The Pension Protection Act of 2006 New EOLI Legislation Potentially Taxes Typical Insurance Arrangements

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Pension Protection Act of 2006 New EOLI Legislation Potentially Taxes Typical Insurance Arrangements"

Transcription

1 ALERT: Tax December 2006 EOLI Legislation Potentially Taxes Typical Our previous Alert, The Pension Protection Act of 2006 Changes Affecting Life Insurance Products, reviewed legislation under the Pension Protection Act of 2006 ( PPA ) that affected the taxation of employer owned life insurance, often referred to as EOLI. This Alert reviews in greater detail the potential impact of the new provisions on typical business insurance arrangements, such as insurance funded buy-sell agreements, key-man insurance policies and certain deferred compensation planning structures, like rabbi trusts. Companies involved in such insurance arrangements may now need to comply with specific notice, consent and reporting requirements in order to avoid additional income tax liability. EOLI Summary of Legislation Changes in Taxation. While life insurance proceeds generally are exempt from income tax, 101(j) of the Internal Revenue Code now provides that the applicable policyholder of an EOLI contract, generally an employer, can only exclude from gross income that portion of the death benefits equal to the premiums and other amounts paid by the policyholder for the contract. Any excess proceeds are includible in gross income and subject to federal income tax. EOLI Contracts. An EOLI contract is broadly defined to include any life insurance policy that: 1. Is owned by a person engaged in a trade or business (an applicable policyholder ) and names such person (or a related person ) as the direct or indirect beneficiary. A related person includes (1) family members listed in 267(b), (2) a corporation and an individual who owns more than 50 percent of its stock, (3) a partnership and a person owning more than 50 percent of its capital or profits interest, (4) certain relationships between trust fiduciaries and grantors and/or beneficiaries, (5) a person and a 501 organization controlled directly or indirectly by such person or his or her family, and (6) certain controlled groups of corporations and their employees. 2. Insures an individual who is an employee of the applicable policyholder on the date of the contract s issuance. GREENBERG TRAURIG, LLP ATTORNEYS AT LAW

2 An employee includes an officer, director or a highly compensated employee who (1) owned 5 percent of the employer at any time during the current or preceding year or (2) either (a) received over $100,000 in compensation (inflation adjusted) or (b) at the employer s election, had over $100,000 in compensation and was in the highest paid 20 percent of employees for such year. Notice and Consent. While the definition of EOLI contracts is extremely broad, the new statute offers several exceptions to taxation, provided that the employer meets the following notice and consent requirements prior to the issuance of any policy: Notification. The employee must receive written notification of (1) the applicable policyholder s intent to insure the employee s life; (2) the maximum face amount for which the employee could be insured at the time of issuance of the policy; and (3) the applicable policyholder s status as the intended beneficiary of the insurance policy. Consent. The employee must provide written consent to being the insured under the contract and that coverage may continue after termination of the insured s employment. Where an employer satisfies these requirements and one of the exceptions applies (discussed below), the employer may exclude from its gross income the entire amount of the death benefits received under the EOLI contract. Exceptions. The exceptions to taxation provided by 101(j) cover many of the typical circumstances where a business seeks to insure an employee. They fall into two main categories (1) exceptions based on the status of the insured (i.e., key employee exception ) and (2) exceptions dealing with amounts paid to the insured s heirs (the beneficiary exception ). Again, employers must note that these exceptions apply only to the extent that the employer has met the notice and consent requirements prior to the issuance of the insurance contract. Key Employee Exception. The death benefits under an EOLI contract will not be subject to income tax if the insured is one of the following: 1. an employee (as defined above) at any time during the 12 months prior to death; or 2. at the time the insurance contract was issued, (i) a director, (ii) a highly compensated employee, as described above (but without regard to the employer s election to include the employee in the top-paid group) or (iii) a highly compensated individual (an employee who is one of the five highest paid officers of the employer, a shareholder owning more than 10 percent of the value of the employer s stock, or is among the highest paid 35 percent of all employees). This exception covers many of the employees most businesses seek to insure and would generally be used to exclude the proceeds of a key-man insurance policy. Page 2

3 Beneficiary Exception. The amounts received under an EOLI contract will be excluded from income taxation if they are: 1. paid to (i) an insured s family member (siblings, spouse, ancestors, and lineal descendants), (ii) an individual designated as the insured s beneficiary under the contract (other than the applicable policyholder), (iii) a trust for the benefit of any of the above individuals; or (iv) the insured s estate, or 2. used to purchase an ownership interest in the employer from any person described above (the purchase must be completed by the due date of the tax return for the taxable year in which the death benefits are received), This exception should cover situations involving most insurance funded buy-sell agreements. Reporting Requirements. Regardless of whether an exception applies, an employer who owns an EOLI contract must comply with the return and recordkeeping requirements of 6039I. Effective Date. These new rules apply to EOLI contracts issued after August 17, Application to Business Arrangements Due to the PPA s broad definition of an EOLI contract, the new EOLI legislation almost certainly covers any type of key-man life insurance or insurance held by a company to fund a buy-sell agreement involving an individual who is both an owner and employee. However, the EOLI provisions may also impact insurance arrangements where the employer does not directly own the policy, such as cross purchase buy-sell arrangements, deferred compensation structures (e.g., rabbi and secular trusts), voluntary employment benefit associations ( VEBAs ) and split dollar arrangements. As discussed below, companies involved in any of these arrangements will likely need to satisfy both the notice and consent requirements and the return and recordkeeping requirements to avoid income tax and/or penalties. Buy-Sell Arrangements Redemptions. In this situation, the company has a contractual obligation to buy out the ownership interests of an owner at his or her death and may acquire insurance on the owner s life in order to fund the buy-out. Assuming the owner qualifies as an employee, then the insurance policy would constitute an EOLI contract under 101(j). However, the beneficiary exception should apply, since the company must use the insurance proceeds to purchase the deceased owner s interests. Furthermore, if the insured was a key employee of the business, then the key employee exception will also apply. Of course, the employer must have satisfied the notice and consent requirements to rely on either of these exceptions and will still need to comply with the 6039I reporting requirements to avoid penalties. Page 3

