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.
... may designate himself/herself the primary beneficiary and name another contingent beneficiar...
... placed into two new Merrill Lynch beneficiary-controlled accounts, rather than distributed direc... "AMBER NICOLE CALLAWAY" as the sole "Primary Beneficiary," and "PHYLLIS J. DORIAN" as the sole "Contingent Beneficiary" (and included the birth date and soci...
...(4) Designate primary beneficiary shares which when summed equal 100%;. ...(6) Designate each primary and each contingent beneficiary in such a manner so that the Agency ca...
It's not enough. The average balance in an IRA would fund less than two years of retirement for the average American and represents not much more than 5 percent of the income a person needs to maintain a decent standard of living. The average and median IRA account balances in 2008 were $54,863 and $15,756, respectively. The average and median IRA individual balances -- all accounts from the same person combined -- were $69,498 and $20,046, according to a recent Employee Benefit Research Institute report.
...*Who's your beneficiary? Here's some well-worn but can't-be- repeated-oft...Make sure there is both a primary and a contingent beneficiary named on the benefic...
... in order for a designation of beneficiary form to be valid. This change would also allow par...Social Security number), identify primary and contingent beneficiaries in a manner so that t...
DES MOINES, Iowa (AP) -- Most 401(k) investors are worried about whether they'll outlive their savings and haven't given much thought to the opposite scenario. This can be a big mistake because there are inheritance rules that might require your account to be distributed in a way that you didn't foresee.
... account you'll be able to list both a primary and a contingent beneficiary. It's important that ...
OPERS staff did not violate relevant statutory or administrative provisions when it reversed its decision declaring the deceased's designation of beneficiary form to be void and allowed the form to direct payment of benefits where the alternation at issue on the beneficiary designation form initially submitted did not make the intended beneficiary unidentifiable, but only set forth the first name and last name in the incorrect order, causing the scribe to attempt to correct the mistake so as to comply with the instructions on the form.
...In the space for the primary beneficiary's name, the Beneficiary Designation in... OPERS account and Michael as the first contingent beneficiary; the portion of the Beneficiary Design...
... ("Dohnalik") as the beneficiary of his Serviceman's Group Life Insurance p..., Mahamalea Somner ("Somner"), as the contingent beneficiary. Several months after the policy too... Dohnalik was still listed as the primary beneficiary and Somner the contingent beneficiary....
You may be aware that there are tax consequences to your beneficiaries when they receive a potentially significant sum of money. Fortunately, the law provides ways for them to minimize the burden. If your spouse is your beneficiary, for example, he or she may be able to defer taxation by transferring the IRA into his or her own name. Non-spouse beneficiaries, on the other hand, can choose to "stretch" the assets--meaning, they can receive the IRA distributions over time, as a regular income stream, based on their own life expectancies. In this way, they can spread out the tax burden and also grow remaining IRA assets tax-deferred for a longer period of time. Another way to maximize your IRA assets is to consider rolling over lump-sum distributions from employer-sponsored retirement plan...
... to consider naming your spouse as the primary beneficiary and another individual (or individualss) as contingent beneficiary. Naming both provides a clear line of ...
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