Life Insurance

Recent Developments in New York's Taxation of Unauthorized Life Insurers

by Stanley Kaminski, Hugh T. McCormick | Duane Morris LLP on 5/3/2013

Prior to 2012, New York afforded surprisingly favorable tax treatment to life insurance companies that are not licensed to conduct business in New York ("unauthorized life insurers"), but that owned real estate investments in...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

ERISA Legal News - 1st Quarter, 2013 • Volume 4, Number 1

by Kimberly Ruppel | Dickinson Wright on 4/23/2013

In This Issue: - Supreme Court Update: Where Plan Reimbursement Or Recovery Terms Are Ambiguous Or Silent,Equitable Doctrines May Fill The Gaps: US Airways, Inc. v. McCutchen, 569 U.S. ___ (2013). In an...more

Legal Alert: Administration Proposes To Limit Access to Death Master File

by David Arrojo, Wilson Barmeyer, Marlys Bergstrom, Ellen Dunn, Phillip Stano, Steuart Thomsen, Mary Jane Wilson-Bilik | Sutherland Asbill & Brennan LLP on 4/16/2013

Over the past two years, states have undertaken various initiatives – including audits, exams, regulations, and legislation – intended to require insurers to compare their life insurance policy records with the record of...more

Legal Alert: New Budget Proposals Once Again Target Insurance Companies

by Dennis Allen, Thomas A. Gick, Saren Goldner, Jeffrey Mace, Michael Miles, William Pauls, M. Kristan Rizzolo, Christopher Schoen, Linda Sciuto, W. Mark Smith, William Walderman, more +P. Bruce Wright | Sutherland Asbill & Brennan LLP on 4/16/2013

On April 10, the Obama Administration released its fiscal year 2014 budget (FY 2014 Budget). Of note, the FY 2014 Budget includes a number of tax proposals that target insurance companies or that otherwise would have a direct...more

Nonsubscriber Legislative Update

by Trek Doyle | Winstead PC on 4/16/2013

As we near the end of the regular session of the Texas legislature (May 27), we wanted to give you a quick update on the status of various proposed nonsubscriber-related bills. Similar measures to these have been proposed...more

Monetary Damages Potentially Available For Inadequate Disclosure

by Brian S. Neulander | Proskauer - ERISA Practice Center on 4/10/2013

In Weaver Bros. Ins. Assoc., Inc. v. Braunstein, No. 11-5407, 2013 WL 1195529 (E.D. Pa. Mar. 25, 2013), a district court denied the plan administrator’s motion for judgment on the pleadings, ruling that monetary relief may be...more

Maximizing The Value Of Your Business For Your Heirs

by Pepper Hamilton LLP on 4/8/2013

One of the most difficult issues facing the owner of any successful business is how the business, or the personal wealth that it represents, can be preserved for the benefit of his or her family after death. While it is...more

Legal Alert: Constitutional Challenge to Kentucky's Death Master File Statute Rejected

by David Arrojo, Wilson Barmeyer, Marlys Bergstrom, Ellen Dunn, Phillip Stano, Steuart Thomsen, Mary Jane Wilson-Bilik | Sutherland Asbill & Brennan LLP on 4/4/2013

A Kentucky state trial court has rejected a challenge to a state statute requiring life insurers to search the Social Security Administration Death Master File (DMF) and attempt to locate potential beneficiaries, holding that...more

Structured Settlement Planning for Trial Attorneys: The Benefits of Using Qualified Settlement Funds and Private Placement...

by Gerald Nowotny on 4/3/2013

Overview - Trial attorneys are extremely vulnerable to a tax landscape that is becoming hostile territory. The result of the American Taxpayer Relief Act of 2013 (ATRA) is that earned income is taxed at substantially...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

Budget Briefing 2013

by Osler, Hoskin & Harcourt LLP on 3/22/2013

The Honourable Jim Flaherty, Minister of Finance, tabled Budget 2013 today. In his Budget Speech, the Minister lauded Canada’s economic strength and achievements over the last seven years, while acknowledging that there are...more

Legal Alert: Retained Asset Account Litigation—Summary Judgment Entered for MetLife

by Brendan Ballard, Phillip Stano, Steuart Thomsen | Sutherland Asbill & Brennan LLP on 3/21/2013

On March 8, 2013, the U.S. District Court for the District of Nevada, Judge Larry R. Hicks presiding, granted the defendant - insurer’s motions for summary judgment in the consolidated, putative class actions, Keife v....more

Approval Slated for $73 Million Settlement of Life Insurance Class Action Alleging Unlawful Rate Increase

by James Hazlehurst | Barger & Wolen on 3/1/2013

United States District Judge Howard Matz of the Central District of California indicated yesterday that he would preliminarily approve a proposed $73 million settlement of a class action lawsuit against Conseco Life Insurance...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

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

Misrepresentation Law and Insurance Coverage In South Carolina

by Stephen Groves | Nexsen Pruet, PLLC on 2/13/2013

1. The Claim - An insurer may use the alleged misrepresentations and/or omissions of an insured in the life, health and disability insurance application process in two ways: (i) affirmatively, by seeking rescission of...more

Panning for Gold in the Ivory Tower – Using Split Dollar and Private Placement Life Insurance to Compensate Senior Executives of...

by Gerald Nowotny on 2/8/2013

Overview - Charitable organizations from hospitals to universities have a difficult time attracting and retaining top executive talent from the world of public corporations. Public corporations provide competitive...more

Don’t Forget to Divide These Things, Too

by Law Offices of Marlo Van Oorschot, APLC on 2/5/2013

In California community property rules control the division of assets and liabilities in divorce. Community property is any property, regardless of where it is situated, which is acquired during the marriage. Unless there...more

Ninth Circuit Applies Securities Litigation Uniform Standards Act to Affirm Dismissal of Section 17200 Class Action Involving...

by Bridget Russel, John Stigi | Sheppard Mullin Richter & Hampton LLP on 2/4/2013

In Freeman Investments, LP v. Pacific Life Insurance Co., No. 09-55513, 2013 WL 11884 (9th Cir. Jan 2, 2013), the United States Court of Appeals for the Ninth Circuit held that the Securities Litigation Uniform Standards Act...more

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