4 Cross-Purchases. Here, the remaining owners of a business, rather than the company, buy the deceased owner s interests and own the insurance policies used to fund the buy-out While the individual owners are not persons engaged in a trade or business, they may be related persons with regard to the employer, thus causing the policy to qualify as an EOLI contract. For example, where there is a buy-sell agreement between owners/employees of a company, and each owner holds a life insurance contract on the lives of the others, the arrangement may constitute an EOLI contract if any one of the owners owns more than 50 percent of the company. In this case, the contract is owned by a person related to the employer and covers an employee. Furthermore, the percentage of an individual s ownership in a company will include attribution for ownership interests held by an individual's family members, as defined in 267(c)(4) (spouse, siblings, ancestors and descendants). Accordingly, in the case of a corporation where the shareholders are two siblings and a parent, all shareholders may qualify as applicable policyholders, and any insurance policy they hold could be deemed an EOLI contract. However, if the notice and consent requirements are met, the key employee exceptions or the beneficiary exceptions will likely exclude the death benefits from tax. Non-Qualified Deferred Compensation Arrangements Rabbi Trusts. Employers frequently create rabbi trusts to fund non-qualified deferred compensation plans, and these trusts will often acquire life insurance policies to take advantage of the tax-free investment growth. Generally, rabbi trusts are classified as grantor trusts for federal income tax purposes, which means that the employer is deemed to own all the trust assets, including any insurance policy. Thus, if the policy insures an employee, it may qualify as an EOLI contract, subjecting the employer to tax under 101(j) and the reporting requirements of 6039I, unless one of the exceptions applies. Secular Trusts. Secular trusts may also be used to fund non-qualified deferred compensation plans. In general, these trusts are non-grantor trusts for income tax purposes, so the employer will not be the deemed owner of the trust assets. However, based on the related person rules, if the employer is both the grantor and fiduciary of the trust, then the employer would be a related person and an insurance policy held in the trust may be deemed an EOLI contract. If the trustee is independent, however, the related person provision will not apply. Other Employer VEBAs. VEBAs are tax-exempt entities where employers can deposit assets, including life insurance policies, to fund certain employee welfare benefit plans. Insurance policies owned by a VEBA may qualify as EOLI contracts based on the "related person" definition. Under 101(j), a tax-exempt organization is a related person with regard to the entity that directly or indirectly controls the organization. Since the employer that creates the VEBA also controls it, the VEBA may be related to the employer. Any policy owned by the VEBA may constitute an EOLI contract, subject to the tax liability and reporting requirements imposed by 101(j) and 6039I, respectively. However, since the Page 4

5 VEBA is a tax-exempt organization, the insurance proceeds payable under the EOLI contract should still avoid income taxation. The VEBA must still comply with the 6039I reporting requirements. Split-Dollar Agreements. Under split-dollar agreements ( SDAs ), an employer and employee usually share an interest in a life insurance policy insuring the employee. There are generally two types of SDAs, the endorsement agreement and the collateral assignment. Endorsement Agreements. Under an endorsement agreement, the employer owns the insurance policy with the death benefit endorsed to the employee. At the employee s death, however, the employer receives a portion of the insurance proceeds, in the amount necessary to reimburse it for the total premiums it paid on the policy by the employer. Since the employer is the owner of the contract and a beneficiary of it, at least to some potion, the EOLI provisions are applicable. However, if the employer only recovers the amount of premiums paid, there are no excess proceeds to tax under 101(j), so no income tax liability should result for the employer. As for the death benefit payable to the employee s beneficiaries, 101(j) only taxes proceeds received by an applicable policyholder or a related person. Thus, unless the employee s beneficiaries are related persons to the employer, the death benefits paid to them should pass tax free. The related person provision could cause problems in a situation where the beneficiary is a more than 50 percent owner of the business (such as when the deceased employee s ownership interest in the business passes to the same beneficiary who receives the insurance proceeds under the SDA). The beneficiary would then be a related party with respect to the applicable policyholder, and, unless an exception applied and the employer had complied with the notice and consent requirements, the proceeds would be subject to tax under 101(j). Collateral Assignments. In this arrangement, the employee owns the policy and collaterally assigns a portion of the cash value and the death benefit to the employer. Since the employer does not own the policy, it should not qualify as an EOLI contract. Again, however, one must watch for application of the related person definition. If the employee owns more than 50% of the employer, then the employee is a related person, and the insurance policy would be an EOLI contract. Benefits would be taxable unless one of the exceptions applies. '(()_ Conclusion The PPA s expansive definition of an EOLI contract, and in particular, the broad reach of the related person clause, means that the new EOLI legislation will affect the majority of business insurance arrangements. Most arrangements will avoid taxation by qualifying for one of the exceptions provided under 101(j). However, employers must comply with the notice and consent requirements before issuance of the contract before any of the exceptions will apply. If the employer does not satisfy these requirements, then the only current remedy is for the employer to cancel the original policy and have a new policy issued after satisfying the notice and consent requirements. Otherwise, none of the Page 5

