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View Diary: The New Grave Robbers: Wisconsin GOP (82 comments)

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  •  Ever heard of single premium life insurance? (1+ / 0-)
    Recommended by:
    Puddytat

    It's one of the many vehicles rich people use to maximize their estate while minimizing it's tax. Life insurance proceeds are not taxable, nor can they be subject to recovery by the state if they are paid out to a third party beneficiary (as opposed to the estate of the insured). I foresee a push to sell smaller (e.g., $5k, $10k) single premium life policies to replace funeral trusts.

    "Some folks rob you with a six-gun, some rob you with a fountain pen." - Woody Guthrie

    by Involuntary Exile on Mon Aug 19, 2013 at 08:43:14 PM PDT

    [ Parent ]

    •  You might want to remember (1+ / 0-)
      Recommended by:
      GrumpyOldGeek
      nor can they be subject to recovery by the state if they are paid out to a third party beneficiary
      That's based on federal law and the GOP here basically superseded federal law by removing all those protections.

      There already is class warfare in America. Unfortunately, the rich are winning.

      by Puddytat on Mon Aug 19, 2013 at 09:14:14 PM PDT

      [ Parent ]

      •  Their statute allows them to go after insurance? (1+ / 0-)
        Recommended by:
        Puddytat

        If so do you want to wager on how long that will last? Scotty owes a lot to the people over at Northwestern Mutual. They are some of his biggest supporters. If his statute allows recovery from insurance proceeds to third parties they will be very, very unhappy because it cuts into one of the very best reasons to purchase whole life insurance, their primary business.

        "Some folks rob you with a six-gun, some rob you with a fountain pen." - Woody Guthrie

        by Involuntary Exile on Mon Aug 19, 2013 at 11:44:56 PM PDT

        [ Parent ]

        •  For now they're figuring out the (0+ / 0-)

          mechanics of scraping up every penny they can from any of the dearly departed who have ever in their lifetime received any state and federal benefits.  Implementation of their new law won't be before 2015 so it's hard to tell how far they think they can go.

          It's possible for a legal challenge, I think (although I'm not a lawyer) because this new law basically invalidates the limits set by the federal government.

          There already is class warfare in America. Unfortunately, the rich are winning.

          by Puddytat on Tue Aug 20, 2013 at 09:53:51 AM PDT

          [ Parent ]

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