago

I see what you mean. So, if the court has ordered that you give her this money, then this money won't be classified as a gift. The money is going to be given pursuant to the court's order, then it's not going to be considered income and not going to be considered a gift either. As a result, this is not something you have to pay on your taxes. A gift is something that you give on your own free will on your own according. Since this is ordered from the court, then it won't be taxable.

What other questions did you have for me today that I can help you out with:-)?

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