Insurance Wills, Trusts, & Estate Planning

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IRS Amends Revenue Ruling 81-100 to Permit Participation in Group Trusts by Puerto Rico Plans and Insurance Company Separate...

The Internal Revenue Service (the “IRS”) issued Revenue Ruling 2014-24 (the “Ruling”). The Ruling amends Revenue Ruling 81-100, the ruling that established the requirements applicable to a tax-qualified group trust. The...more

IRS Finalizes Guidance on Rev. Rul. 81-100 Group Trusts, and Insurance Company Separate Accounts

In Rev. Rul. 2014-24, scheduled for publication on September 8, 2014, the Internal Revenue Service (the Service) substantially completed its pending guidance on Rev. Rul. 81-100 group trusts by permanently authorizing the...more

Florida DFS Unclaimed Property Grab “Clearly Erroneous”

Florida’s First District Court of Appeal filed an opinion yesterday in Thrivent Financial for Lutheran’s appeal from a declaratory statement issued by the Florida Department of Financial Services interpreting Florida’s...more

Third Circuit Reaffirms the Difficulty of Binding a Non-Signatory to Arbitration

Federal law’s much-talked-about presumption in favor of enforcing arbitration clauses has its limits. On August 11, 2014, the United States Court of Appeals for the Third Circuit identified one of those limitations: the...more

Florida Court Rejects "Date of Death" Trigger for Escheating Life Insurance Death Benefits Under Florida's Unclaimed Property Act

On August 5, Florida's First District Court of Appeal reversed a ruling issued by Florida's Department of Financial Services ("DFS") that would have triggered an insurer's duty to escheat life insurance benefits under...more

Unclaimed Property: Court Holds Life Insurer’s Escheatment Duties Not Triggered By Insured’s Death

In an opinion filed August 5, 2014, the Florida First District Court of Appeal held that under Florida’s unclaimed property law, life insurance proceeds are not “due and payable,” and the dormancy period does not begin to...more

Give unto Caesar (but not a Dollar More!)-The Benefits and Planning Dexterity of the Charitable Lead Annuity Trust

Overview - I have to admit that I was a pretty good high school Latin student. In fact it may have been my best subject. When I got to West Point, I was in for very rude awakening. Not only did I realize too late that...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

Fourth Circuit Rejects Widow’s Claim for Equitable Relief

The Fourth Circuit recently rejected fiduciary breach and equitable estoppel claims for life insurance coverage by Leslie Moon, the widow of a deceased employee, who claimed that the employer’s actions resulted in Mr. Moon’s...more

How to Fight a STOLI Scheme: Court Rulings Offer Clues

Two recent court decisions provide potential road maps for insurers in the fight against Stranger-Originated Life Insurance (STOLI) schemes. Ohio Nat’l Life Assurance Corp. v. Davis involved a STOLI scheme so obvious that...more

Idaho Unclaimed Property Rule: Insurers Must Confirm Whether Insureds Have Died

In a recently issued notice of rulemaking, the Idaho State Treasurer’s Office has proposed a temporary rule that, if permanently adopted, would alter two key definitional provisions in the state’s unclaimed property laws...more

"The Estate Planner" – July/August 2014

In this issue: - Net Gain For Taxpayers – Tax Court Approves Net Gift Strategy - Estate Planning For The Young And Affluent – How To Hedge Your Bets - Wealth Preserver – Use An ILIT To Shield Life...more

Life Insurance Unclaimed Property Litigation in 2014: Will Regulator Positions Withstand Judicial Scrutiny

Amidst ongoing multistate unclaimed property audits of many life insurers, and despite many regulatory settlements, the insurance industry and state regulators continue to disagree over the application of unclaimed property...more

Eighth Circuit Decisions Reminds Employers Of Importance Of Granting ERISA Plan Administrators Discretion To Interpret Plan Terms

Recently, the United States Court of Appeals for the Eighth Circuit released an opinion which highlights the importance of ensuring ERISA plan documents grant plan administrators the discretion to construe and interpret the...more

ERISA 8th Circuit: Deciding Who Is The Beneficiary — The Abuse Of Discretion Standard Trumps The Substantial Compliance Doctrine

Sometimes determining the correct beneficiary for ERISA-governed life insurance benefits can present real challenges. Can the deceased’s will prove the deceased’s intent designating the correct beneficiary? It...more

Eighth Circuit: ERISA Plan Beneficiary Designation Trumps Will

The Eighth Circuit held that the named beneficiary of an ERISA governed life insurance policy was entitled to the proceeds even though the decedent’s will named a different beneficiary. Hall v. Metro. Life Ins. Co., 2014 U.S....more

Is a quiet (silent) trust illusory?

Is a quiet or silent trust illusory? The question is intentionally ambiguous. Is the question whether the trust itself is illusory, or just its quietness? A quiet or silent trust has been defined as “an irrevocable trust...more

Ohio Court of Appeals Upholds Constructive Trust in Favor of Unnamed Beneficiaries

The Ohio Court of Appeals imposed a constructive trust over the proceeds of an ERISA governed life insurance policy for the benefit of the decedent’s children even though the children were not named beneficiaries of the...more

Interaction fo Trustee Indemnities and Liability Insurance

When a trustee is sued for breach of trust and claims against his professional indemnity insurers, questions often arise as to the extent to which the trustee must first pursue any other rights of indemnity (for example...more

Quebec Releases Draft Voluntary Retirement Savings Plan Regulations

On March 12, 2014, the Quebec government released draft regulations (pdf) that are required to complete the new legal framework for the establishment of voluntary retirement savings plans (VRSPs) in Quebec effective July 1,...more

Tennessee Insurance Legal News - January 2014 • Volume 3, Number 1

In This Issue: - ARBITRATION PROVISION WITHIN TENNESSEE’S UNINSURED MOTORIST STATUTE HELD NOT APPLICABLE TO INSURANCE POLICIES ISSUED AND DELIVERED OUTSIDE TENNESSEE: The Tennessee Court of Appeals addressed the...more

Wealth Management Update - January 2014

January Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The January § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Plan sponsors should take stock of all plan amendments

I didn’t have such a wonderful time at law school because I felt the administration and much of the faculty weren’t honest when it came to the study of law and more importantly, our job opportunities. There was one law...more

Tax-Qualified Retirement Plans: Amendments and Other Year-End Action Items - 11/21/2013

Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year. The end of the year marks the deadline by which sponsors of qualified...more

Staying Eligible for Medicaid after the Death of a Spouse

When one member of a couple moves to a nursing home, we expect that spouse will be the first to die, but this isn’t always the case. What happens if a Medicaid recipient's spouse dies first? If planning steps aren't taken,...more

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