Wills, Trusts, & Estate Planning, Insurance

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

by Gerald Nowotny on 5/9/2013

Overview - This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...more

Wealth Management Update - May 2013

by Maggie Mouradian | Proskauer Rose LLP on 5/3/2013

The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4%. The applicable federal rate ("AFR") for use with a sale to a...more

Insight on Estate Planning - April/May 2013

by E. Hans Lundsten, Joseph Marion, III, David Riedel, Christina Scola | Adler Pollock & Sheehan P.C. on 4/16/2013

In This Issue: - How to fund long-term care insurance with a tax-free exchange - Should a CRT be part of your estate plan? - The key to an effective trust is education - Estate Planning Pitfall:...more

Insight on Estate Planning - April/May 2013: Estate Planning Pitfall: You’ve named a minor as beneficiary of your life insurance...

by Adler Pollock & Sheehan P.C. on 4/2/2013

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. This brief article discusses why it’s better to designate one or more trusts...more

Insight on Estate Planning - April/May 2013: How to fund long-term care insurance with a tax-free exchange

by Adler Pollock & Sheehan P.C. on 3/28/2013

Long-term care (LTC) insurance is a major expense, especially for someone who purchases it at or after retirement age. One potential source for funding LTC insurance premiums is a total or partial tax-free exchange of an...more

ERISA Does Not Preempt State Court Order Requiring Beneficiary to Renounce Right to Employee’s Plan Benefits, Fourth Circuit Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 3/20/2013

The scenario is not difficult to imagine: An employee designates her spouse as the primary beneficiary under her employer’s life insurance and retirement benefit plans. Years later, the couple divorces, and in the marital...more

Second Circuit: Deferential Standard Applies Without Notice To Participants & Reimbursement Claims Are Equitable Relief

by Russell Hirschhorn | Proskauer - ERISA Practice Center on 3/15/2013

Yesterday, the Second Circuit ruled on two important issues of note for ERISA plan sponsors and plan fiduciaries. In Thurber v. Aetna Life Insurance Co., 2013 WL 950704 (2d Cir. Mar. 13, 2013), the Court ruled that...more

The Family Loan Shark - Leveraging the AFR in the Taxpayer’s Favor Intra-Family Loans and Private Placement Insurance Products –...

by Gerald Nowotny on 3/13/2013

Overview - High net worth and income taxpayers find themselves in a world of hurt following tax reform at the end of 2012. The top marginal bracket for taxpayers with more than $400,000 (single and $450,000 married)...more

IRS and US Department of Labor Continue to Expand, Encourage and Simplify Correction Programs in 2013 Updates to EPCRS and DFVCP

by Gregory Brown, Christopher K. Buch, Russell E. Greenblatt, Gary Howell, Ann Kim, Daniel B. Lange, William Mattingly | Katten Muchin Rosenman LLP on 3/1/2013

Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more

Insight on Estate Planning - February/March 2013

by Adler Pollock & Sheehan P.C. on 2/26/2013

In This Issue: - Fiscal cliff deal brings some certainty to estate planning - Strong governance enhances a family business’s value - Should you donate life insurance to charity? - Estate Planning Pitfall -...more

Legal Solutions, March 2013

by Paul Sullivan on 2/24/2013

Legal Solutions is the quarterly newsletter of Sullivans Law LLP Solicitors based in Belfast, Northern Ireland - UK. Included in the March 2013 edition: + confidentiality agreements + county courts jurisdiction...more

Insight on Estate Planning - February/March 2013: Should you donate life insurance to charity?

by Adler Pollock & Sheehan P.C. on 2/22/2013

Donating life insurance to a favorite charity is an excellent opportunity to make a larger donation than may otherwise be affordable. This article shows why this is so and discusses the most tax-effective way to donate life...more

Union Friendly - Using Collectively Bargained Benefit Plans to Maximize Employee Benefit Plan Contributions for Closely Held...

