What is the name of your state (only U.S. law)? Illinois
I have been divorced for 7 months. It was court ordered in our divorce decree that myself and my ex-husband carry a $100,000 life insurance policy naming each other the beneficiary which would allow us to care for our 2 minor children in the event of a death. My ex-husband passed recently and he did not have the court ordered insurance policy. My question is, am I able to secure other assets to compensate for the missing insurance i.e. pension, 401K, trust fund? Also, life insurance money is tax free, would the estate be liable to pay the taxes on this money?
I have been divorced for 7 months. It was court ordered in our divorce decree that myself and my ex-husband carry a $100,000 life insurance policy naming each other the beneficiary which would allow us to care for our 2 minor children in the event of a death. My ex-husband passed recently and he did not have the court ordered insurance policy. My question is, am I able to secure other assets to compensate for the missing insurance i.e. pension, 401K, trust fund? Also, life insurance money is tax free, would the estate be liable to pay the taxes on this money?