Administrative Agency Wills, Trusts, & Estate Planning Insurance

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
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NCOIL Revises Unclaimed Property Model Act

The National Conference of Insurance Legislators (NCOIL) recently adopted an enhanced Model Unclaimed Life Insurance Benefits Act to address particular concerns regarding the Social Security Death Master File (the DMF). The...more

Punishing Good Deeds in California

Most state treasurers now demand that life insurers search public databases, such as the Social Security Administration’s Death Master File (DMF), for potential claims. State treasurers similarly require insurers to remit...more

Florida Court of Appeal Holds Insured’s Death Alone Does Not Trigger Unclaimed Property Law Obligations

In an opinion filed August 5, Florida’s First District Court of Appeal held that Florida’s unclaimed property law does not make life insurance proceeds due and payable at the time of the insured’s death and does not impose an...more

How Not To Designate A Revocable Trust As An Insurance Policy Beneficiary

In a recent Florida case that likely has relevance to other states, a decedent established a revocable trust for the benefit of his heirs. The trust had typical language that directed that the after the death of the settlor,...more

FDIC Reveals Banks’ Living Wills

On July 3, the Federal Deposit Insurance Corporation (FDIC) posted the public sections of the initial resolution plans submitted by sixteen large bank holding companies. ...more

Living Wills: Public Portions Released

Banking organizations required to file resolution plans, or “living wills,” received some additional instruction this past Tuesday, July 3, 2012, when the Federal Deposit Insurance Corporation (“FDIC”) and the Federal Reserve...more

Planning and Paying for Long-term Care (Part 4 in a Series: Medicaid/Medical Assistance)

As of January 1, 2012, the average cost of skilled nursing care in Pennsylvania is $8,112.13 per month. Recall that according to national statistics, approximately 50% of nursing care throughout the country is paid by...more

Designated to Decide: How to Help a Loved One Finish Well

Columbia, MO – April 20, 2012 -- A loving daughter agrees to be her mother’s healthcare agent. A thoughtful mother completes a DNR (Do Not Resuscitate) and DNI (Do Not Intubate) forms. The mother even goes so far as to wear a...more

Designated to Decide: How to Help a Loved One Finish Well

Columbia, MO – April 20, 2012 -- Alisa M. Dotson, Esq. watched a video of a loving daughter who agrees to be her mother’s healthcare agent. A thoughtful mother completes a DNR (Do Not Resuscitate) and DNI (Do Not Intubate)...more

Medical Records Speak Louder Than Words: What It Takes to Win a Social Security Disability Claim Medical Records Speak Louder...

Columbia, MO – February 28, 2012 -- To SSA, the word “disabled” is not a medical term. This is the number one reason that the agency will not accept your doctor’s pronouncement that you are “disabled.” To SSA, being disabled...more

Social Security Legally Is Just a Government Welfare Program

It all comes down to political risk versus market risk. Social security legally is merely a government welfare program masquerading as a quasi-private funded defined benefit pension plan. Social security bestows no legally...more

McNees Insights- March 2011

IN THIS ISSUE: 2011 Tax Law Changes; Estate Planning and the 2010 Tax Act; Planning and Paying for Long-term Care (Part 1 in a Series);McNees Welcomes Scott Alan Mitchell. Please see full newsletter below for more...more

President Signs the 2010 Tax Relief Act Giving Taxpayers a Measure of Tax Certainty

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853) (the “2010 Tax Relief Act”). The 2010 Tax Relief Act extends for two...more

New York’s Highest Court Approves STOLI Policy Sales

The New York Court of Appeals held yesterday that “New York Law permits a person to procure an insurance policy on his or her own life and immediately transfer it to one without an insurable interest in that life, even...more

Department of Insurance Issues Emergency STOLI Regulations

Effective July 29, 2010, less than a month after California’s first Stranger Originated Life Insurance (“STOLI”) legislation, Senate Bill 98, took effect, the California Department of Insurance (“DOI”) issued emergency...more

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