E
EPH389
Guest
Maryland-
I have 2 life insurance policies that my husband paid the premiums for since inception.
I am the owner. He indicated that he wanted to own my policies and I should own his policies for the proceeds from his policies would be included in his estate and combined with his other assets, it would be a tax advantage if I owned his policy. I indicated that it did not make sense, but he insisted and I signed. Weeks later I found out that he change my beneficiaries on one of my policies. He removed my daughter's name as co-beneficiary and made himself 100% primary. Mind you, he was also a co beneficiary on the 2nd policy. He then removed my family (mother, siblings) as secondary beneficiary and made his sister secondary beneficiary. I told him that he was wrong in doing this, that he should have spoken to me about it, he said he was right to do it...anyway I had it changed back where I am the owner. He became furious.
I never heard of life insurance proceeds being included in a deceased's estate. He says they are. Who is right? He says it was perfectly acceptable for him to make his sister as secondary beneficiary in case we both die. I think he was wrong for changing my beneficiaries without my consent? What do you think?
I have 2 life insurance policies that my husband paid the premiums for since inception.
I am the owner. He indicated that he wanted to own my policies and I should own his policies for the proceeds from his policies would be included in his estate and combined with his other assets, it would be a tax advantage if I owned his policy. I indicated that it did not make sense, but he insisted and I signed. Weeks later I found out that he change my beneficiaries on one of my policies. He removed my daughter's name as co-beneficiary and made himself 100% primary. Mind you, he was also a co beneficiary on the 2nd policy. He then removed my family (mother, siblings) as secondary beneficiary and made his sister secondary beneficiary. I told him that he was wrong in doing this, that he should have spoken to me about it, he said he was right to do it...anyway I had it changed back where I am the owner. He became furious.
I never heard of life insurance proceeds being included in a deceased's estate. He says they are. Who is right? He says it was perfectly acceptable for him to make his sister as secondary beneficiary in case we both die. I think he was wrong for changing my beneficiaries without my consent? What do you think?