Insurance Wills, Trusts, & Estate Planning

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Where Have You Gone Chico Escuela! Using Split Dollar Life Insurance for Major League Baseball Players

Overview - When I grew up in the Panama Canal Zone, the country of Panama still had winter league professional baseball up until 1970. They frequently played weekend games at the high school field down the street from my...more

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

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

[Webinar] Life Insurance to Fund Buyouts or Loss of a Key Person: Practical Ways to Avoid Tax Traps and Other Pitfalls - September...

Life insurance can help a business that loses an owner or other key person. Although life insurance death benefits can be tax-free, part or all of the benefits are taxable if not done the right way. Please join Steven B....more

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

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

High Net Worth Family Tax Report, Vol. 11, No. 2

IRS Seeks to Limit Valuation Discounts for Family-Controlled Entities: Proposed Section 2704 Regulations - Proposed regulations issued on August 2, if finalized in their present form, will significantly limit the ability...more

Double Down! - Inter-Generational Split Dollar Throws Sand in the Face of the IRS Again

Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more

Should life insurance be a part of your estate plan?

Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning?...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

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

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

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....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

The Charitable Split Annuity – A Little Bit Country and a Little Bit Rock and Roll

I have written several articles discussing the powerful tax benefits of pooled income funds in the current low interest environment. I have also written on the tax benefits of charitable lead annuity trusts (CLAT). The pooled...more

How Likely Are You to Need Long-Term Care?

Planning for retirement and deciding whether to buy long-term care insurance would be a lot easier if you knew your odds of needing long-term care, as well as at what age and for how long. Unfortunately, there's no definite...more

Annual Estate Planning Newsletter: Part Three

Action Item: This is the third installment of our Annual Estate Planning Letter, and covers some topics of interest not discussed in our previous installments. We urge you to review this installment to ensure that your 2016...more

New Rules for 831(b) Captive Insurance Companies

On December 18, 2015, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), as part of a 2016 appropriations bill. The PATH Act includes significant changes to Internal Revenue Code section...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Asset protection: Back to basics

Asset protection trusts can be highly effective vehicles for protecting wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset...more

Employing the term "family" in trust instruments and trust-related legislation is asking for trouble

Employing the term “family” in trust instruments and trust-related legislation is asking for trouble. In §8.15.6 of Loring and Rounds: A Trustee’s Handbook (2016) the authors explain why the meaning of the term in a given...more

Insight on Estate Planning - February/March 2016

When interest rates are low, it’s high time for estate planning - Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more

Alert: The Importance of Beneficiary Designations

Who really benefits? You may be surprised! If you participate in a 401(k) or other retirement plan, have one or more IRA accounts, or life insurance policies, you need to designate beneficiaries to receive the benefits...more

Somewhere Over the Rainbow

The Use of Private Placement Group Variable Deferred Annuities in Generation Skipping Trusts - Over the last several decades, trust and estate lawyers have placed great emphasis on proper planning regarding the proper...more

T&E Litigation Newsletter- January 2016

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

Focus on Tax Controversy - December 2015

IRS Updates Administrative Appeals Process for Cases Docketed in Tax Court - In Notice 2015-72, the Internal Revenue Service (IRS) provided a proposed revenue procedure to update Rev. Proc. 87-24, 1987-1 C.B. 720, which...more

Paying for LTC insurance using a tax-free exchange

Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. An LTC insurance policy can offset these costs, but the premiums can be expensive. One potential source for funding LTC...more

Insight on Estate Planning - Year End 2015

Paying for LTC insurance using a tax-free exchange - Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. These expenses — for nursing home stays, assisted-living...more

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