Alternatives to Naming a Child as Your Life Insurance Beneficiary
Written By:
By Rebecca Shoenthal & Amanda Shih
Featuring Asher Rubinstein, Partner at Gallet Dreyer & Berkey, LLP
When you get life insurance, you name beneficiaries, the people who get the policy’s death benefit when you die. Most people name their spouse or partner as the primary beneficiary, but many want to name their children too.
That instinct makes sense: life insurance is meant to replace the financial support you give your family, including childcare costs. But, legal restrictions mean minors can’t actually be paid the death benefit, so it’s better to stick with an adult beneficiary. If you can’t name your spouse, naming an irrevocable trust ensures that the payout goes toward your child’s care....
Asher Rubinstein
Asher Rubinstein's practice focuses on domestic and international asset protection, wealth preservation, estate planning, tax planning, tax controversy, offshore tax compliance, and related litigation. Mr. Rubinstein is a recognized expert on offshore entities, foreign banking, and IRS compliance issues. Mr. Rubinstein also represents and advises wine, spirits, food, and restaurant clients.