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The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a law passed by the U.S. Congress on a reconciliation basis and signed by President Ronald Reagan that, among other things, mandates an insurance program which gives some employees the ability to continue health insurance coverage after leaving employment. COBRA includes ...
(This assumes that the aggregate value of the estate plus the life insurance is large enough to be subject to estate taxes.) [3] To avoid estate taxation, some insureds name a child, spouse or other beneficiary as the owner of the policy. There are drawbacks to having insurance proceeds paid outright to a child, spouse, or other beneficiary.
Using the same scenario with three beneficiaries (A, B and C) set to receive a $300,000 death benefit, if beneficiary C dies, the death benefit would now be split equally between the two remaining ...
To access a bank account after the death of a spouse or partner, you must be a joint account holder, a named beneficiary or an executor of the estate. Even if you do have access to the accounts ...
The Equal Access to COBRA Act was a bill which would amend the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, and the Public Health Service Act to extend COBRA health insurance coverage to qualified beneficiaries, defined to include domestic partners.
A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
In this technique, each spouse creates a trust and divides their assets (usually evenly) between the two trusts. The terms of the credit shelter trust provide that upon the first spouse's death, the other is left an amount in trust for the benefit of the surviving spouse up to the current federal exemption equivalent to the federal estate tax.
Unlike a revocable beneficiary, who can be swapped out at any time by the policyholder, an irrevocable beneficiary has irreversible rights to the policy death benefit, adding an extra layer of ...