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23 Dec, 2015

Can my creditors go after a disclaimed life insurance policy in Chester County?

From our “Ask a Question” Mailbag: Chester County Creditor Claims and Disclaimed Life Insurance

Most Recently Updated August 1, 2018.

“Last year, my mother died in Chester County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so the insurance money passed to my children. I was recently in a car accident. If I am sued, can they claim that life insurance money?”

Chester County Creditor Claims and Disclaimed Life Insurance

Chester County Creditor Claims and Disclaimed Life Insurance

No one can force you to take an inheritance. If you properly disclaimed your interest in the life insurance, then you never received it. If you never received it, then any future creditor that you may have cannot claim the asset. From your description of the facts, your car accident came after the disclaimer. If so, and if you properly disclaimed, the plaintiff cannot reach the insurance proceeds.

More Planning Questions?

A disclaimer is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Chester County Creditor Claims and Disclaimed Life Insurance

I hope that this article was helpful in explaining Chester County Creditor Claims and Disclaimed Life Insurance. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

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Tags: Chester County, creditor claims, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Life Insurance, Pennsylvania

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Peter Klenk is the founding member of Klenk Law, a seven-attorney boutique estate planning law firm. We serve clients in Pennsylvania and New Jersey. Peter Klenk received his Master’s in Taxation, LL.M., from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!

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