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Hawaii's reciprocal beneficiary status is recognized by other jurisdictions as being notably weaker than other same-sex union laws. The state of New Jersey, for example, recognizes reciprocal beneficiary status as equivalent only to domestic partnerships, not civil unions in New Jersey.
A beneficiary is someone who receives a financial asset that was once owned by someone else. Choosing beneficiaries helps ensure that your assets go to the right people once you pass on. It’s a ...
A donee beneficiary can sue the promisor directly to enforce the promise. (Seaver v. Ransom, 224 NY 233, 120 NE 639 [1918]). A donee beneficiary is when a contract is made expressly for giving a gift to a third party, the third party is known as the donee beneficiary. The most common donee beneficiary contract is a life insurance policy.
For example, a discretionary trust, of which the settlor may be the protector and a beneficiary, but not the trustee and not the sole beneficiary. In such an arrangement, the settlor may be in a position to benefit from the trust assets without owning them, and therefore, in theory, protected from creditors.
Individual taxable brokerage accounts. Your individual taxable investment account belongs only to you. That’s why adding a beneficiary to your individual account is the fastest way to transfer ...
There are some exceptions that allow for tax-free domestic partner benefits, such as for a domestic partner that qualifies as a dependent under Internal Revenue Code Sections 152(a)(9) through 152(b)(5), a certification and annual recertification that the support and relationship tests of section 152(a)(9) are met, and the relationship between ...