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Credits: 10

Qualifies For: IRS

$150

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Credits: 10

Qualifies For: IRS

$165
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Estate and Business-Succession Planning Using Life Insurance (ESLI)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    10
  • Qualifies for

    IRS CPE

Overview

The purpose of this course is to enable the CPA to advise clients on choices of life insurance product design for their personal accumulation and estate-planning needs as well as for their business needs, including compensation and business succession planning. Full coverage is given to the equity split-dollar rules.

Major Topics:

  • The types of life insurance products available and suitable for specific uses
  • The income, estate, gift, and generation-skipping transfer tax advantages uniquely afforded to life insurance products
  • How to design the efficient transfer of wealth through life insurance trusts
  • The use of life insurance to create liquidity for the estate of a closely held business owner
  • How to use life insurance in the compensation plan to provide benefits to owners and other key employees.
  • The use of "split dollar" life insurance, the exciting opportunities provided by private split dollar coverage, and the new proposed regulations
  • How to design an effective transfer plan for a closely held business through insured buy-sell agreements
  • How to use life insurance to enhance a family limited partnership
  • How to extract the "living" benefits of a life insurance policy on a tax-favored basis
  • How to use life insurance in a charitable giving plan
  • Case study applications for advanced life insurance planning
  • The use of dynasty trusts to create multi-generation wealth accumulation and transfer

Learning Objectives

  • Describe when each type of life insurance is appropriate
  • Discuss lapse and loan provisions and dividend and settlement options
  • Explain how the services that rate life insurance companies determine their ratings, and what other characteristics are critical to selecting the appropriate insurance product
  • Describe the general income tax consequences applying to life insurance policies
  • Identify the methods for converting a life insurance policy for its cash value
  • Explain the specifics of a tax-free exchange of a life insurance policy
  • Describe policy transfers and the exceptions to the transfer-for-value rule
  • Summarize the gift, estate, and generation-skipping transfer tax rules related to life insurance policies
  • Describe the contractual testamentary transfer of life-insurance death proceeds at an insured's death and identify some of the potential pitfalls that might present a trap for the unwary planner
  • Identify the factors in determining who should own or be designated beneficiary of life insurance policies, and the issues peculiar to various persons
  • Describe the kind of needs analysis that one must consider when planning for the high-net-worth client
  • Explain the planning and structural considerations endemic to irrevocable life insurance trusts (ILITs)
  • Identify in-depth the advantages and disadvantages of providing life insurance to recruit and retain employees
  • Describe group-term and split-dollar policies, their respective tax treatments, and the "portability" of each
  • Explain how carve-out coverage can be combined with a group-term, split-dollar, or §162 bonus plan
  • Summarize the uses of life insurance in qualified plans, which types of plans allow it, and other rules that apply
  • Explain the importance of life insurance to business planning
  • Identify the types and tax treatments of key-person coverage
  • List the various structures of buy-sell agreements and summarize the issues associated with them
  • Identify the benefits of a dynasty trust, as well as the effects of life insurance in such a trust
  • Describe the advantages of using life insurance for charitable giving and in a charitable wealth-replacement trust
  • List and explain the uses of private split-dollar plans, life insurance in a family limited partnership (FLP), and intentionally defective grantor trusts (IDGTs)
  • Review a comprehensive case study

Who should take this course:

Designed for:

Prerequisite:

None

Advanced Preparation:

None

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