6 101(j) exceptions will apply. Furthermore, whenever an insurance policy qualifies as an EOLI contract, regardless of whether an exception applies, the employer must satisfy the reporting and recordkeeping requirements of 6039I in order to avoid penalties. Thus, to take a conservative approach, businesses should satisfy the notice and consent requirements for all insurance arrangements insuring any employee of the business, where the employer is a beneficiary of the policy. *Cites: RIA, Complete Analysis of the Pension Protection Act of 2006; Steve Leimberg s Estate Planning Newsletter #1005 (August 9, 2006) at Congress Plants a Landmine, Text of Podcast of August 12, 2006, Joint Committee on Taxation Technical Explanation of the Pension Protection Act of 2006; AALU Washington Report Bulletin No , October 24, 2006; New 101(j) EOLI Rules: Important Planning Considerations, CC 06-41, AUS Online, Advanced Planning Press, LLC, 2006; 101(j). All section references are to sections of the Internal Revenue Code of 1986, as amended. Page 6

7 This Alert was written by Jennifer M. Smith, Rebecca S. Manicone and Jonathan M. Forster in the Tysons Corner office and Steven B. Lapidus in the Miami office. Questions regarding the subject matter of this GT Alert should be directed to Ms. Smith, Ms. Manicone or Mr. Forster at ; Mr. Lapidus at ; or your Greenberg Traurig liaison. Albany Amsterdam Atlanta Boca Raton Boston Chicago Dallas Delaware Denver Fort Lauderdale Houston Las Vegas Los Angeles Miami New Jersey New York Orange County Orlando Philadelphia Phoenix Sacramento Silicon Valley Tallahassee Tampa Tokyo Tysons Corner Washington, D.C West Palm Beach Zurich This Greenberg Traurig ALERT is issued for informational purposes only and is not intended to be construed or used as general legal advice. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer s legal qualifications and experience. Greenberg Traurig is a trade name of Greenberg Traurig, LLP and Greenberg Traurig, P.A Greenberg Traurig, LLP. All rights reserved. Page 7

Global Benefits & Compensation

Global Benefits & Compensation ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA

More information

ALERT: Tax. Background

ALERT: Tax. Background ALERT: Tax December 2006 Death of Private Annuities? The IRS and Treasury Department Issue Proposed Regulations on the Taxation of Certain Private Annuity Transactions* The new PA regulations, however,

More information

Wealth Management. Distributions by Private Foundations and Donor Advised Funds: Procedures for Determining Recipient s Public Charity Status

Wealth Management. Distributions by Private Foundations and Donor Advised Funds: Procedures for Determining Recipient s Public Charity Status Wealth Management December 2007 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA

More information

Wealth Management. Supreme Court and IRS Take on Deductibility of Trust Investment Management Fees

Wealth Management. Supreme Court and IRS Take on Deductibility of Trust Investment Management Fees Wealth Management September 2007 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO

More information

Recently Released IRS Guidance Offers Opportunity to Accelerate Losses Inherent in Accounts Receivable

Recently Released IRS Guidance Offers Opportunity to Accelerate Losses Inherent in Accounts Receivable ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX SACRAMENTO SILICON

More information

ALERT. New Proposed 752 Regulations to Alter Partnership- Level Debt Allocations. Tax March 2014

ALERT. New Proposed 752 Regulations to Alter Partnership- Level Debt Allocations. Tax March 2014 ALERT Tax March 2014 New Proposed 752 Regulations to Alter Partnership- Level Debt Allocations On January 29, 2014, the Internal Revenue Service and Treasury Department issued a notice of proposed rule-making,

More information

New PCAOB Rules Limit the Tax Services Accounting Firms May Provide to Public Company Audit Clients

New PCAOB Rules Limit the Tax Services Accounting Firms May Provide to Public Company Audit Clients ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX SACRAMENTO SILICON

More information

Telecommunications / Real Estate

Telecommunications / Real Estate Telecommunications / Real Estate December 2007 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY

More information

Possible Refund Claims for California LLC Fees Based on Unconstitutionality

Possible Refund Claims for California LLC Fees Based on Unconstitutionality ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX SACRAMENTO SILICON

More information

ALERT: Tax. Banks and Other Lienholders Need to Defend Against IRS Levy Even if They Have a Superior Lien or a Right of Setoff

ALERT: Tax. Banks and Other Lienholders Need to Defend Against IRS Levy Even if They Have a Superior Lien or a Right of Setoff ALERT: Tax September 2006 the Internal Revenue Service reaffirmed that there is no defense to a federal tax levy served on a party with an interest in the property superior to the federal tax lien, or

More information

Trusts & Estates. Many Estate Planning Opportunities May End in 2012 The Time to Act is Now

Trusts & Estates. Many Estate Planning Opportunities May End in 2012 The Time to Act is Now ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MEXICO CITY+ MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY

More information

Application of Section 409A to Private Company Stock Options and Other Equity Awards

Application of Section 409A to Private Company Stock Options and Other Equity Awards January 2006 ALBANY AMSTERDAM Stock Options and Other Equity Awards ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE

More information

ALERT. FDA Guidance for Industry and FDA Staff: Mobile Medical Applications. Health & FDA Business November 2013

