In a case where the primary beneficiary of an insurance policy murdered the insured, the benefits should go to the contingent beneficiary rather than to the insured's estate, the Indiana Court of Appeals has ruled. A husband was convicted of killing his wife and her 18-year old son. Under the terms of the wife's life insurance policy, the husband was the primary beneficiary and their daughter, a minor, was the contingent beneficiary. The wife's estate sought the insurance proceeds under the statutory provisions of the Slayer's Rule, arguing that the father, as primary beneficiary, should not benefit from his wife's murder.
Divorce alone will not defeat an individual's right to proceeds under a former spouse's IRA account if the contract was entered into prior to May 31, 1990. An agreed divorce decree may operate to remove the spouse as a beneficiary if the decree plainly indicates an intention to do so. However, the agreement in the divorce decree does not affect the rights of a contingent beneficiary.
Wills/Trusts: The probate court properly granted summary judgment for the contingent beneficiary of a will and trust, when the named charitable beneficiary was “no longer in existence,” as that phrase is commonly understood, and when there was no successor to that named charitable organization. The plain and unambiguous language of the will and trust evidenced the testator’s intent to benefit the activities that were being conducted under the named beneficiary’s d/b/a name: Once the entity stopped providing those services under the d/b/a name and ceased using the d/b/a name, the named charitable beneficiary was no longer in existence. In determining whether an organization is a successor to another, a court looks at whether any business interests were transferred, including assets a...
In a divorce settlement, a wife's agreement to remove herself as the primary contingent beneficiary on an annuity payable to her husband, did not promote the couple's children named secondary contingent beneficiaries to primary status. The husband was free to select his own primary contingent beneficiary and this person is entitled to the payments. This was the finding of the New York State Court of Appeals in Melissa Dickinson Kamens, et al. v. Utica Mutual Insurance Co., Violetta Q. Dickinson. The court reviewed the facts of the case along with the relevant law before affirming the order of the Appellate Division, Fourth Department.
...(6) Designate each primary and each contingent beneficiary in such a manner so that the Agency ca...
Taxpayers concerned with maintaining minimum payments from a retirement plan and minimizing estate taxation on death should name their spouse as the designated beneficiary and use a credit trust as the contingent beneficiary. The surviving spouse may disclaim the retirement plan so that the funds pour into the trust. The trust can then provide for the spouse and the children, who would have otherwise been named explicitly as the contingent beneficiaries. There will be no estate tax liability related to the plan at the death of the second spouse.
... (SIP), with power both to designate a beneficiary to receive the funds upon his death and to replace... his SIP beneficiary and named no contingent beneficiary. Their subsequent divorce decree dives...
High-income taxpayers with substantial assets in retirement plans should consider naming charities as the primary beneficiaries for the plans. Plan assets held until death could be subject to income tax, estate tax, excess accumulations excise tax and generation-skipping transfer tax. Over 75% of plan funds could be taken by taxing authorities. Charities can be the sole beneficiary or a contingent beneficiary, or the taxpayer could rollover assets into separate individual retirement accounts for the spouse and the charity.
... Scanlan ("Scanlan") is a current beneficiary of several dis- cretionary trusts. Scanlan brought...'s lifetime, and Scanlan's children are contingent remaindermen. . The law firm of Neal, Gerber & E...
... in order for a designation of beneficiary form to be valid. This change would also allow par... Security number), identify primary and contingent beneficiaries in a manner so that the Agency can i...
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