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Life insurance ownership under Wisconsin marital property act
Basil Holder explains how the Wisconsin Marital Property Act affects life insurance contracts for farm families. When the insured is the owner the policy becomes marital property. if the spouse is owner the policy is individual property. Ownership entitles control and use as collateral, with 50 percent of cash values and death benefits owned by the spouse, potentially creating gift tax issues if a third party is named beneficiary. Readers can write to the columnist for estate planning guidance.
MENTIONED IN THIS ARTICLE
Basil Holder
Black River Falls
Country Today
Holder
P.O. Box
Eau Claire