ALERT. FDA Guidance for Industry and FDA Staff: Mobile Medical Applications. Health & FDA Business November 2013 ALERT Health & FDA Business November 2013 FDA Guidance for Industry and FDA Staff: Mobile Medical Applications On September 25, 2013, the Food and Drug Administration (the FDA ) released final guidance

More information

Financial Institutions

Financial Institutions Financial Institutions April 2008 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO

More information

Additional Requirements for Lenders and Mortgage Servicers

Additional Requirements for Lenders and Mortgage Servicers ALERT Financial Services Litigation July 2013 Florida s New Fast Track Foreclosure Law Creates Additional Requirements for Lenders and Mortgage Servicers According to the Florida House of Representatives,

More information

Corporate & Securities. Creditor Remedies against Members of LLCs

Corporate & Securities. Creditor Remedies against Members of LLCs ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA

More information

I. TAX EXEMPT BOND PROVISIONS

I. TAX EXEMPT BOND PROVISIONS ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA PHOENIX

More information

ERISA Alert. Plan Sponsors Impacted by Hidden 401(k) Fee Litigation

ERISA Alert. Plan Sponsors Impacted by Hidden 401(k) Fee Litigation ERISA Alert October 2007 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA

More information

The trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals.

The trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals. The trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals. This report has been prepared exclusively for Albert Gibbons,

More information

Tax Alert. The Lady, or the Tiger: Making Informed Choices in 2013 s Uncertain Federal Income Tax Environment

Tax Alert. The Lady, or the Tiger: Making Informed Choices in 2013 s Uncertain Federal Income Tax Environment ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MEXICO CITY+ MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY

More information

Waivers of Certain Fraud and Abuse Laws Permitted in CJR Model

Waivers of Certain Fraud and Abuse Laws Permitted in CJR Model Health & FDA Business Alert Waivers of Certain Fraud and Abuse Laws Permitted in CJR Model November 2015 On Nov. 16, 2015, the U.S. Centers for Medicare & Medicaid Services (CMS) issued a Final Rule implementing

More information

SEC Adopts Regulation Crowdfunding to Facilitate Early Capital Raises

SEC Adopts Regulation Crowdfunding to Facilitate Early Capital Raises Corporate & Securities/Capital Markets GT Alert November 2015 SEC Adopts Regulation Crowdfunding to Facilitate Early Capital Raises On Oct. 30, 2015, the Securities and Exchange Commission (SEC) adopted

More information

California Business Tax Incentive Legislation

California Business Tax Incentive Legislation ALERT Tax July 2013 California Business Tax Incentive Legislation California has completely overhauled its tax-related economic incentive laws by repealing nearly all existing incentives, and replacing

More information

THE NEW TEXAS FRANCHISE TAX

THE NEW TEXAS FRANCHISE TAX ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX SACRAMENTO SILICON

More information

An International Law Firm of More than 1750 Attorneys

An International Law Firm of More than 1750 Attorneys FUTURE SCENARIOS FOR LATIN AMERICAN COMMUNICATIONS (II) SPONSORED BY CITI Judith O Neill, Chairman Telecom Dept. NY. Office Greenberg Traurig, LLP Tel: +212 801 9387 Email: oneillj@gtlaw.com Presented

More information

Financial Institutions

Financial Institutions ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA PHOENIX

More information

Thursday, March 5 2015 WRM# 15-08

Thursday, March 5 2015 WRM# 15-08 Thursday, March 5 2015 WRM# 15-08 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms. The

More information

Use of Finders in Securities Transactions

Use of Finders in Securities Transactions ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX SACRAMENTO SILICON

More information

S CORPORATION STOCK REDEMPTION BUY-SELL (INCLUDING DISABILITY) (INCORPORATING THE SHORT TAX YEAR TECHNIQUE)

S CORPORATION STOCK REDEMPTION BUY-SELL (INCLUDING DISABILITY) (INCORPORATING THE SHORT TAX YEAR TECHNIQUE) S CORPORATION STOCK REDEMPTION BUY-SELL (INCLUDING DISABILITY) (INCORPORATING THE SHORT TAX YEAR TECHNIQUE) TECHNICAL PREFACE Life Insurance proceeds received by a C Corporation to fund a Stock Redemption

More information

AALU Bulletin No: 08-22 March 6, 2008 Subject: Section 101(j) Review

AALU Bulletin No: 08-22 March 6, 2008 Subject: Section 101(j) Review Premier analysis of federal legislative and regulatory developments for the nation s 2,000 most advanced life insurance planners, focusing on business, estate, qualified and nonqualified retirement planning.

More information

LIFE SETTLEMENTS: SUMMARY OF RECENT DEVELOPMENTS

LIFE SETTLEMENTS: SUMMARY OF RECENT DEVELOPMENTS WEALTH MANAGEMENT: SPECIAL REPORT Minimize taxes Provide for family Form family offices Manage trusts Administer estates LIFE SETTLEMENTS: SUMMARY OF RECENT DEVELOPMENTS In This Report Page Develop business

More information

Alert. Litigation May 2014

Alert. Litigation May 2014 Alert Litigation May 2014 Statute of Limitations Update in Florida Foreclosure Actions: Fifth District Court of Appeals Holds that Each Default Creates a New Case of Action I. The Opinion On April 25,

More information

Patent Reform: What MedTech Companies Need to Know

Patent Reform: What MedTech Companies Need to Know GREENBERG TRAURIG, LLP ATTORNEYS AT LAW WWW.GTLAW.COM Patent Reform: What MedTech Companies Need to Know David J. Dykeman, Esq. Patent Attorney & Shareholder Greenberg Traurig, LLP Boston, MA (617) 310-6009

