News & Analysis as of September 21, 2024

Estate Planning › Death Benefits

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

Husch Blackwell LLP on 8/23/2024

On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

Legal-Ease: Steps for When a Loved One Passes Away - Part Three

Foster Swift Collins & Smith on 6/14/2024

This is my third and final article addressing what needs to be done after a person passes away. Part 1 addressed what a person needs to do prior to the decedent’s funeral. Part 2 addressed those things that don’t typically...more

Appellate Division Holds that Newly Enacted Statute to Close the Black Hole Applies Retroactively

Fox Rothschild LLP on 1/19/2024

Last week, I blogged about the new statute that closed the block hole that existed when a party who held most or all of the assets died during while a divorce was pending. Specifically, the new statute permits the court to...more

WHAT IS AN ESTATE PLAN? DO I NEED ONE?

Lasher Holzapfel Sperry & Ebberson PLLC on 9/3/2021

What is an Estate Plan? An Estate Plan is a set of legal documents that memorialize how you want your assets distributed at your death. A good Estate Plan will also include documents that provide for options to manage...more

THE WONDER YEARS WEBINAR

Gerald Nowotny - Law Office of Gerald R.... on 10/7/2020

Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

THE WAY WE WERE

Gerald Nowotny - Law Office of Gerald R.... on 9/3/2020

Nowotny On Death and Taxes, episode #20, The Way We Were is about using the Loan Method of Split Dollar to recreate the benefit of tax deferral for hedge fund managers. #splitdollar #ppli #hedgefundmanagers #estateplanning...more

It's (Not) Too Late, Baby!

Gerald Nowotny - Law Office of Gerald R.... on 8/6/2020

Late Start Split Dollar gives you the opportunity to convert any corporate owned or individual policy into a Split Dollar Arrangement. Converting Split Dollar into a Loan Regime Method of Split Dollar. This is an opportunity...more

It's (Not) Too Late, Baby!

Gerald Nowotny - Law Office of Gerald R.... on 8/5/2020

Nowotny On Death and Taxes episode 15 titled It's (Not) Too Late, Baby!, speaks to using Late Start Split Dollar to create financial and tax leverage....more

FATHER KNOWS BEST

Gerald Nowotny - Law Office of Gerald R.... on 7/20/2020

Rediscovering the Lost Glory of Split Dollar Using Loan Regime Split Dollar...more

THE WONDER YEARS - Rediscovering the Magic of Split Dollar Life Insurance

Gerald Nowotny - Law Office of Gerald R.... on 7/16/2020

Split Dollar Life Insurance is a contractual arrangement between 2 or more parties sharing the benefits of a life insurance policy; namely the cash value and death benefit....more

Investment Management Roundtable Discussion – Personal Estate Planning

Troutman Pepper on 1/9/2020

Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Private Fund Services Practice Group, hosts a series of candid, interactive webinar discussions for West LegalEdcenter on what is going on...more

New PLR Addresses Special Trustee's Power to Limit or Eliminate Testamentary General Power of Appointment

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/7/2018

IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for...more

Life Insurance and Estate Planning

McNees Wallace & Nurick LLC on 5/5/2016

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

Split to Be Tied!

Gerald Nowotny - Law Office of Gerald R.... on 5/4/2016

Looking Beyond the Morrissette Decision and Around the Corner for Inter-Generational Split Dollar - Overview - I have had the opportunity throughout my career to know top life insurance agents as well as several top...more

Developments in Life Insurance in Florida

Carlton Fields on 9/25/2014

Life insurers will find the following Florida decisions regarding the state’s unclaimed property law and false claims act important: - Total Asset Recovery Services, LLC v. Metlife, Inc. and Prudential Financial Inc.,...more

Can We Talk? Providing Hedge Fund Managers with the Deferral of Carried Interest until Eternity

Gerald Nowotny - Law Office of Gerald R.... on 9/17/2014

Overview - The recent passing of Joan Rivers not only requires us to pay tribute to one of the great comedic minds of the last forty-fifty years, but serves as a testimony to professional passion, perseverance and hard...more

Simplified IRS Relief for Same-Sex Couples and Others

Williams Mullen on 1/30/2014

On January 27, 2014, the Internal Revenue Service announced in Revenue Procedure 2014-18 a simplified procedure for certain estates to make a late portability election under section 2010(c)(5)(A) of the Internal Revenue Code....more

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Estate Planning › Death Benefits

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