I owe some back child support (my children are grown and my ex-wife and I are on excellent terms now). My question is, can I avoid confiscation of my claim to my mother's life insurance policy? I would like to transfer it all to my children. Can I do this?
You cannot do that. If the money would go to your ex-wife, why not just have her assign it back to you?
In addition you should check and see who the secondary beneficiaries are. You may (depending on when your mother passed) have the ability to disclaim your benefits.
Hope this helps. If you think this post was helpful, please check the answer was a good answer tab below. Thanks. Mr. Geffen is licensed to practice law throughout the state of Texas with an office in Dallas. He is authorized to handle IRS matters throughout the United States and is licensed to practice in US Tax Court as well as The Court of Claims. This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.
No as that would be a fraudulent transfer. You need to seek legal assistance on trying to get this amount paid off and if your ex agrees to waive the payment to have the whole amount, as a possible solution, to go to your children, then you need to look at that possibility. Not promising that this will happen but you need to enter into some sort of settlement agreement with the child support agency, your ex and yourself to get this resolved.
You should have an attorney review the designation form - there is a possibility that you may be able to disclaim the funds.
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