What is the name of your state? Georgia
If I purchase life insurance policies on my mother and my step-father, neither of whom have much of anything, will I be legally obligated to pay either of their bills? I plan to use whatever proceeds I would get from the policies to care for the survivor if the need arises and to pay funeral expenses. My step-father has no health insurance and my mother has Medicaid, they are at the poverty level and I am sure that they have substantial debt and judgments against them. I am the only one in my family who has the financial ability to pay for the policies and would be looked to to pay any funeral expenses. My mom and step-father have been married for 30+ years and I assume I would have an insurable interest as far as his policy would be concerned. I just don't want to be legally obligated to pay their debts because I am beneficiary on their life insurance policies. Any information provided would be appreciated.
If I purchase life insurance policies on my mother and my step-father, neither of whom have much of anything, will I be legally obligated to pay either of their bills? I plan to use whatever proceeds I would get from the policies to care for the survivor if the need arises and to pay funeral expenses. My step-father has no health insurance and my mother has Medicaid, they are at the poverty level and I am sure that they have substantial debt and judgments against them. I am the only one in my family who has the financial ability to pay for the policies and would be looked to to pay any funeral expenses. My mom and step-father have been married for 30+ years and I assume I would have an insurable interest as far as his policy would be concerned. I just don't want to be legally obligated to pay their debts because I am beneficiary on their life insurance policies. Any information provided would be appreciated.