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49 million undergo estate taxes on the balance of their worths over this threshold Keeping all of this in mind,a living revocable trust can make sure probate court is avoided altogether The Law Firm of Steven F.Bliss Esq.It was unusual for a family patriarch or matriarch to disinherit the children without a very good reason.
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Many of these people are elderly,about half of all arthritis patients are under the age of 65 Possibly Estate Planning Law For some assets you can designate someone to receive the property upon your death,without giving them any current ownership rights.
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It expires after 1 day Living Trust Law 3914 Murphy Canyon Rd a202,San Diego,CA 92123 San Diego Probate Attorney However the analysis doesn’t end there.
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How can pet owners avoid such a catastrophe from taking place? In this post,the author explores three methods to attend to financial assistance and take care of your animal when you no longer can.
For anybody waiting on an inheritance,it may turn out to be a long and unproductive wait What Is a Trust Account? Estate Planning Law Remember those is fail to plan,plan to fail,and then you are going to need a probate attorney.
0% and will increase to 2 The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 Estate Attorney The laws concerning the issuance of an advanced medical regulation vary from state to state.
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Yes,when you’ve prepared your ILIT,named your beneficiaries and your Trustee (or Trustees),the next step is to get a life insurance coverage policy Do you always need probate or letters of administration Estate Planning Law A Probate Lawyer works simperingly to get your case through the court framework as fast as conceivable to limit the unfriendly effect on relatives.
Leave Information for Executor and Statement of Desires process.
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So if you pass away on New Year’s Eve this year with $5 million,no estate tax is due Probate Law Estate Planning Selling a house owned by a QPRT can be hard.
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While this might appear like a lot of work to attain such a simple goal,it is essential to conquer the anticipation and public law that spouses should be offered by an estate of the deceased spouse (858) 278-2800.
In the end,even if you choose your kept income period sensibly based upon your existing health and expected future health,life is really unpredictable and can reverse even the best-laid plans A vital part of sensible estate planning is deciding not only who our beneficiaries will be,but likewise how,when,and why they will get our tradition The Law Firm of Steven F.Bliss Esq.Trust Lawyer.

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This is actually a big bang for the dollar,particularly if the worth of your home increases considerably,state,to $800,000,or even $1,000,000,by the time the house owner dies Family members do not work together as much as they when did Estate Planning Law With a wide range of responsibilities including debt payments property cataloging income gathering and much more Steve Bliss is able to guide assist and advise through the entire process.
Advanced medical directives are an essential piece to the estate planning puzzle The Law Firm of Steven F.Bliss Esq.San Diego Probate Attorney Your representative will need to itemize your creditors and individually owned assets and then handle the necessary transactions to close the estate.
Exactly what are the rules for “gifting” With individuals living longer than ever and with a greater frequency of inability through psychological degeneration later in life,it’s ending up being more important for couples to protect their properties need to they end up being handicapped Living Trust Law There are some scenarios where a revocable trust is beneficial it is normally not needed.
These funds may be used to change a breadwinner’s incomes,to ensure an essential family goal (like a college education),or to cover burial costs or overdue taxes concern.
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The process for closing probate depends on the state in which probate takes place,but it generally involves a final accounting that shows all the transactions that have affected the estate’s funds during the probate process steveblisslaw Estate Lawyer Making different files will keep life easier for your agent and others.
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For example,do you have a bank account that you haven’t touched in a while? It may be time to close that account and streamline where your liquid assets are kept.
When you name beneficiaries,assets usually transfer directly to the designated parties without first passing through probate Big changes to your life may mean you have to re-write your will however smaller ones such as adding somebody to the recipient list or loan being put in trust instead can be altered by filing a Codicil Living Trust Law A Living Trust holds title to your assets and has a life of its own.
This is why it is important to maintain a beneficiary � and a contingent beneficiary � on such an account.
If the senior later requests long-term care Medicaid,these payments are not dealt with as presents,however rather,payment for services rendered Avoiding offenses to these procedures is vital for anybody included in charitable donations over a particular limit based on state and federal laws for the year The Law Firm of Steven F.Bliss Esq.A fiduciary can be an individual or organization that you trust would act in your benefit when you need aid.
With the divorce rate at over 50 percent,and blended households the norm,dividing and bequeathing household wealth can be complicated avoid.
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Living Trusts The process will begin when you sit down with a lawyer to develop your ILIT Probate Law Without such a will,the courts will again step in.
Estate Planning Law San Diego Probate Attorney The assets in the trust then become the residential or commercial property of the listed beneficiaries.
To make this simpler,some states combine a resilient power of lawyer for healthcare and healthcare declaration into a single type,commonly called an “advance health care instruction transfer.
There are some scenarios where a revocable trust is beneficial it is normally not needed consider.
2) the carrying out of your wishes with regard to the care taking of your person or remains upon your incapacity or death complexity.
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Why is Estate Planning Important? If you have not made durable powers of attorney and something takes place to you,your enjoyed ones might need to go to court to get the authority to manage your affairs Living Trust Law Sand Diego Estate Planning Attorney.
Personal possessions,for example,their car or jewellery.
When an account holder of a joint account passes away,the surviving joint account holders get title to the account’s remaining funds An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it Probate Law Estate Lawyer.

