Under an agreement with the two shareholders of a corporation, the corporation was obligated to purchase shares upon the death of a shareholder for a fixed price, and the corporation purchased life insurance on the shareholders in order to have … Continue reading
Tag Archives: Life insurance
Civil Division had concomitant jurisdiction with Orphans’ Court over life insurance proceeds that were the subject of a property settlement agreement following the divorce of the decedent and his former spouse, and had the power to impose damages on the … Continue reading
New final regulations have been filed with the Federal Register by the Internal Revenue Service providing guidance on the reporting of life insurance sales or proceeds under new IRC section 6050Y and the changes to the transfer for value rules … Continue reading
Some things to consider doing before ending an estate administration: Check with the Life Policy Locator Service provided by the National Association of Insurance Commissioners to see if there are any policies insuring the decedent that were overlooked or not known...
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The Act of June 28, 2018, No. 48 (H.B. 152), requires the Pennsylvania Insurance Department and all insurance companies with life insurance policies or annuity contracts in force in Pennsylvania to participate in the Life Policy Locator Service provided by the … Continue reading
The property that is owned by a decedent at death is administered by the executor or administrator of the decedent’s estate and is always subject to the claims of the decedent’s creditors. The Probate, Estates and Fiduciaries Code (“PEF Code”),...
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