Hi All,
Was wondering if someone can clarify this issue for me.
My father lives abroad and has a life policy for him. It is the type of insurance that has cash value so like an account that accumulates capital gains.
I am listed as beneficiary in case of his death. My understanding is that I do not have to report such account on FBAR or 8938.
So to make it absolutely clear. I have no right to this account or its money at the present time at all, zero, nothing. I have no signatory rights, cannot withdraw anything nor take out a loan from the accumulated cash value. The only thing that I have the right to is in case my father dies, I will get the money and will gain the signatory right to this account.
So, I think this is a case when I do not have to report this account, correct? Anyone care to double assure me in my thinking?
Thanks!
FBAR confusion for life insurance reporting
Moderator: Mark T Serbinski CA CPA