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Medical Choices To cover all of the concerns that matter to you,you’ll most likely need two separate files: one that addresses health care issues and another to look after your financial resources Probate Law The property is distributed to the beneficiaries.
Since 2017,each year,you may distribute up to $14,000 to a private entirely gift-tax complimentary people.
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I am a competent legal professional and I take the time to make complex legal processes easy to understand with clear and thorough explanations Probate Law 3914 Murphy Canyon Rd a202,San Diego,CA 92123 Estate Planning Lawyer This might sound a bit confusing,as the estate isn’t an employer,but,despite its name,an EIN is simply a tax identification number used by different entities,from individuals to corporations to estates,for tax-filing purposes.
You will

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Keep the summary in a secure,central location – along with original copies of important documents – and provide a copy of the summary for the executor of your will transfer.
If you are like the majority of family company owners,your initial idea is that you wish to pass business on to your loved ones steveblisslaw Estate Planning Lawyer If a POA becomes effective upon the occurrence of a future event,it is called a springing power of attorney,because it “springs” into effect if the event occurs.
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On the off chance that there are no youngsters,at that point,the law will at that point search for the following nearest in respect to getting the request There’s another estate planning issue that life insurance coverage might develop The Law Firm of Steven F.Bliss Esq.Secondly,a qualified senior abuse lawyer can help you take the necessary steps to stop the misuse as well as secure your loved one.

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Property title is transferred from you to the living trust,and you become the trustee.
Estate Planning Law Estate Attorney This cookie contains no personal data and is discarded when you close your browser.
Many people use permanent life insurance and trusts to protect assets while ensuring future goals can be met estate.
However,while an estate account is not required by law,it’s a much better option for both your estate and your executor Estate Planning Law Estate Lawyer San Diego You can call more than a single person or perhaps an institution as your Attorney in Fact.
? I might reduce the amount of insurance protection you need,given that your estate tax costs will be lower Reducing unwanted assets now can help unburden you and the person you choose to one day close out your estate Living Trust Law There are always going to be those who like to state “this will never ever occur to me,” so let’s take an appearance at the stats.
To make sure estate taxes are paid when your spouse passes away,at least one trustee of the QDOT must be a U lawyer steveblisslaw Estate Attorney difficult (858) 278-2800.
The steps for beginning this process depend on the state in which the deceased person resided It is a legal file that must be completed by an attorney to ensure that the wording stumbles upon exactly as it is implied to which suggests there is no space for disparity Probate Law Today,nevertheless,the family ton of money may not make its method down to the future generation,or the generation after that.
To help you understand the function of an administrator,here’s an overview of potential tasks:

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Once you have these decisions made,all that’s left is the required paperwork and filing,which varies by state

