Life Insurance
Life Insurance Proceeds are Not Always Treated the Same
A recent case illustrates the importance of the selection of life insurance to ensure that payments for the benefit of children and a spouse will occur. In Stevens v. Stevens, Kimberly and Gene dissolved their marriage in 2015. Gene agreed to provide that their...
U. S. Supreme Court Rules on Life Insurance/IRA Divorce Statute…Clarity for Practitioners and Clients
A recent blog discussed the issue in the Sveen v. Melin case which has now been decided by the Supreme Court of the United States (the “Court”). The Court determined that a Minnesota statute (similar to Florida’s statute) is constitutional under the Contracts Clause...
U.S. Supreme Court to Decide Revocation on Divorce Statute Case- Impact on Florida?
In March, 2018, oral arguments were heard by the U.S. Supreme Court regarding the constitutionality of the Minnesota statute addressing the revocation of beneficiary designation upon divorce. The ultimate decision will affect the interpretation of the Florida statute...
The Collision Between Dissolution Agreement and Beneficiary Designation
Often, in a dissolution agreement, the parties provide that the wealthier spouse provide a life insurance policy for the benefit of his or her less wealthy spouse to supplement or completely provide for child support and spousal obligations should the wealthier spouse...
STOLI is NOT Only a Vodka!
To obtain a life insurance policy on an individual’s life, the life insurance benefits must be payable to the individual insured or their personal representative or to any person having an “insurable interest” in the insured. For example, I can buy a life insurance...