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Is a surviving spouse responsible for a deceased spouse's credit card debt if the deceased had no assets except a death benefit from life insurance?
Wiki User
∙ 17y ago
The surviving spouse is only responsible for credit card debt if the account were joint or the married couple lived in a community property state; (Texas and Wisconsin treat marital debt differently than other CP states). Death benefits from life insurance with a named beneficiary or SS death benefit are not subject to creditor action for repayment of the deceased debts.
Wiki User
∙ 17y ago
Wiki User
∙ 16y agoCalifornia is a community property state. Essentially, anything financial is owned or the responsibility of both entirely.
Wiki User
∙ 17y agoNo.
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What happens to the proceeds of a life insurance policy if there is not a named beneficiary?
The life insurance benefit will be paid to the deceased's estate.
Does a surviving spouse pay income tax on proceeds from a life insurance policy?
Life Insurance benefits are usually not subject to taxes. It is a benefit, not a gift or income.
Can you use a certificate of marriage to collect on life insurance?
A certificate of marriage is not required to collect on life insurance. Life insurance proceeds will be paid only to the named beneficiary/beneficiaries on the policy. If all beneficiaries are deceased, then the benefit will be paid to the deceased insured's estate.
Can the IRS take life insurance?
The policy would not be subject to seizure during the person's lifetime and it Could not be used to pay tax arrearages if there is a beneficiary named at the time of the insured death. If the issue concerns tax owed by a deceased and a death benefit received by the deceased's spouse who was a joint filer, then the surviving spouse would be liable for said tax arrearages.
Is the executor of a deceased beneficiary entitled to the Policy?
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
What is the law regarding grandparents insurance policy if the grandson is deceased and owes child support in Texas?
If question refers to whether or not the insurance benefit is subject to seizure for child support arrearages. If that is the case, the answer would be yes. Any monies garnered from the insurance benefit that belongs to the obligated parent would be subject to garnishment for child support arrearages. If the named beneficiary of the insurance benefit is deceased and the grandparent(s) are still living, they can legally have the policy amended and another beneficiary named. In that case the monies would not be a part of the deceased grandson's estate and not subject to probate action nor distribution for his debts.
Can you be responsible for your spouse's medical bills?
Yes, it is possible to be responsible. The primary insurance holder is always responsible for all the debts incurred. And it is considered a benefit to both parties.
Can I have the payout on my recently deceased husbands life insurance policy go directly to our adult children who are the secondary beneficiaries instead of to me who is the primary beneficiary?
Yes, you can decline the benefit. Speak to the insurance company about how.
Does the deceased owner of the life insurance have to pay taxes on policy pay out?
In India, the death benefit to the nominee of the deceased insured, is100% tax exempted u/s.10,10(d) of the Income Tax Act.
Why do life insurance companies need to have proof of age of the deceased?
In addition to the death certificate, some life companies require a proof of age so they may cross check with the stated age at the time the life contract was purchased. Sorry to say, but many insurance applicants lie about their age at the time of purchase. And just so you understand, if an insurance company finds [that] the deceased was younger than stated, they will pay a larger benefit; conversely, if the deceased was older than stated, they will pay a lesser benefit.
What if no beneficiary is named on a life insurance policy and they have a spouse what happens?
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
If surviving spouse is insolvent is she responsible for credit card debt in Arizona a communty property state if her name was not on credit card and she never used credit card?
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