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But when you died,your living trust didn’t die,it just keeps on going,that is why they call it a living trust Estate Planning Law (858) 278-2800 Trust Lawyer Cats keep us company on the couch.
Inning accordance with the brand-new regulation,the tax obligation reform honors for the very first time to brand-new immigrants in a unified way an exemption for all the earnings which are made outside of Wildomar Probate Law Estate Planning Lawyer If you leave a comment,the comment and its metadata are retained indefinitely.
A living will goes along with a health care power of attorney,as it can serve as a guide to your agent,or can express your wishes in the event your agent is unavailable at a crucial moment APPOINT FIDUCIARIES steveblisslaw Possibly a hubby produces a trust but cannot discuss that his making it through wife is to be of primary value when making discretionary circulations.
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A trust allows an individual or household to designate somebody else,usually a trusted daughter or son,to transfer property after they pass away without the need for a court order The Law Firm of Steven F.Bliss Esq.Probate Lawyer San Diego Living Trusts:.

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Resident,she or he might perhaps take the assets after you pass away and leave the nation with them � which would leave Uncle Sam empty handed Estate Planning Law San Diego Probate Attorney It can be puzzling attempting to comprehend the laws if you do not have a legal background which is why you should look for suggestions from a professional before making a last choice regarding what is best for you.
You are the nephew or niece of the person who has died.
A revocable living trust can be drafted to secure your possessions must you ever end up being incapacitated

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If you live in one of the forty other states you can disinherit,but it will take some work Living Trust Law Estate Planning Lawyer A living trust is a separate legal entity and has full legal authority on its own and thus can avoid the probate system entirely,can manage all of your estate distribution and management desires,can accomplish substantial savings on estate taxes,and can remain totally private so that no one knows your business except those persons that you want to have knowledge of your personal and financial affairs.
Some charities operate in combination with or are associated with betting activities.
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Prices for a basic estate plan vary widely depending on your region Prevents Wealth From Going To Unintended Beneficiaries Probate Law Frequently,the household wealth was a result of a family service that was also given from one generation to the next without concern.

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On earnings produced from interest originating from an international money deposit,there will be a tax exception for 20 years conditioned that the source of the deposit remains in financing which the brand-new immigrant had previous coming to be a brand-new immigrant as well as were delegated in a Wildomar financial institution Living Trust Law

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Estate Planning Lawyer An irrevocable trust can safeguard your assets if you work in a profession that puts you at danger for certain claims- or perhaps if you do not.
If a person does not own any real estate,like a home,vacant lot,cabin,or timeshare,then that person does not necessarily need a living trust The Law Firm of Steven F.Bliss Esq.Estate Attorney When they do not,your Trustee will send out the premium payment on to your life insurance business.
When you execute the living trust declaration and then properly fund the trust,what you have done is that you have created a legal entity separate and apart from yourself that is now fully functioning doing whatever it is that you told it to do

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If there is a valid will,you can apply for letters of administration if:

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These are for your convenience so that you do not have to fill in your details again when you leave another comment He merely does not want non-citizen partners to acquire large estates and then return to their homelands without paying any estate taxes Living Trust Law Estate Lawyer San Diego.
With individuals living longer than ever and with a greater frequency of inability through psychological degeneration later in life,it’s ending up being more important for couples to protect their properties need to they end up being handicapped Living Trust Law 3914 Murphy Canyon Rd a202,San Diego,CA 92123 Probate Attorney San Diego Do you always need probate or letters of administration.

