Life Insurance Tax Traps: Transfer for Value Rules and Entity-Owned Policies
March 22, 2021 from 12:00 – 1:00 pm Zoom Meeting Only
Life Insurance Tax Traps: Transfer for Value Rules and Entity-Owned Policies
About the program 2017 tax reform attacked the life settlement industry, causing certain transfers of life insurance to make death benefits subject to income tax. Halloween 2019 saw the issuance of final regulations, in which the transfer for value rule was completely overhauled – not just for the 2017 change. Learn the significance of these changes. We will also cover how to avoid income tax traps that exist for buy-sell life insurance issued after August 2006.
About the Speaker
Steve Gorin is a partner in Thompson Coburn LLP. Before practicing law, Steve practiced accounting for 8 years and was a partner in a local CPA firm; he still maintains his CPA license and CGMA designation For more about Steve, see http://thompsoncoburn.com/people/steve-gorin. Steve’s materials are excerpted from over 2,500 pages of a fully searchable PDF that discusses strategic income tax and estate planning issues in structuring businesses. To obtain the PDF and receive quarterly a link to the most recent version, both at no charge, go to http://www.thompsoncoburn.com/forms/gorin-newsletter or email Steve at sgorin@thompsoncoburn.com with your complete contact information.
In addition to varios formal comments Steve has written on various business planning topics for ABA RPTE or ACTEC over the years, Steve submitted his own comments on the 2019 proposed regulations to the transfer for value rule, much of which is reflected in the final regulations.
Reservation Policy
All attendees are required to register in advance. Webinar Group - Members $12 and $25 for guests. If you reserve and are unable to attend, please cancel your reservation at least 24 hours in advance of the meeting to receive a refund or a credit for a future meeting.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: Banking, CLE, CPE, CFP, L&H Insurance
EPCSTL 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 credit.
Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. Complaint resolution policy: please note your problem in the speaker evaluation.
CPE Information for CPAs
CPE Learning Objectives
How regulations revamped the rules governing transfers of life insurance policies
How to avoid income tax traps for life insurance used in buy-sell agreements
Delivery Method: Live
Earn 1 CPE Credits for this session.
Field of Study: Specialized knowledge.
Program: Intermediate
Prerequisites: There are no prerequisites or advanced preparation for this session.
Who should attend: Everyone at all levels
A certificate of completion will be available for those CTFAs, CPAs, and CWS designees who feel the program satisfies their continuing education requirements.
CFP Learning Objectives
How regulations revamped the rules governing transfers of life insurance policies
How to avoid income tax traps for life insurance used in buy-sell agreements
Click HERE for the EPCSTL New Member Application
