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The End of Life for Insurance in the Estate Plan—Death Benefit, Surrender, Lapse or Settlement?
Trusts & Estates Section
Credit(s):
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Participatory MCLE Credits
The presentation is entitled: “The End of Life for Insurance in the Estate Plan—Death Benefit, Surrender, Lapse or Settle?”.
The presentation seeks to review why wealthy clients purchase life insurance and to confirm that life insurance is an asset that requires and can benefit from active management as the contract matures. The presentation reviews the various types of insurance commonly used in estate planning, the evolution of universal life insurance that has contributed to the development of the life settlement market, the tax treatment of life settlements should a policy be sold in a life settlement, options for working with a life settlement for the client with charitable intent or for charitable organizations owning life insurance and a discussion of trust owned life insurance and how the life settlement option is of particular importance for fiduciaries to understand to avoid potential liability for a policy surrender or lapse.
The learning goals of the presentation are:
To review and consider how life insurance complements an estate plan and at what point it may make sense to consider exiting a contract.
To provide education regarding the life settlements market which has evolved from a somewhat sordid past focused on viatical settlements to be a vibrant sophisticated market fueled by multi-billion investment funds.
To confirm a life settlement, if approached correctly with proper education and information about the market, can allow for wealthy clients to exit life insurance contracts (including trust owned contracts) that are no longer desired or advisable on a favorable basis.
1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Participatory MCLE Credits
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