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Any Attorneys A Life Insurance questions.

 
DblTapViper
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User ID: 9050718
United States
05/22/2012 02:28 PM
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Any Attorneys A Life Insurance questions.
Hi I have a quick question. I have a life insurance policy. If I die the proceeds goes to my wife. My wife has huge medical bills. So if something happens to me I would rather my wife get the benefit of the policy, not the blood sucking hospitals..

Here is my idea and if you could tell me if it would work well... Thank you.

1. Start an LLC
2. Make my Kids each 47% owners and my wife a 6% owner.
3. Only my wife has voting shares. Kids do not, unless their mom passes away.
4. My wife then could just "borrow" money from the LLC and never take ownership on the entire amount of money.

Would this work?

I know GLP is not the perfect place but any Attorney found here would at least be thinking a little like me. LOL

Thanks again for reading and commenting.
DblTapViper
Butt Pincher

User ID: 8993616
United States
05/22/2012 02:33 PM
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Re: Any Attorneys A Life Insurance questions.
Hi I have a quick question. I have a life insurance policy. If I die the proceeds goes to my wife. My wife has huge medical bills. So if something happens to me I would rather my wife get the benefit of the policy, not the blood sucking hospitals..

Here is my idea and if you could tell me if it would work well... Thank you.

1. Start an LLC
2. Make my Kids each 47% owners and my wife a 6% owner.
3. Only my wife has voting shares. Kids do not, unless their mom passes away.
4. My wife then could just "borrow" money from the LLC and never take ownership on the entire amount of money.

Would this work?

I know GLP is not the perfect place but any Attorney found here would at least be thinking a little like me. LOL

Thanks again for reading and commenting.
 Quoting: DblTapViper


It would be easier to select a trusted close family member and use them for the beneficiary .. they could disperse the funds accordingly..I think it has to be a parent.. but not sure..GL
Anonymous Coward
User ID: 7824468
United States
05/22/2012 02:38 PM
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Re: Any Attorneys A Life Insurance questions.
Hi I have a quick question. I have a life insurance policy. If I die the proceeds goes to my wife. My wife has huge medical bills. So if something happens to me I would rather my wife get the benefit of the policy, not the blood sucking hospitals..

Here is my idea and if you could tell me if it would work well... Thank you.

1. Start an LLC
2. Make my Kids each 47% owners and my wife a 6% owner.
3. Only my wife has voting shares. Kids do not, unless their mom passes away.
4. My wife then could just "borrow" money from the LLC and never take ownership on the entire amount of money.

Would this work?

I know GLP is not the perfect place but any Attorney found here would at least be thinking a little like me. LOL

Thanks again for reading and commenting.
 Quoting: DblTapViper


It would be easier to select a trusted close family member and use them for the beneficiary .. they could disperse the funds accordingly..I think it has to be a parent.. but not sure..GL
 Quoting: Butt Pincher


Whoever it is the person must have an insurable interest in the policy. However in anycase, it the case were to go to court and there were a question of payment concerning you, there could be either a hold or lean placed on the funds.
DblTapViper (OP)

User ID: 9050718
United States
05/22/2012 02:44 PM
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Re: Any Attorneys A Life Insurance questions.

Hi I have a quick question. I have a life insurance policy. If I die the proceeds goes to my wife. My wife has huge medical bills. So if something happens to me I would rather my wife get the benefit of the policy, not the blood sucking hospitals..

Here is my idea and if you could tell me if it would work well... Thank you.

1. Start an LLC
2. Make my Kids each 47% owners and my wife a 6% owner.
3. Only my wife has voting shares. Kids do not, unless their mom passes away.
4. My wife then could just "borrow" money from the LLC and never take ownership on the entire amount of money.

Would this work?

I know GLP is not the perfect place but any Attorney found here would at least be thinking a little like me. LOL

Thanks again for reading and commenting.
 Quoting: DblTapViper


It would be easier to select a trusted close family member and use them for the beneficiary .. they could disperse the funds accordingly..I think it has to be a parent.. but not sure..GL
 Quoting: Butt Pincher


The problem is, what if they got into trouble and dipped into my wife's $$$$.
DblTapViper
Anonymous Coward
User ID: 16512969
United States
05/22/2012 02:45 PM
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Re: Any Attorneys A Life Insurance questions.
you need advice from an attorney, not some GLP conspiracy nut.
DblTapViper (OP)

User ID: 9050718
United States
05/22/2012 02:50 PM
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Re: Any Attorneys A Life Insurance questions.
you need advice from an attorney, not some GLP conspiracy nut.
 Quoting: Anonymous Coward 16512969


LOL - That were you may be wrong..... Who are the first to swell a "rat" a conspiracy nut that trust no one. Now think Attorney plus a conspiracy nut that trust no one. That's my thinkin'
DblTapViper
DblTapViper (OP)

User ID: 9050718
United States
05/22/2012 03:33 PM
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Re: Any Attorneys A Life Insurance questions.
bump
DblTapViper

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