Archive for March, 2012

The income tax deadline is extended until Tuesday, April 17, 2012 to file 2011 tax returns and pay any tax due. Because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16. According to federal law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have two extra days to file this year. Taxpayers requesting an extension of time to file their 2011 returns will have until October 15 to file, although an extension of time to file is not an extension of time to pay any taxes due.

In addition, IRA contributions for 2011 must be made by April 17, 2012.  The extended tax return filing date (October 15) does not extend the deadline for making 2011 IRA contributions.

You may ask questions in the comments or contact me privately Tim Barton, ChFC

Some times life insurance policyholders forget to inform their beneficiaries that they have taken out life insurance that lists them as beneficiary.   At other times the primary beneficiary knows about the life insurance policy but the contingent beneficiaries are not informed.  Should there be an accident that kills the policyholder and primary beneficiary such as an auto crash involving husband and wife. The contingent beneficiaries are left in the dark about the existence of the policy.

Filing a claim is the beneficiary’s responsibility. Due to the lack of knowledge about the in force insurance beneficiaries leave millions of dollars in life insurance proceeds unclaimed.  Insurance companies want to pay these claims that are rightfully due.  If the claims are never filed eventually the funds of the policy reverts to insured’s home state’s lost property account.

There is no statewide database of insurance policies so the beneficiaries are on their own.

Check deceased’s

• Safety Deposit Box
• Financial Records for any payments made to an insurance company
• Address Book for adviser, insurance agent, accountant or planner.

You can view a short video by the  Insurance Information Institute here.  http://www.incomesafety.com/?p=369

You may ask questions in the comments or contact me privately Tim Barton, ChFC