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About An Estate Planner's Guide to Life Insurance
Written especially for the lawyer and financial professional who works with clients on estate and financial planning, this clearly written guide by Louis A. Mezzullo reviews the critical role of life insurance in the estate plan, the many types of products available, and the income and tax consequences of each life insurance option, as well as irrevocable life insurance trusts. This updated edition now features a discussion of the new rules that apply to split-dollar arrangements and recent IRS rulings on grantor trusts.
This book offers an overview of the use of life insurance for estate planning purposes. It assumes no prior knowledge of life insurance, providing definitions of key terms, descriptions of policies and plans, and important issues to consider in assessing what is best for your client. An Estate Planner's Guide to Life Insurance covers such fundamental issues as:
How life insurance can replace income and provide ready cash at a crucial time
Ways life insurance proceeds can be used to sustain a business
What riders are and when they are beneficial
The difference between term and whole life insurance
Special considerations for employer-provided insurance
Essential facts you must obtain from clients regarding current insurance policies
Tax advantages including exclusion from gross income tax
Irrevocable life insurance trusts are an important tool for the estate planner to use. This book explains the planning considerations involved in a number of common circumstances, how to qualify for the annual exclusion, the range of tax consequences to the beneficiaries, and drafting considerations. To help you effectively draft an irrevocable life insurance trust, the book features the following forms:
Irrevocable Life Insurance Trust Agreement Designed to Hold Policies on the Life of the Grantor
Irrevocable Life Insurance Trust Agreement Designed to Hold a Last-to-Die Policy on the Life of the Grantor and His or Her Spouse
Cover Letter Explaining Use of Irrevocable Life Insurance Trust
