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Life Insurance in Estate Plans: Utilizing Overlooked Benefits and Avoiding Missteps

Diversification, Liquidity, Funding Buy-Sell Agreements, Providing Long-Term Care

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
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Monday, June 17, 2024

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

(Alert: Event date has changed from 6/19/2024!)

Early Registration Discount Deadline, Friday, May 24, 2024

or call 1-800-926-7926

This webinar will explore multiple estate planning opportunities utilizing life insurance. Our panel of seasoned life insurance and estate planning experts will explain the distinctions between the types of policies available, making gifts to fund life insurance trusts, and buy-sell considerations in light of the Connelly case, as well as point out advantageous uses of life insurance in estate plans that are often missed.

Description

Life insurance is a significant component of most estate plans. And although a life insurance policy might not be the first planning vehicle that comes to mind when crafting an estate plan, it might be the most flexible. Policies can be used as savings vehicles, for diversification, liquidity, and to fund buyouts. In certain states, these policies are protected from creditors. Seemingly minor mistakes, though, can reap hazardous results. If not structured and held properly, the death benefits of a life insurance policy could be included in an estate.

The U.S. Supreme Court is currently reviewing Connelly v. United States. Family businesses routinely purchase life insurance on shareholders' lives to provide cash to buy out aging shareholders. Contrary to the Eleventh Circuit, the Eighth Circuit, where Connelly was decided, ruled that these life insurance proceeds increase a company's value and, hence, the estate value of the deceased shareholder.

In addition to the complexities of inclusion issues, advisers must weigh the nuances of numerous policy choices, including whole, universal, term, and split dollar. Many life insurance policies offer an LTC rider, which is often overlooked when it should be considered. Understanding the characteristics and taxability of life insurance is a duty of trust and estate professionals.

Listen as our panel of life insurance specialists shares their technical expertise by providing examples and strategies for maximizing benefits and tax savings when coupling life insurance with estate planning.

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Outline

  1. Utilizing life insurance in estate plans: introduction
  2. The importance of policy audits
  3. Gifts to fund life insurance trusts
  4. Valuation of life insurance policies for gift tax purposes
  5. Split-dollar life insurance plans
  6. Buy-sell planning: Connelly case
  7. Review of life insurance products used in estate planning
  8. Life insurance with LTC insurance riders

Benefits

The panel will review these and other critical issues:

  • Resolving common estate planning issues with life insurance
  • Missteps that could cause inclusion of life insurance proceeds in an estate
  • The importance of policy audits
  • Using life insurance products in estate planning
  • Life insurance considerations for business buy-sell agreements in light of Connelly

Faculty

Bridgers, Griffin
Griffin H. Bridgers

Member
Hutchins & Associates

Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate...  |  Read More

Slavutin, Lee
Lee J. Slavutin, MD, CLU, AEP (Distinguished)

MD, CLU, AEP (Distinguished)
Stern Slavutin 2

Mr. Slavutin has been in the life insurance business since 1983. Born in Australia, he practiced as a surgical...  |  Read More

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