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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax and Accounting

Date & Time
  • event Date

    Monday, June 17, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

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.

Faculty

Slavutin Lee
Shareholder
Stern Slavutin 2, Inc

Mr. Slavutin has been in the life insurance business since 1983. Born in Australia, he practiced as a surgical pathologist until he came to New York as the chief resident in pathology at Lenox Hill Hospital where he worked as a staff pathologist until changing his career. Mr. Slavutin's unique medical qualifications are an important part of his specialty, which is serving high net worth individuals seeking substantial life insurance policies. He is a well-known public speaker and educator for the legal and accounting professions including the American Law Institute/American Bar Association and the American Institute of Certified Public Accountants.  Mr. Slavutin has written and published over 150 articles on the complex legal and technical aspects of securing life insurance for estate tax planning. His text book published by Thomson Reuters, A Guide to Life Insurance Strategies, is in its 11th edition. He has served as a director of the Association of Advanced Life Underwriters and the Estate Planning Council of New York. Mr. Slavutin is on the editorial advisory board of Tax Hotline and is a member of the CCH Estate and Financial Planning advisory board. He testified before the New York State Senate in 1990 and worked with the United States General Accounting Office on the effectiveness of the insurance company rating firms.

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Bridgers Griffin
Shareholder
Hutchins & Associates, LLC

Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.

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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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify key differences in types of life insurance policies
  • Determine when life insurance with a LTC component could be a worthy choice
  • Decide estate planning techniques utilizing life insurance policies
  • Ascertain specific actions that cause inclusion of life insurance proceeds in an estate

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).