The tax code provides for many benefits to married couples. However, if you are unmarried but cohabiting and sharing various financial accounts, then you may face some added problems. This is particularly problematic in regards to health insurance, social security...
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The Wealth Strategies Journal has posted a new article entitled, "Stairway to Estate Planning Heaven," by Martin Shenkman, CPA, MBA, JD.From the article:"Summary: Led Zeppelin's classic hit has remained popular with boomers as a paradigm for their estate planning. Rung...
In order to protect financial institutions from experiencing a bank run during irregular financial stress, the Federal Deposit Insurance Corporation (FDIC) was created to protect deposit at financial institutions. By providing a guarantee, it is assumed that depositors would not...
The New York Times says "we have our heads in the sand about" current long-term care issues. The first of the three issues he discusses is that the Obama administration just announced it is scrapping the Class Act, its proposed government...
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Ann Carns discusses how "[w]hether an appraisal is done for tax purposes, for an insurance policy or to divide property in a divorce, the most important first step is finding someone who has broad, deep knowledge about the kind of...
A "Crummey" Trust gets it's name from the case Crummey v. Commissioner. In a "Crummey" Trust, the grantor creates a trust where they deposit funds equivalent to the amount of a yearly gift exemption to pay for life insurance premiums...
Peter Katt discusses springing-cash-values and critiques a February Tax Court case, Schwab v. Comm'r. The court held that the value of two life insurance policies should be based on the guaranteed cost of insurance to the date the one...
Continue reading "Schwab v. Commissioner: Muddying the Waters of Life Insurance Valuations"
The Wealth Strategies Journal has posted a new article entitled, "Borrowing to Finance Life Insurance Premiums: What Professionals Need to Know," by Richard L. Harris.SUMMARYMany wealthy individuals are being approached to buy life insurance by borrowing the money to...
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The I.R.S. has published Notice 2011-73 requesting comments on Section 4980H, which is the Health Coverage Affordability Safe Harbor for Employers. The proposed safe harbor requires the employer to offer its full-time employees minimum essential coverage, and the employee portion...
The Wealth Strategies Journal has posted a new article entitled, "Annuities and the Law of Unintended Consequences," by David F. Sterling, JD. This is the second article in a series by Mr. Sterling on annuities. His first article, "Annuities: The...
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Fixed Annuities: The Whole Picture BY LAURA HAHN If you could only see a portion of an artist's painting, would you be able to guess the story he or she was trying to tell? It's highly unlikely, right? The...
The Wealth Strategies Journal has published a new article entitled, "Annuities: The Advisor's Conundrum" by David F. Sterling, JD.This is the first in a series of articles on annuities by Mr. Sterling. These articles will be published monthly here at the Wealth...
First-Class Financing BY BOB CALANDRA For many insurance agents, premium financing must seem like the industry's equivalent of a riddle wrapped inside of an enigma. Premium financing is, after all, a notoriously niche solution. Most agents will probably only...
Case in Point: Why Clients Need Agents BY NAHU The thing many people don't know about our industry is that health insurance agents are in the business of saving lives. Like family physicians or ER surgeons, agents are intimately...
Protect and Serve: What Advisors Should Know About Women and Long-Term CareBY WENDY BOGLIOLILong term care cost inflation is creating new challenges for financial professionals and their clients, as uncertainty about equities, a soft housing market and rising health...