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It can conserve the day when the grantor of a trust� the person who developed it- disregards to move all his residential or commercial property into the trust for many years and has no other will to identify which recipients need to get that left out home The Law Firm of Steven F.Bliss Esq.(858) 278-2800 Estate Lawyer San Diego What are Fiduciaries?.
An unmarried partner,or same-sex partner who has not registered a civil partnership and who has not been named in a will as an executor will not usually be able to act as an administrator.
One method to ensure the elective share is not taken is to participate in a prenuptial contract prior to the marital relationship or a postnuptial contract after the marriage (858) 278-2800.
The individual you name is generally called your “representative” or “attorney-in-fact,” though he or she most absolutely does not have to be an attorney (858) 278-2800.
An irrevocable trust can safeguard your assets if you work in a profession that puts you at danger for certain claims- or perhaps if you do not Caregiver contracts can not be utilized retroactively Probate Law Trust Attorney.
The typical time a will stays in probate after your death is in between one and two years Estate Planning Law Estate Lawyer San Diego What occurs in the event that I don’t have a will?.
Generally this just needs the executor to ask a lawyer to handle the probate process steveblisslaw Probate Lawyer San Diego Or,if your policy has cash worth,these funds might be utilized to pay premiums until all the accumulated cash is tired.
Early Alerting Indications for Arthritis The Law Firm of Steven F.Bliss Esq.Sand Diego Estate Planning Attorney Indication 1: Trouble Climbing Stairs If you ever experienced discomfort while going up or down stairs,especially in the knee joints,this ought to be a caution sign that you may have arthritis.
For example,if a home deserves $500,000,then depending upon the house owner’s age,rates of interest,and the maintained income duration selected for the QPRT,the property owner might utilize as little as $100,000 of his/her lifetime present tax exemption to eliminate a $500,000 asset from his or her taxable estate (858) 278-2800.

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Estate Planning Law Estate Lawyer San Diego Animals can even prolong an individual’s life,lowering the risk of heart attack and rates of anxiety.
Payments will be made to the partner for the rest of her life There are ways in which you can reduce the expense of your estate plan Living Trust Law How a Pour-Over Will Works.
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Estate Planning Law Estate Planning All wills go to probate except if the complete honest estimation of benefits that should be probated is under $150,000.
An irreversible trust can likewise secure properties for an unique requirements kid when it’s developed in such a method regarding avoid disqualifying her for vital federal government advantages Probate Law Trust Lawyer There are 2 methods to get the reduction: Traditional IRAs: Incomes usually are not taxed till distributed to you.
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Trusts can cost several thousand dollars,depending on your needs So we pick life insurance coverage policy after setting up our ILIT? The Law Firm of Steven F.Bliss Esq.Estate Planning.
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The section of the population that is comprised of people who are at least 85 years old is the fastest-growing age in the United States procedure.
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This is often difficult to do objectively

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The very first concern is why would an estate planning lawyer or a trust lawyer use a will at all? I passed the CPA examination in Massachusetts in 1985 but am not licensed as a CPA in California Probate Law Probate Lawyer San Diego.
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Estate Attorney A will or trust should be one of the main components of every estate plan,even if you don’t have substantial assets.
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It has no legal authority of its own and is not a separate legal entity,it is merely a statement of your intent and therefore it must be administered through the Probate Court in order for it to gain full legal status for estate administration purposes No,you don’t steveblisslaw Estate Lawyer San Diego.
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To make this simpler,some states combine a resilient power of lawyer for healthcare and healthcare declaration into a single type,commonly called an “advance health care instruction

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The Law Firm of Steven F.Bliss Esq.Estate Lawyer San Diego Usually not just should the real estate be set up as part of the trust,but it also needs a special deed on the parcel of real estate to get it into the trust.
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Unlike the charitable remainder unitrust,the defined portion does not need to be at least 5% of the net reasonable market value of the trust possessions steveblisslaw Estate Attorney The estate will be subject to a court proceeding to take these assets out of the deceased person’s name and transfer them into the names of his rightful heirs and beneficiaries.
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Who will be the beneficiary or beneficiaries? Who will you appoint as the trustee? Which assets will you transfer into the trust? An administrator is someone who is responsible for dealing with an estate under certain circumstances,for example,if there is no will or the named executors aren’t willing to act Probate Law When your ILIT has actually been set up and your life insurance policy obtained,there’s usually hardly any that has to be carried out in the future.
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The same applies when a decedent fails to name any beneficiaries at all,or if he names his estate as the beneficiary Keep in mind to always ensure you are following the most present law for your tax year Living Trust Law After all,this person could literally have your life in his or her hands.
It has no legal authority of its own and is not a separate legal entity,it is merely a statement of your intent and therefore it must be administered through the Probate Court in order for it to gain full legal status for estate administration purposes.
They cannot be tweaked for any factor in the future,except under some separated and rare scenarios Estate Planning Law Probate Attorney San Diego An individual who returned and also ended up being a citizen of the state of Wildomar after being an international resident for ten successive years at least.
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A fiduciary can be an individual or organization that you trust would act in your benefit when you need aid personal possessions,for example,their car or jewellery Living Trust Law Estate Attorney.
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They can also be used with non-relatives who are working independently rather than for an established home care company Estate Planning Law (858) 278-2800 Estate Planning The estate executor can use the funds held in the account,which are owned by the estate,to deal with day-to-day administration expenses as well as the final distribution of funds to the estate’s beneficiaries.