More information

32 Irrevocable Life Insurance Trusts 2.1

32 Irrevocable Life Insurance Trusts 2.1 2 Income Tax Issues CHAPTER OVERVIEW This chapter discusses selected key income tax issues concerning life insurance and ILITs. 1 Recent changes in the Internal Revenue Code now permit an insured to receive

More information

Health & FDA Business

Health & FDA Business ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA

More information

Thursday, May 7 2015 WRM# 15-16

Thursday, May 7 2015 WRM# 15-16 Thursday, May 7 2015 WRM# 15-16 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms. The WRMarketplace

More information

Topic: Washington Report 13-08 : Best Practices in Insurance Trust Administration are Critical to Preserve Planning Benefits.

Topic: Washington Report 13-08 : Best Practices in Insurance Trust Administration are Critical to Preserve Planning Benefits. The trusted source of actionable technical and marketplace knowledge for AALU members - the nation s most advanced life insurance professionals. The AALU Washington Report is published by AALUniversity,

More information

Financial Institutions

Financial Institutions ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MEXICO CITY+ MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY

More information

Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World

Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World Henry Christensen III Jay E. Rivlin www.mwe.com Boston Brussels Chicago Düsseldorf Frankfurt Houston London Los

More information

Life Insurance: Business Applications

Life Insurance: Business Applications Life Insurance: Business Applications What is business life insurance? Life insurance is an important part of a business. It may be used as a funding mechanism for your buy-sell agreement and as business

More information

Thursday, 31 October 2013 WRN 13-44. TOPIC: Avoiding Incidents of Policy Ownership to Eliminate Estate Tax.

Thursday, 31 October 2013 WRN 13-44. TOPIC: Avoiding Incidents of Policy Ownership to Eliminate Estate Tax. Thursday, 31 October 2013 WRN 13-44 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms. The

More information

Washington Report. Death Benefit Only Plans

Washington Report. Death Benefit Only Plans (March 10, 2015) Ponte Vedra Beach, Florida Washington Report Executive benefits consulting firm, Fulcrum Partners LLC, is pleased distribute this AALU Washington Report to its clients and friends. This

More information

Construction Law. Building Information Modeling is Revolutionizing Construction

Construction Law. Building Information Modeling is Revolutionizing Construction ALBANY AMSTERDAM ATLANTA AUSTIN BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LONDON* LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PALM BEACH COUNTY PHILADELPHIA

More information

Comprehensive Split Dollar

Comprehensive Split Dollar Advanced Markets Client Guide Comprehensive Split Dollar Crafting a plan to meet your needs. John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock Life Insurance Company New York (John

More information

American General Life Companies UPDATE. Reminder: Notice and Consent Requirements for Employer-Owned Life Insurance Remain in Effect

American General Life Companies UPDATE. Reminder: Notice and Consent Requirements for Employer-Owned Life Insurance Remain in Effect American General Life Companies UPDATE MARKETING July 21, 2011 Bulletin 11-066 Reminder: Notice and Consent Requirements for Employer-Owned Life Insurance Remain in Effect Accessible. Accountable. Aligned.

More information

Thursday, December 18 2014 WRM# 14-49

Thursday, December 18 2014 WRM# 14-49 Thursday, December 18 2014 WRM# 14-49 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms.

More information

Office of Federal Contract Compliance Programs Final Recordkeeping Rule for Internet-Based Job Applicants Takes Effect

Office of Federal Contract Compliance Programs Final Recordkeeping Rule for Internet-Based Job Applicants Takes Effect February 2006 ALBANY AMSTERDAM ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE HOUSTON LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX

More information

Side-by-Side Business Insurance Plan Comparisons

Side-by-Side Business Insurance Plan Comparisons Side-by-Side Insurance Plan Comparisons Small Strategies & Solutions Protect and grow your business with proper planning The success of your business is based on your hard work and the efforts of key employees.

More information

Akerman Practice Update

Akerman Practice Update Akerman Practice Update TAXATION December 2010 2010 Tax Relief Act Will Preserve Lower Income Tax Rates and Provide Other Tax Incentives L. Frank Cordero frank.cordero@ Richard T. Hurt richard.hurt@ William

More information

Insurance Coverage for Losses due to Hurricanes Katrina and Rita: Practical Advice for Policyholders

Insurance Coverage for Losses due to Hurricanes Katrina and Rita: Practical Advice for Policyholders October 2005 ALBANY AMSTERDAM Insurance Coverage for Losses due to Hurricanes Katrina and Rita: Practical Advice for Policyholders ATLANTA BOCA RATON BOSTON CHICAGO DALLAS DELAWARE DENVER FORT LAUDERDALE

More information

GT ALERT GREENBERG. ESOPs: THE PRIVATE BUSINESS OWNER S SECRET PLANNING DEVICE. March 2003 gtlaw.com

GT ALERT GREENBERG. ESOPs: THE PRIVATE BUSINESS OWNER S SECRET PLANNING DEVICE. March 2003 gtlaw.com gtlaw.com info@gtlaw.com GREENBERG ATTORNEYS AT LAW TRAURIG LLP GT ALERT ESOPs: THE PRIVATE BUSINESS OWNER S SECRET PLANNING DEVICE By Jeffrey S. Kahn and Brandon G. Feingold AMSTERDAM ATLANTA BOCA RATON

More information

WHY CONTINUE TO USE TOLI

WHY CONTINUE TO USE TOLI The trusted source of actionable technical and marketplace knowledge for AALU members - the nation s most advanced life insurance professionals. The AALU Washington Report is published by AALUniversity,

More information

TOPIC: 1035 Exchanges of Life Insurance Policies How Easy Are They Really.

