Wealth Strategies Journal

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Category: Insurance (page 1 of 2)

Life Insurance and Estate Planning

Vance E. Antonacci, of McNees Wallac & Nurick, LLC, writes about using life insurance as part of an estate plan.  After Mr. Antonacci notes that life insurance can play an important role in estate planning, and stating that it is important to understand the uses and purposes of life insurance … Continue reading

Who does what in a life settlement transaction?

Robin S. Weinberger and Peter N. Katz write about the mechanics of a life settlement transaction in LifeHealthPro.  Their article begins as follows:

A life settlement is a very complex, highly-regulated transaction that involves lots of due diligence, loads of paperwork and, as a result, takes a long time.  Some

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Long-Term Care Insurance: Costs Are Up but Vary Widely

The New York Times reports that rates for long-term care insurance, which can help pay for care in your own house or in a nursing home, rose this year an average of nearly 9 percent, a new industry report finds.  However, it also reports that rates vary greatly depending on the … Continue reading

Winter Getaways Raises Medical Expenses

As retirees move away from up north to Florida, they are likely to face more medical tests than they would have done back home. Since Medicare has strict regulations on prices and procedures of medical testing, doctors can easily increase the items and volumes of testing. According to researches, Florida, … Continue reading

Richard L. Harris: It’s All About Income Tax

It’s All About Income Tax
Private placement life insurance may provide many advantages for your clients

by Richard L. Harris

Advisors build relationships with their clients by showing that they care. Bringing an idea to the client, whether the client decides to use it or not, is one way of … Continue reading

49th Annual Heckerling Institute on Estate Planning (Jan 13th)

The following are summaries of the presentations from the 49th Annual Heckerling Institute on Estate Planning. For the official brochure and list of events, see  http://www.law.miami.edu/heckerling/pdf/2014/heckerling-brochure.pdf. For the full Heckerling reports, see http://www.americanbar.org/groups/real_property_trust_estate/events_cle/heckerling_reports.html.

Diana Zeydel on the New Portability Regime

The presentation began with Zeydel assuring attendees that despite … Continue reading

New Book Published: Social Security Works

Co-authors Nancy J. Altman and Eric R. Kingson have their new book on the social welfare system just published. Both of them are very supportive expanding the current social welfare system and believe that doing so will achieve “greater economic security for all of America’s working families.” They explained in … Continue reading

Title Insurance and the Transfer of Real Property to Trust

While transferring real property into irrevocable trusts is a commonly used estate planning technique, doing so may have the unintended consequence of losing title insurance coverage originally held by the property owners. Courts have held that the voluntary act of transferring the property into a different entity can violate certain … Continue reading

Espen Robak: The Whys and Hows of Valuing Life Insurance

By Espen Robak

When changing the ownership of a life insurance policy by gift or sale, many advisors report to us that their client experienced a sticker shock. As an example, an attorney called to say his client had a $20 million term policy with an annual premium of $120,000. … Continue reading

Things to Consider When an Unplanned Retirement Comes up

An unplanned retirement happens mostly due to an unforeseen health issue, a job layoff, a forced separation, or family responsibilities, and it comes up more often than people think. When it happens and people have to stop working earlier, it is logical to plan for benefits, among which the most … Continue reading

First-To-Die Life Insurance Could Get Lower Costs For Permanent Life Insurance

First-to-die life insurance, commonly called joint life insurance, could lowers costs for couples in obtaining permanent life insurance. This helps the surviving party once the first of the insured parties passes away. Once the first passes, the survivor of the initial policy can purchase individual coverage at a better cost. While … Continue reading

Tax Court Rules Captive Insurance Arrangement Allows Deductions for Insurance Premiums

The Tax Court recently determined that the captive insurance arrangement regarding SHI Group, a subsidiary of the Swedish company Securitas AB, constituted insurance.  According to the ruling, the insurance premiums paid by SHI Group are deductible, as in accordance with the Internal Revenue Code. This effectively overturns IRS’s disallowance of the deductions … Continue reading

Developments in Life Insurance in Florida

Carlton Fields/Jordan Burt reports on Florida Life Insurance Developments, noting that life insurers will find the following Florida decisions regarding the state’s unclaimed property law and false claims act important:

  • Total Asset Recovery Services, LLC v. Metlife, Inc. and Prudential Financial Inc., Case no. 2010-CA-3719 (Fla. 2d Jud. Cir., Aug.
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The Waters of March -The Benefits of Owning Life Insurance within a Cascading Charitable Lead Annuity Trusts (CLATs)

Gerry Nowatny reports about the benefits of owning life insurance within a cascading charitable lead annuity trust (“CLAT”).  His article begins as follows:

In order for the taxpayer to receive a deduction for the contribution to a CLAT, the CLAT must be a grantor trust Since the CLAT is treated

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C Corporations Use Insured Buy-Sell Agreements for Favorable Tax Treatment

Strategically using insured cross-purchase buy/sell agreements and stock redemptions, a surviving stockholder can receive a higher basis in his interest in the corporation without increasing the corporation’s E&P.

To achieve these results, stockholders initially purchase life insurance policies on the other stockholders. At a stockholder’s death, the corporation issues a … Continue reading

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