<prompt> Human: My husband recently and suddenly passed away. In the last few years, we began paying on a life insurance policy for him previously held by his father. Shortly after his death, I was informed that his father is still listed as the beneficiary. My father-in-law wants me to have the money. Is there a way to legally change the beneficiary after the policy holders death? Is there a means where my father-in-law can refuse the policy so it is redirected to me as the next of kin? My concern is that if written a check by him, I will be taxed on the amount. Thanks in advance for your assistance.  <response>: rlegaladviceHe can gift it to you, and probably have to file a gift tax return, but unless the amount exceeds 5,450,000 there will be no gift tax to be paid.Of course, any money earned by the amount once you are in possession of it is taxed as investment income.I am so sorry for your loss. 