Life Insurance Benefit & Community Property

[bjonesharris]

What is the name of your state (only U.S. law)? Texas

Scenario: Married couple in community property state. The husband is receiving a large insurance benefit from a recently deceased parent. Is the insurance benefit considered community property? If not, can it be protected (from being made community property) by keeping it in a separate account? If kept separate, how would be the best way to set it up where the spouse or children can easily access in case of death of the husband?What is the name of your state (only U.S. law)?

 

[Dandy Don]

It should be put into a separate account. The wife and children should be named as beneficiaries of the account.