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Life Insurance Settlements: Why Clients Don’t Have to Die or Be Terminally Ill to Get Value
Contains material from Sep 2023
Life Insurance Settlements: Why Clients Don’t Have to Die or Be Terminally Ill to Get Value
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Gain insight into why clients purchase life insurance and confirm that life insurance is an asset that (i) requires and can benefit from active management as the contract matures, (ii) can be sold similar to other financial assets and (iii) may have a value to the policyowner that is significantly greater than the cash surrender value. Review the various types of insurance commonly used in estate planning, the evolution of universal life insurance that has contributed to the development of the life settlement market, the tax treatment of life settlements should a policy be sold in a life settlement, options for working with a life settlement for clients who need additional funds for retirement and a discussion of trust owned life insurance and how the life settlement option is of particular importance for fiduciaries to understand to avoid potential liability for a policy surrender or lapse.
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Life Settlements: Why Clients Don’t Have to Die or Be Terminally Ill to Get Value from Their Life Insurance (Sep 2023)
Tama Brooks Klosek
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Session 1 —44 mins
Life Settlements: Why Clients Don’t Have to Die or Be Terminally Ill to Get Value from Their Life Insurance (Sep 2023)
Gain insight into why clients purchase life insurance and confirm that life insurance is an asset that (i) requires and can benefit from active management as the contract matures, (ii) can be sold similar to other financial assets and (iii) may have a value to the policyowner that is significantly greater than the cash surrender value. Review the various types of insurance commonly used in estate planning, the evolution of universal life insurance that has contributed to the development of the life settlement market, the tax treatment of life settlements should a policy be sold in a life settlement, options for working with a life settlement for clients who need additional funds for retirement and a discussion of trust owned life insurance and how the life settlement option is of particular importance for fiduciaries to understand to avoid potential liability for a policy surrender or lapse.
Originally presented: Aug 2023 Estate Planning, Guardianship and Elder Law Conference
Tama Brooks Klosek,
Klosek & Associates PLLC - Houston, TX