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Why should the government or anyone else direct what happens with your estate assets? Why should a court, a stranger, or someone other than your choice make the medical and financial decisions for you if you become sick and incapacitated? Why should anyone other than your spouse, life partner, or the one you choose make the decisions about your illness, hospital visits, your funeral and what happens to your estate?

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Ronald J. Cappuccio, J.D., LL.M.(Tax) is a tax and business attorney practicing since 1976. Ron is a Graduate of Georgetown University, the University of Kansas and the Georgetown University Law Center. He also studied at Exeter University, UK.


Ron protects business and individual taxpayers from IRS Audits, Tax Collections (including bank levies, wage executions) and IRS Appeals. Employee vs. Independent Contractor Issues, Manufacturer, Pharmaceutical and Restaurant and Pizza audits are a special area of emphasis.

Tuesday, January 25, 2005

Are Insurance Proceeds subject to decedent's creditors?

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Question:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: intestate

When a person dies intestate and owes money, is insurance subject to garnishment. There was a salary garnishment in place at the time of death.


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Reply:
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Category: Probate, Trusts, Wills & Estates
Location: NJ
Subject: Re: intestate

If the insurance policy names a specific beneficiary, other than the estate, the policy proceeds pass outside of the estate. Therefore, the creditor would not have a claim against the named beneficiary. If there is not a named beneficiary, or if the estate is named as a beneficiary, the creditor could have a claim against the policy proceeds in the estate.

My website contains other estate administration information: http://www.taxesq.com/

I hope this helps!