Life insurance ask!?
This is a weird situation. Ok My mom have remarried and now in attendance is like 6 kids some step some valid. Between my step dad and her they have an estate. Obviously it would be divded 6 ways beside me included in the 6. However, my siblings are uncaring and mean and I am looking for a road to get out of dealing beside that. So me and my mom are going to do a life insurace policy on her. I would foot the payments and be the beneficiery. Now the question is. If everything is documented would the other 5 kids be capable of sue me for any of that money? And would I have to repay taxes on it?
Answers: When an insurance policy is issued, it creates an IMMEDIATE estate. As long as the total amount of the estate is less than, currently, 2 million, here will be no estate taxes to be paid. If it is over this amount, in that will be estate taxes to be paid.
No, here are no taxes(federal) that will be paid.
The individual way that your domestic could contest and win is to prove that your mom was not properly responsible for entering into a legal contract. Go forward beside what you have planned.
Gotta love family squabbling over the goodies before Mom or Dad are even departed!
Anyone can sue anyone for any reason here contained by the USA. So yes, they could sue you. Could they win? Maybe, maybe not. But they could sure tie you up contained by court for a long time and make you dissipate money on lawyer fees that will munch through up all that inheritance you contemplate you are getting from the insurance policy.
Your mom can designate whoever she wants as the beneficiary. No, you don't settle taxes on life insurance proceeds.
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Answers: When an insurance policy is issued, it creates an IMMEDIATE estate. As long as the total amount of the estate is less than, currently, 2 million, here will be no estate taxes to be paid. If it is over this amount, in that will be estate taxes to be paid.
No, here are no taxes(federal) that will be paid.
The individual way that your domestic could contest and win is to prove that your mom was not properly responsible for entering into a legal contract. Go forward beside what you have planned.
Gotta love family squabbling over the goodies before Mom or Dad are even departed!
Anyone can sue anyone for any reason here contained by the USA. So yes, they could sue you. Could they win? Maybe, maybe not. But they could sure tie you up contained by court for a long time and make you dissipate money on lawyer fees that will munch through up all that inheritance you contemplate you are getting from the insurance policy.
Your mom can designate whoever she wants as the beneficiary. No, you don't settle taxes on life insurance proceeds.