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Scott Counsel

Scott Counsel

Estate & Elder Care Law

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Ownership and Beneficiaries

If you’ve been preparing for having to care for a loved one or deal with their passing, chances are good that you’ve at least heard the terms “ownership” and “beneficiary.” Perhaps, though, this is your first foray into the world of elder law and all the fancy terms it includes, so let’s quickly go over each of those things right now.

Beneficiaries are those people or other entities whom you leave things to in your will. In talking about life insurance, they are the ones who inherit any proceeds from that life insurance policy. Most generally, someone will say that their spouse, if possible, should be the beneficiary, or their children if the spouse is deceased.

You should be aware that any proceeds you leave to your spouse at the time of your death have potential to be lost (at the time of their death) or the subject of claims by any creditors, or they may even go to the surviving spouse’s new spouse if they get remarried.

Any children will be subject to the exact same circumstances as a spouse. However, a guardian may gain access to the funds if the children are minors. If you want to designate your estate as the beneficiary, you can. Although you need to be aware that this will cause any proceeds to go through the probate process. The proceeds could also potentially be subject to claims via creditors along with increasing the taxable estate for estate tax purposes.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

Filed Under: Elder Law

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Cherry Hill, NJ 08034

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Princeton, NJ 08540

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Philadelphia, PA 19103

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1230 Brace Rd,
Cherry Hill, NJ 08034

Princeton

300 Carnegie Center Dr. Suite 150
Princeton, NJ 08540

Moorestown

212 Rt. 38 Suite 200
Moorestown, NJ 08057

Philadelphia

1700 Market Street Suite 1005
Philadelphia, PA 19103

Mullica Hill

3 Myers Drive
Mullica Hill, NJ 08062

Hamilton

100 Horizon Center BLVD. Suite 100
Hamilton, NJ 08691

Hammonton

215 Bellevue Ave (ARH Building)
Hammonton NJ 08037

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