In general, naming the surviving spouse as beneficiary (with disclaimer as an option in favor of contingent beneficiaries
such as a trust that has credit shelter and qualified terminable interest property (QTIP) provisions) is an advantageous selection for several reasons.
Insurers will pay most larger amounts according to the policy provisions that specify the recipient when no beneficiary has been designated (or where all primary and contingent beneficiaries
predecease the insured).
47) For example, contingent beneficiaries
of the first trust may be named as primary beneficiaries in the second trust.
Naming contingent beneficiaries
One or more persons/charities/ Contingent beneficiaries
may be institutions may be named to named (to receive funds after any receive any remaining trust funds required Medicaid payback).
Beneficiary designations should be part of a consistent review process, and this is true for primary beneficiaries and contingent beneficiaries
," says Cambier.
In addition, the IRS will likely challenge exclusions for powers held by contingent beneficiaries
Zulkiewski and Sharon Zulkiewski, as the contingent beneficiaries
Ensure both primary and contingent beneficiaries
are assigned to your retirement accounts.
Letting clients name minor children outright as primary or contingent beneficiaries
of life insurance or retirement plans.
First, Jim can create a trust that names Helen as beneficiary, with Jack and Mary named as contingent beneficiaries
who will receive the assets upon Helen's death.
A client who had remarried since the policy was issued might want to name as a primary beneficiary the second spouse, but keep the children from the first marriage as contingent beneficiaries
Can life insurance settlements naming the spouse as primary beneficiary and other persons as contingent beneficiaries
be so arranged that the proceeds will qualify for the marital deduction?