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Estate Attorney Death is never simple to deal with and knowing exactly what to expect in probate will reduce your issues and permit you to think only of your passing away liked one.
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You are the parent of the person who has died Probate Law Estate Attorney San Diego If you wish to position your assets in a way that supplies estate tax efficiency merely take a moment to arrange for an assessment with a licensed,skilled,and smart estate planning attorney.
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It seems like many people devote more time to planning a vacation,what car to buy or even where to eat dinner than they do deciding who will inherit their assets after they’re gone.
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These websites may collect data about you,use cookies,embed additional third-party tracking,and monitor your interaction with that embedded content,including tracking your interaction with the embedded content if you have an account and are logged in to that website Not convinced that estate planning is necessary? Consider these four reasons why you should have an estate plan,in order to avoid potentially devastating consequences for your heirs Probate Law If the decedent retitles his tenant-in-common interest into the name of a living trust before his death,this converts the tenant-in-common interest into a non-probate asset.
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Family members have feuded over the loan for centuries; nonetheless,modern-day bad blood could end up costing so much in legal costs that there is virtually nothing left to contest at the end of the day Without this file,the raffle or lottery game may occur in offense of local laws Probate Law Estate Lawyer San Diego.
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What does estate planning cost? Your Trustee might also manage such administrative responsibilities as the yearly notification to your beneficiaries (called a “Crummey Letter”),and the filing of the ILIT’s income tax return,if necessary Living Trust Law Trust Lawyer.
Ownership of the assets must be transferred to the trust; the trust has no power until this occurs,which is called “funding the trust

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During the probate process,a judge can decide to either uphold the intent of the will or can strike unclear arrangements entirely 3914 Murphy Canyon Rd a202,San Diego,CA 92123.
Simply being unhappy with the distribution of possessions or the delay of the probate proceeding in basic is not enough premises to successfully object to the credibility of a last will and testament.
Upon death,the payments cease,as they are not transferable to another individual The reasons for this are varied; however,there are some typical concerns that necessitate your consideration Probate Law The majority of our clients soon find out that appropriate trust management requires a considerable amount of their time and focus on detail.
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They’re his probate assets Probate Law Estate Attorney San Diego QTIPs allow the grantor to look after his present partner and make sure that the possessions from the trust are then handed down to beneficiaries of his option,such as the kids from the grantor’s very first marital relationship.
Otherwise,everyone will have the ability to examine the case and know all the details.
According to the Alzheimer’s Association,40% of individuals who reach the age of 85 are Alzheimer’s victims

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You have certainly provided significant thought to the future of your service,including what will happen to it upon your death steveblisslaw (858) 278-2800 Estate Planning Lawyer Fiduciaries can be family members,personal friends or hired professionals such as bankers,attorneys or corporate trustees.
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As an outcome,kids and grandchildren might be called upon to assist,efficiently investing any possible inheritance money prior to it even gets to them tool.
My law practice is concentrated in the areas of Wills,Living Trusts and Estate Planning; assisting clients in Probate and Trust Administration matters; assisting clients with Chapter 7 and 13 Bankruptcy cases; and assisting my clients with the formation and management of Partnerships,LLC’s and Corporations 3914 Murphy Canyon Rd a202,San Diego,CA 92123.
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The Law Firm of Steven F.Bliss Esq.Estate Planning Attorney Amid this period,the advantages are liable to court supervision.
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If your recipient is a recipient of benefits under a federal government program,such as Medicaid,for instance,then the earnings from your life insurance coverage policy might make your recipient ineligible for additional benefits.