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General Business Wills, Trusts, & Estate Planning Insurance

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Good Advice for Everyone: Ten Steps to Avoid Big Trouble

by Varnum LLP on

On both a business and individual level, there are ten easy steps you can take now to avoid big trouble later. If you address just five of these items this month, you will be half way there. Originally published in the...more

Who Cares for Your Aging Family When You Can’t? (Hint: Not Robots) [Audio]

Subscribe to the show in iTunes here: http://itunes.apple.com/us/podcast/who-cares-for-your-aging-family/id1081120870?i=1000380982871&mt=2 Like most people, I didn’t want to think about my parents getting old, getting...more

Split Dollar Shing-a-Ling! Employing the Concepts of Inter-Generational Split Dollar in Compensatory Split Dollar Arrangements

by Gerald Nowotny on

Overview - In the last ten years, life insurance producers and their counsel have quietly transferred great fortunes with minimal gift and estate taxation using intergenerational split dollar life insurance programs....more

Estate Tax Impact of Life Insurance Required by Divorce

by Charles (Chuck) Rubin on

Please see chart below for more information....more

South Carolina Federal Court Makes Two Rulings On Motions To Dismiss In Dispute Involving Reinsurance Trust Agreements

by Carlton Fields on

This case was previously reported by us on our blog on January 5, 2016, June 28, 2016 and July 20, 2016. For the full procedural background, we refer to the recent November 3, 2016 and November 16, 2016 decisions. In sum,...more

Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added ...

by McDermott Will & Emery on

The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note,...more

[Webinar] Business Planning in Light of Proposed Regulations under Code § 2704 - October 27th, 12:00p.m. CT

by Thompson Coburn LLP on

In this webinar, Steve Gorin, the author of his quarterly newsletter, will discuss the proposed regulations under IRC § 2704 that would increase the valuation of business entities in many cases. Attendees will learn when the...more

Put Me in Coach! Using Split Dollar Life Insurance Plans to Compensate Division I Coaches

by Gerald Nowotny on

In August 2016, the national sports media provided details regarding the compensation package for Coach Jim Harbaugh at the University of Michigan. It comes as no surprise to anyone that Division I football and basketball...more

The financial advisor who sells a trustee an insurance contract that is inappropriate in light of the trust's purposes risks...

by Charles E. Rounds, Jr. on

It is an understatement that the Minnesota Court of Appeals in In re: Amendment and Restatement of Revocable Living Trust of Alfred J. Berget dated February 15, 2005 [A13-2295, Dec. 8, 2014] afforded the trustee who had...more

Florida Court Says it’s Not Fraud When Misrepresentations are Made During Settlement Negotiations

When settling a case, litigators are naturally focused on avoiding “Round 2” of the litigation for their clients. Toward this goal, lawyers avoid drafting settlement agreements that include any sort of representations or...more

T&E Litigation Newsletter- January 2016

by Goulston & Storrs PC on

The last quarter of 2015 produced two interesting decisions from the Appeals Court. In Brady v. Citizens Union Savings Bank, 88 Mass. App. Ct. 416 (2015), the Court addressed whether legal fees and costs already paid to...more

Uniform Law Commission Completes First Reading of the Revised Uniform Unclaimed Property Act

by McDermott Will & Emery on

On Tuesday, July 14, 2015, at their Annual Meeting the Uniform Law Commission (ULC) completed their first reading of the Revised Uniform Unclaimed Property Act (RUUPA or the Act). While over half of the sections comprising...more

Till Death Do Us Part. . . or at Least Until the Divorce Becomes Final

by LeClairRyan on

When important changes occur in life, it is advisable to reevaluate your estate planning to ensure it continues to meet the goals and objectives you have for your estate and your beneficiaries – and going through a divorce is...more

Court Warns That Marriage Does Not Render A Spouse Automatically Entitled To Preexisting Life Insurance Policies

by Cole Schotz on

In a recent unpublished decision, the New Jersey Appellate Division has again stressed the importance of complying with the beneficiary designation requirements contained in life insurance policies. See Fox v. Lincoln...more

Benefits of an Irrevocable Life Insurance Trust as Security for Support

by Lewitt Hackman on

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

Eureka: California Controller Discovers New Source of Revenue from Insurers

The California Controller’s (Controller) latest squeeze on the life insurance industry involves: sending life insurers notices of assessment of interest on unclaimed property reported and voluntarily remitted in December...more

Irrevocable Life Insurance Trusts - Tax and Nontax Advantages

by Perkins Coie on

Creating an Irrevocable Life Insurance Trust (ILIT) can dramatically increase the liquidity of an individual’s estate and effectively leverage the value of the annual $14,000 per donee gift tax exclusion and the $5,430,000...more

NCOIL Revises Unclaimed Property Model Act

by Carlton Fields on

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

Morgan Stanley Agrees to Resolution of Multi-State Unclaimed Property Audit

by Carlton Fields on

The California State Controller announced an Audit Resolution Agreement with Morgan Stanley on December 23, 2014, which sets forth the terms and conditions for finalizing and resolving an unclaimed property audit that Verus...more

Life Insurance Unclaimed Property Recommendations of the Uniform Law Commission Working Group

The Uniform Law Commission (ULC) Life Insurance Working Group (Working Group) has released its recommendations to revise the life insurance provisions of the Uniform Unclaimed Property Act of 1995 (1995 Uniform Act or...more

Life Insurance Can Be Part Of Your Estate Plan

by Archer Norris PLC on

Even if you have a relatively modest estate, life insurance can be an important aspect of estate planning for the obvious reason that it can substantially increase the value of your estate. Where the death of a person is...more

Divorce and Beneficiary Designations—Florida Law Changes

by Carlton Fields on

Introduction - This article discusses a significant change in Florida law regarding the effect of dissolution or annulment of marriage on designations of one former spouse as beneficiary upon death of the insured other...more

Unclaimed Property New Year Checklist

by Reed Smith on

There is much to consider in 2015 with respect to unclaimed property. Here are some of the highlights and action items to focus on as you move into the new year...more

Will Any Matters Addressed at the NAIC’s 2014 Fall National Meeting Reach the Playoffs?

by Carlton Fields on

Like hopeful NCAA college football teams, several matters affecting life and annuity products looked, in 2014, like they would make the playoffs and finally be resolved in early 2015. - The review of Principle-Based...more

Insurance for Professional Fiduciaries

by K&L Gates LLP on

In an important decision for professionals operating in the trust and asset management sector - and their employers - the English Court of Appeal has recently provided guidance in the case of Rathbone Bros Plc and Paul...more

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