TOPIC: 1035 Exchanges of Life Insurance Policies How Easy Are They Really. EDITOR'S NOTE: Due to continuing interest in this topic, we are republishing WR #14-39 this week.alue and will turn with an original report next week. Thursday, 2 October 2014 WRM# 14-39 The WRMarketplace

More information

BUSINESS STRATEGIES. Stock Redemption Arrangement for Closely Held Corporations. A successful business has a business succession strategy.

BUSINESS STRATEGIES. Stock Redemption Arrangement for Closely Held Corporations. A successful business has a business succession strategy. THE PRUDENTIAL INSURANCE COMPANY OF AMERICA BUSINESS STRATEGIES Stock Redemption Arrangement for Closely Held Corporations BUSINESS CONTINUATION A successful business has a business succession strategy.

More information

Business Succession Planning

Business Succession Planning Business Succession Planning with Key Person Coverage and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business. But are you taking the

More information

White Paper Corporate Owned Life Insurance

White Paper Corporate Owned Life Insurance White Paper www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What

More information

LIFE INSURANCE PLANNING FOR CLOSELY- HELD BUSINESS

LIFE INSURANCE PLANNING FOR CLOSELY- HELD BUSINESS LIFE INSURANCE PLANNING FOR CLOSELY- HELD BUSINESS BY JOSHUA E. HUSBANDS PORTLAND OFFICE 2300 US BANCORP TOWER 111 SW FIFTH AVENUE PORTLAND, OREGON 97204 503-243-2300 503-241-8014 joshua.husbands@hklaw.com

More information

Planning Using and Business Valuation. For producer use only. Not for presentation to the public.

Planning Using and Business Valuation. For producer use only. Not for presentation to the public. Business Succession Planning Using Buy-Sell Agreements and Business Valuation This material was not intended or written to be used, and cannot be used, to avoid penalties imposed under the Internal Revenue

More information

Life Insurance and Estate Planning for Retirement Plans

Life Insurance and Estate Planning for Retirement Plans Reynolds Financial Group LLC A Registered Investment Advisory Firm 216 Chaucer Drive Irwin, PA 15642 724-863-5005 Phone 724-863-8031 Fax wendyl@reynoldsfinancialgroup.net Life Insurance and Estate Planning

More information

IRA PLANNING ALTERNATIVES Carl S. Rosen

IRA PLANNING ALTERNATIVES Carl S. Rosen BROAD AND CASSEL ATTORNEYS AT LAW SPRING/SUMMER 1999 BOCA RATON FT. LAUDERDALE MIAMI ORLANDO TALLAHASSEE TAMPA WEST PALM BEACH CHARITABLE LEAD TRUSTS CAN PROVIDE GREAT BENEFITS Kenneth Edelman A Charitable

More information

Commonwealth Schools of Insurance, Inc.

Commonwealth Schools of Insurance, Inc. Commonwealth Schools of Insurance P.O. Box 22414, Louisville, KY 40252-0414 Telephone: 502.425.5987 FAX 502.429.0755 E-mail: info@commonwealthschools.com INSTRUCTIONS TO COMPLETE THE CONTINUING EDUCATION

More information

Split-Dollar Insurance and the Closely Held Business By: Larry Brody, Esq., Richard Harris, CLU and Martin M. Shenkman, Esq.

Split-Dollar Insurance and the Closely Held Business By: Larry Brody, Esq., Richard Harris, CLU and Martin M. Shenkman, Esq. Split-Dollar Insurance and the Closely Held Business By: Larry Brody, Esq., Richard Harris, CLU and Martin M. Shenkman, Esq. Introduction Split-dollar is a mechanism for owning and paying for life insurance

More information

Key Person Insurance. Protect your business from the loss of a key person with life insurance payable to the business.

Key Person Insurance. Protect your business from the loss of a key person with life insurance payable to the business. Key Person Insurance Protect your business from the loss of a key person with life insurance payable to the business. We offer you this concept piece to help you understand how life insurance can be used

More information

LIFE INSURANCE TAXED? 101(J) Millennium Brokerage Group

LIFE INSURANCE TAXED? 101(J) Millennium Brokerage Group LIFE INSURANCE TAXED? 101(J) Millennium Brokerage Group WHAT TO EXPECT... Death benefits on policies insuring employees of a business will be taxed as income unless the new rules are followed. 101(j) applies

More information

Effective Planning with Life Insurance

Effective Planning with Life Insurance Effective Planning with Life Insurance The Tax Considerations... Ken Knox, CLU, ChFC Regional Director The Penn Mutual Life Insurance Company 1304529TM_Sept17 Retirement Planning Case Scenario #1... Client

More information

Business Insurance: Split Dollar Life Insurance

Business Insurance: Split Dollar Life Insurance Element Insurance Partners 13520 California Street Suite 290 Omaha, NE 68154 402-614-2661 dhenry@elementinsurancepartners.com www.elementinsurancepartners.com Business Insurance: Split Dollar Life Insurance

More information

Treasury and IRS Release Long-Awaited Guidance on Deferred Compensation Rules under Code Section 409A Certain Actions Necessary Before Year-End

