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Life insurance policies may be seized by federal government in symbolic gesture.

Syed Rizwan Farook, who carried out the San Bernardino, Ca. terrorist attack, had taken out two life insurance policies. Because U.S. law prevents profiting from terrorist attacks, the federal government has filed a lawsuit to seize the life insurance benefits from the policies Farook took out as reported by Fox News in “US seeks to seize San Bernardino shooter’s life insurance.” Farook’s mother was the beneficiary of both policies.

Currently, it is unknown whether the shooters had estate plans and, if they did, who their heirs would be. However, it is certain that whoever ends up inheriting their estates will not likely keep very much of it, if they are even able to keep any of it.

The families of the victims will most likely sue the estates for any assets. Although there is unlikely to be very many assets in the estates, it can be an important symbolic message to go after what is there and it may help the victims’ families get closure.

Reference: Fox News (June 1, 2016) “US seeks to seize San Bernardino shooter’s life insurance.”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.