Insurance Wills, Trusts, & Estate Planning

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

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

Nowotny on Private Placement Variable Deferred Annuities [Video]

I have written previously on the use of private placement variable annuities in trust planning. I call the idea -Dynasty Annuity. the fact of the matter is that no grantor of a Grantor Trust is happy paying taxes on income...more

Nowotny on Private Placement Life Insurance [Video]

This is the first in what will hopefully of a series of videos on private placement insurance products and planning. This is a topic of increasing interest and popularity with high net worth clients and their advisors. My...more

The Crummey trust: Keeping both the IRS and the creditors at bay is taking some fancy footwork

Since Crummey v. Commissioner was decided in 1968, the IRS has been making life difficult for the settlors of Crummey trusts. Only recently the parties again skirmished, this time over whether an in terrorem clause in the...more

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

In a recent unpublished decision, the New Jersey Appellate Division has again stressed the importance of complying with the beneficiary designation requirements contained in life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

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

CIMA: Proposed changes to outsourcing arrangements for funds service providers

The Cayman Islands Monetary Authority (“CIMA”) has recently released a draft Statement of Guidance: Outsourcing All Regulated Entities (Excluding Regulated Mutual Funds) (“SOG”) and Consultation Paper (“Paper”). The...more

Participant’s Estate Fails to Show a Claim For Failure to Give Notice of Right to Continue Life Insurance Coverage: Estate of...

Providing a practical lesson on determining a duty to give notice to ERISA participants, the U. S. District Court for the Middle District of Florida dismissed the claim by the estate of an ERISA group life insurance plan...more

Irrevocable Life Insurance Trusts - Tax and Nontax Advantages

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

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

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 and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....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

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

Court Permits Beneficiary Designations By Telephone

In a somewhat surprising case, the US Court of Appeals for the Ninth Circuit has ruled that a participant may change his prior written beneficiary designation by a telephone call to the plan sponsor. The Becker v....more

Report From Counsel: Insights And Developments In The Law - Winter 2014/2015

In this Newsletter: - Federal Advertising Guidelines for Businesses - Case by Case - Arbitration Clauses in Employment Contracts - Life Insurance Can Be Part of Your Estate Plan - Employment...more

Life Insurance Can Be Part Of Your Estate Plan

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

The Massachusetts Uniform Trust Code: Context, Content, and Critique

The law review article "The Massachusetts Uniform Trust Code: Context, Content and Critique," 96 Mass. L. Rev. 27 (2014), co-authored by Courtney J. Maloney and Charles E. Rounds, Jr., contains a detailed discussion of the...more

"The Estate Planner" – January/February 2015

In this issue: - Life Insurance – A Powerful Estate Planning Tool for Nontaxable Estates - Four Ways to Transfer a Family Business - Changing Family Makeup Requires Estate Plan Review - Estate...more

Divorce and Beneficiary Designations—Florida Law Changes

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

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?

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

Dead Man “Kwoking”: Estate Planning Property Transfers Can Trigger Title Insurance Nightmares

Estate planning attorneys regularly advise their clients about the tax and other advantages of transferring real property to irrevocable trusts or similar estate planning vehicles. But they may not consider the potentially...more

Insurance for Professional Fiduciaries

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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