Treasury and IRS Release Long-Awaited Guidance on Deferred Compensation Rules under Code Section 409A Certain Actions Necessary Before Year-End Treasury and IRS Release Long-Awaited Guidance on Deferred Compensation Rules under Code Section 409A Certain Actions Necessary Before Year-End October 5, 2005 On September 29, the Treasury Department

More information

PRIVATE NON-EQUITY SPLIT DOLLAR INSURANCE AGREEMENT [For a Single Life Policy]

PRIVATE NON-EQUITY SPLIT DOLLAR INSURANCE AGREEMENT [For a Single Life Policy] PRIVATE NON-EQUITY SPLIT DOLLAR INSURANCE AGREEMENT [For a Single Life Policy] Form A Designed to meet split dollar definition in regulations Two alternatives: secured by, or to be made from Sample for

More information

Coordinating Corporate Dollars

Coordinating Corporate Dollars Coordinating Corporate Dollars A review of various ways you can use your corporate dollars to attract, retain and reward key personnel, to help meet your goals of business continuity and tax efficiency.

More information

Key Employee Life Insurance Forward to Counsel and Specimen Documents

Key Employee Life Insurance Forward to Counsel and Specimen Documents Key Employee Life Insurance Forward to Counsel and Specimen Documents Contents 2 I) Introduction 2 II) Strategy/Technique Structure 3 III) Income Tax Implications 3 A. Taxation of the Premiums 3 B. Taxation

More information

PROTECTING BUSINESS OWNERS AND PRESERVING BUSINESSES FOR FUTURE GENERATIONS

PROTECTING BUSINESS OWNERS AND PRESERVING BUSINESSES FOR FUTURE GENERATIONS BASICS OF BUY-SELL PLANNING A buy-sell arrangement (or business continuation agreement ) is an arrangement for the disposition of a business interest upon a specific triggering event such as a business

More information

White Paper Life Insurance Coverage on a Key Employee

White Paper Life Insurance Coverage on a Key Employee White Paper Life Insurance Coverage on a Key Employee www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,

More information

Internal Revenue Code Section 409A Special Considerations: Unique Challenges Facing Tax-Exempt Organizations under the New Deferred Compensation Rules

Internal Revenue Code Section 409A Special Considerations: Unique Challenges Facing Tax-Exempt Organizations under the New Deferred Compensation Rules Internal Revenue Code Section 409A Special Considerations: Unique Challenges Facing Tax-Exempt Organizations under the New Deferred Compensation Rules Part II, Bulletin 3 Introduction Starting in 2005,

More information

Abusive Trust Arrangements Utilizing Cash Value Life Insurance Policies Purportedly to Provide Welfare Benefits

Abusive Trust Arrangements Utilizing Cash Value Life Insurance Policies Purportedly to Provide Welfare Benefits Part III. -- Administrative, Procedural and Miscellaneous Abusive Trust Arrangements Utilizing Cash Value Life Insurance Policies Purportedly to Provide Welfare Benefits Notice 2007-83 The Internal Revenue

More information

Protect your business, your family, and your legacy.

Protect your business, your family, and your legacy. An Educational Guide for Business Owners Protect your business, your family, and your legacy. Take a closer look at buy-sell agreements. Needs-based Strategies Your business is probably your single largest

More information

Endorsement Split-Dollar

Endorsement Split-Dollar Endorsement Split-Dollar Allowing an Executive to Share in the Benefits of an Employer-Owned Life Insurance Policy AD-OC-859A Endorsement Split-Dollar Searching for Executive Benefit Solutions Retaining

More information

Business Su c c e s s i o n Pl a n n i n g

Business Su c c e s s i o n Pl a n n i n g Business Su c c e s s i o n Pl a n n i n g w i t h Key Pe r s o n Co v e r a g e and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business.

More information

Buy-Sell Planning. Succession Planning for Business Owners. Guiding you through life. SALES STRATEGY BUSINESS. Advanced Markets. Situation.

Buy-Sell Planning. Succession Planning for Business Owners. Guiding you through life. SALES STRATEGY BUSINESS. Advanced Markets. Situation. Guiding you through life. SALES STRATEGY BUSINESS Buy-Sell Planning Succession Planning for Owners Situation owners should plan to protect their business in case of the sudden death, retirement, or disability

More information

Thursday, 5 December 2013 WRM# 13-48. TOPIC: Inserting Flexibility into Irrevocable Life Insurance Trust Planning.

Thursday, 5 December 2013 WRM# 13-48. TOPIC: Inserting Flexibility into Irrevocable Life Insurance Trust Planning. Thursday, 5 December 2013 WRM# 13-48 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms.

More information

CHAPTER 9 BUSINESS INSURANCE

CHAPTER 9 BUSINESS INSURANCE CHAPTER 9 BUSINESS INSURANCE Just as individuals need insurance for protection so do businesses. Businesses need insurance to cover potential property losses and liability losses. Life insurance also is

More information

Business Life Insurance Strategies Guide

Business Life Insurance Strategies Guide Business Life Insurance Strategies Guide Nationwide Business Solutions Group In this guide, Nationwide assumes that universal or variable universal life insurance is used for each of the strategies, unless

More information

issued through a U.S. carrier. PRIOR REPORTS: 13-08; 12-41; 12-28; 12-22 planning with life insurance. WHY CONTINUE TO USE TOLI

issued through a U.S. carrier. PRIOR REPORTS: 13-08; 12-41; 12-28; 12-22 planning with life insurance. WHY CONTINUE TO USE TOLI trusted source actionable technical marketplace knowledge AALU members - nation s most advanced life AALU AALU Washington Washington Report is published by by AALUniversity, a knowledge service AALU. trusted