by Gerald Nowotny on 2/18/2013

Overview - Part I and Part II have focused on the tax planning possibilities of small business owners and owners of professional corporations utilizing an exemption for collectively bargained plans. This exemption allows...more

Is Honesty Always the Best Policy? Illinois Appellate Court Holds Attorney’s Ethical Obligations Trump Professional Liability...

by Deborah Minkoff, Abby Sher | Cozen O'Connor on 2/7/2013

In a case of first impression, the Illinois Appellate Court considered whether a professional liability insurer can deny a defense to its insured, an attorney who admits he erred in providing legal services. Ill. State Bar...more

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

by King & Spalding on 2/5/2013

New rules affecting ERISA-covered retirement plans entering into swap transactions will come into effect in May 2013. These rules, known as the “Business Conduct Standards,” implement certain provisions of the Dodd-Frank...more

IRS Releases Updated Retirement Plan Correction Procedures

by Harry Atlas, Jessica Kuester, Lisa Tavares | Venable LLP on 1/23/2013

The IRS recently released the long-awaited updated version of the Employee Plans Compliance Resolution System (EPCRS), Revenue Procedure 2013-12. EPCRS allows the sponsor of a tax-deferred retirement plan to voluntarily...more

Illinois Supreme Court Announces Anticipated Filing Dates for January and February

by Kirk Jenkins | Sedgwick LLP on 1/15/2013

The Illinois Supreme Court has announced its anticipated filing dates for January and February. Opinions are expected on Friday, January 25; Thursday, February 7; and Friday, February 22. Decisions on petitions for rehearing...more

Using the Family Investment Company to Access Your Pension Plan Assets

by Gerald Nowotny on 1/14/2013

Overview - The wait is over. The taxpayer got dangled over the Fiscal Cliff and was allowed to have a controlled fall. For the high income taxpayer, the fall resulted in a broken ankle, bruised ribs and a minor...more

IRS Releases Updated Employee Plan Correction Procedures

by Lori Atkin, Dennis R. Bonessa, Dodi Walker Gross, John D. Martini, Allison Warden Sizemore | Reed Smith on 1/9/2013

On December 31, 2012, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System (“EPCRS”), previously set forth in...more

Insurance Bad Faith Claims Involving a Decedent’s Estate: Pistalo v. Progressive

by Pavlack Law, LLC on 12/28/2012

This week's article focuses upon the recent Indiana Court of Appeals decision Pistalo v. Progressive in which the court held that a bad faith claim against an insurance company could progress even though the policy holder had...more

De-Risking Your U.S. Pension: Choices and Challenges

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 12/11/2012

Defined benefit plan sponsors have become very focused on ways to control their asset volatility and to remove pension liabilities from their balance sheets. In fact, it would be fair to call “de-risking” a hot global issue...more

No Nukes! - Using Tax-Advantaged Investments to Enhance Investment Returns in Nuclear Decommissioning Trusts

by Gerald Nowotny on 12/4/2012

A.Overview - This executive summary is intended to outline the use of private placement insurance contracts as a funding vehicle for nuclear decommissioning trusts (NDT). As of the end of 28 investor-owned and 28...more

Using Private Placement Insurance Products to Achieve Tax Efficiency for High Net Worth

by Gerald Nowotny on 12/3/2012

Originally published in the Journal of Taxation of Investments in December 2012. Introduction - This article is designed to provide an overview of the benefits of private placement life insurance (PPLI) and private...more

Rappelling Down the Fiscal Cliff – Strategies for Cushioning the Fall – Part I

by Gerald Nowotny on 11/9/2012

Ready, set, go! Following the Presidential election last night, the race is on for year-end tax planning and bracing for the fall off the fiscal cliff. While no one can tell exactly what the tax outcome will be after...more

Policy Loans Can Bite You

by Charles (Chuck) Rubin on 11/9/2012

Life insurance policies can be great vehicles for income tax deferral. Part of this arises from the fact that earnings growth that occurs inside the policy is not subject to current income tax (and may never be taxed if the...more

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Wills, Trusts, & Estate Planning › Insurance