The Often Overlooked/Misunderstood Federal Income Taxation of Life Insurance Policies
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The Often Overlooked/Misunderstood Federal Income Taxation of Life Insurance Policies
Date: Monday, October 7, 2024
Time: 11:45am - 1:00pm
Location: Saint Louis Club 7676 Forsyth Blvd., Clayton, MO 63105
Speaker: Lawrence Brody, Harrison LLP
About the presentation:
This presentation focuses on the Federal income taxation of life insurance. It will include a review of the definition of a “life insurance policy” as well as a “modified endowment contract” for Federal income tax purposes. The presentation will also review and analyze the Federal income taxation of dealing with the policy cash value, including borrowing, withdrawing, surrendering, or selling the policy. It will also review the income tax free exchange of one policy for another and will analyze Federal income tax consequences of how the death benefit of a life insurance policy is taxed to the beneficiary.
To register for this session, go to www.epcstlouis.org and click the link for the session.
CPA's - CPE Credit Note: To be awarded the full credits, you must be responding to three out of the four polling questions asked during the program on ZOOM.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: CTFA, CLE, CPE, CFP
CPE Information for CPAs
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will:
Learning Objectives:
Upon completion of this course, you should be able to:
Upon completion of this course, participants should be able to recognize the Federal income taxation issues raised by the life insurance policies owned by their clients. That will mean recognizing how clients access the policy cash value of their policies, and the Federal income tax consequences of such arrangements, how the death benefit of a policy is taxed from an income tax point of view to the beneficiary, and which kinds of policies can be exchanged tax free for other policies.
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Additional Information:
Delivery Method: Group Live/Group Internet Based
Program Level: Basic
Pre-requisite: NONE
Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics?
Refunds and Cancellations: All attendees are required to register in advance. If you reserve and are unable to attend, please cancel your reservation at least 3 working days in advance of the meeting to receive a refund or a credit for a future meeting. For more information regarding refund, complaint, and/or program cancellation policies please contact our offices at 314-520-3564.
Estate Planning Council of St. Louis 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.nasbaregistry.org.
National Registry of CPE Sponsors Number 109467
CTFA
CTFA 1.25 CE credit
CFP
Upon completion of this course, you should be able to:
Upon completion of this course, participants should be able to recognize the Federal income taxation issues raised by the life insurance policies owned by their clients. That will mean recognizing how clients access the policy cash value of their policies, and the Federal income tax consequences of such arrangements, how the death benefit of a policy is taxed from an income tax point of view to the beneficiary, and which kinds of policies can be exchanged tax free for other policies.
About the Speaker:
Lawrence Brody is Senior Counsel at Harrison LLP, resident in its St. Louis office and is a member of the Missouri bar. He retired as an Adjunct Professor at Washington University School of Law, after fifty years of teaching Estate Planning and Drafting. He is a visiting Adjunct Professor at the University of Miami Law School, teaching a course on Life Insurance. He is the author or co-author of numerous articles and books on the use of life insurance in estate and employee benefit planning, including two BNA Tax Management Portfolios, two books for the National Underwriter Company, and a number of volumes in the ABA Insurance Counselor Series.
Mr. Brody has been a frequent presenter for ALI-CLE estate planning programs, Society of Financial Professionals programs, major life insurance industry programs (including the MDRT, LIMRA, the Top of the Table, AALU and the International Forum), the Heckerling Institute, the Notre Dame Estate Planning Conference, the Southern Federal Tax Institute, the NYU Tax Institute, the NAEPC Annual Meeting, and regional and annual ACTEC conferences.
Mr. Brody is a member of The American College of Trust and Estate Counsel (ACTEC), an emeritus member of the Advisory Committee for the Philip E. Heckerling Institute on Estate Planning (University of Miami School of Law), and a member of the Editorial Board of the Society of Financial Service Professionals CLU Journal. He received the designation of Accredited Estate Planner by the National Association of Estate Planners and Councils and was one of ten individuals awarded its Distinguished Accredited Estate Planner designation in the initial class (2004). He has been named in the Private Wealth Law Section of Chambers High Net Worth Guide. Mr. Brody was named a Distinguished Law Alumni by Washington University School of Law in 2012.