More information

EMPLOYEE STOCK OWNERSHIP PLANS

EMPLOYEE STOCK OWNERSHIP PLANS EMPLOYEE STOCK OWNERSHIP PLANS AN EXTRAORDINARY FINANCIAL AND EMPLOYEE BENEFIT TOOL FOR THE CLOSELY-HELD COMPANY Ice Miller LLP Legal Counsel 2013 Ice Miller LLP All Rights Reserved TABLE OF CONTENTS PART

More information

Insurance-Related Best Practices Guide for Buy-Sell Agreements

Insurance-Related Best Practices Guide for Buy-Sell Agreements Insurance-Related Best Practices Guide for Buy-Sell Agreements The buy-sell agreement review and feedback process at the Principal Financial Group has allowed us to observe many different drafting approaches

More information

Key Person Life Insurance

Key Person Life Insurance Key Person Life Insurance The Concept Key person life insurance helps reimburse a business for economic loss when a key employee dies. The insurance covers the life of an employee who is critical to the

More information

Life Insurance Coverage on a Key Employee

Life Insurance Coverage on a Key Employee Raymond James Financial Services Bill Poland, CRPS, CRPC Financial Advisor 108 State Street Suite 200 Greensboro, NC 27408 336-272-7584 800-821-5941 bill.poland@raymondjames.com Life Insurance Coverage

More information

Non-Qualifi ed Fringe Benefi t Planning

Non-Qualifi ed Fringe Benefi t Planning Employee benefi t packages are increasingly viewed as an important form of compensation. The right mix of salary and other benefits can attract, and keep, top-quality employees. Non-Qualifi ed Fringe Benefi

More information

W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com. Key Employee Insurance

W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com. Key Employee Insurance W3 Wealth Management, LLC Shelby Morgan 90 N. Miller Road Akron, OH 44313 330-836-3805 Shelby@W3wealth.com Key Employee Insurance W3 Wealth Management, LLC Page 2 of 9 Table of Contents Life Insurance

More information

ALI-ABA Course of Study Estate Planning for the Family Business Owner

ALI-ABA Course of Study Estate Planning for the Family Business Owner 597 ALI-ABA Course of Study Estate Planning for the Family Business Owner Cosponsored by the ABA Section of Real Property, Trust and Estate Law and the ABA Section of Taxation July 7-9, 2010 Chicago, Illinois

More information

Regional Sales Director, Transamerica Responsible for all sales and marketing of Transamerica life products in Minnesota, Wisconsin, Illinois, Iowa,

Regional Sales Director, Transamerica Responsible for all sales and marketing of Transamerica life products in Minnesota, Wisconsin, Illinois, Iowa, Regional Sales Director, Transamerica Responsible for all sales and marketing of Transamerica life products in Minnesota, Wisconsin, Illinois, Iowa, Kansas, and Missouri Proven success in growing production

More information

Thursday, April 2 2015 WRM# 15-12

Thursday, April 2 2015 WRM# 15-12 Thursday, April 2 2015 WRM# 15-12 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms. The

More information

Life Insurance: Business Applications

Life Insurance: Business Applications Infinex Financial Group located at The Milford Bank John A. Kuehnle Financial Professional 33 Broad Street Milford, CT 06460 203-783-5782 jkuehnle@infinexgroup.com http://www.milfordbank.com Life Insurance:

More information

EMPLOYEE STOCK OWNERSHIP PLANS

EMPLOYEE STOCK OWNERSHIP PLANS EMPLOYEE STOCK OWNERSHIP PLANS AN EXTRAORDINARY FINANCIAL AND EMPLOYEE BENEFIT TOOL FOR THE CLOSELY-HELD COMPANY Copyright 2015 Olson Mills Law Firm, LLC All Rights Reserved PART TOPIC PAGE INTRODUCTION...1

More information

Bank Owned Life Insurance. Kirk A. Pelikan 414-223-2529 kapelikan@michaelbest.com

Bank Owned Life Insurance. Kirk A. Pelikan 414-223-2529 kapelikan@michaelbest.com Bank Owned Life Insurance Kirk A. Pelikan 414-223-2529 kapelikan@michaelbest.com BOLI: The Basics BOLI is a life insurance policy purchased by a bank to insure the life of a certain employee. Product has

More information

Zurich Staff Legal. Experienced. Collaborative. Focused on Results.

Zurich Staff Legal. Experienced. Collaborative. Focused on Results. Zurich Staff Legal Experienced. Collaborative. Focused on Results. Staff Legal How We Deliver We are located where you need us, with more than 250 attorneys in our national network of 48 offices that cover

More information

Thursday, August 6 2015 WRM# 15-29

Thursday, August 6 2015 WRM# 15-29 ! Thursday, August 6 2015 WRM# 15-29 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms.

More information

Thursday, February 12 2015 WRM# 15-05

Thursday, February 12 2015 WRM# 15-05 Thursday, February 12 2015 WRM# 15-05 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms.

More information

Tax Guide 2014/15 South Africa

Tax Guide 2014/15 South Africa Tax Guide 2014/15 South Africa Individuals and Trusts Tax Rates 1 March 2014 to 28 February 2015 Individual Taxpayers and Special Trusts Taxable Income R0 174 550 Rate of Tax 18% of taxable income R174

More information