A Practical Guide to Using Life Insurance in Business Planning

$199.00

SKU: 407356

Description

Gain an understanding of how life insurance can be utilized purposefully to accomplish a business goals and objectives.
Many entrepreneurs and executives have heard of life insurance being utilized for business planning but why? What is it about life insurance that differentiates it from other asset classes? Are those strategies still relevant today with interest rates and tax rates both at historic lows? What are those different strategies and how can they be used to accomplish a businesses goals and objectives? This topic will start with an overview of life insurance in the business planning context. Businesses must optimize costs to better manage the bottom line, and so life insurance costs and charges will be considered. Since businesses have different legal structures, we will look at various plan designs. Finally, three realms of business planning will be explored in depth buysell agreements, key person, and executive benefit arrangements. This information will provide you with a better appreciation for different planning strategies overall and hopefully you will come away with some good ideas to consider implementing.

Date: 2021-06-24 Start Time: 1:00 PM ET End Time: 2:30 PM ET

Learning Objectives

* You will be able to discuss how the legal structure of different business entities affects income taxation and planning opportunities.

* You will be able to explain how life insurance can be utilized purposefully to accomplish a business goals and objectives.

* You will be able to identify when an employee or the employer should own a life insurance policy and receive its benefits.

* You will be able to recognize the differences between the three primary types of executive benefit arrangements.

Life Insurance for Business Planning and the Current Landscape
• Different Types of Permanent Cash Value Life Insurance: Whole Life, Universal Life, Variable
• Costs of Insurance, Policy Charges, and Premium Loads and Comparisons Across Contracts
• Impact From Changes to Section 7702 of the Internal Revenue Code

Business Entity Selection and Tax Implications
• Differing Business Entity Selection: Sole Props, Partnerships, LLCs, Corporations
• Tax Differences of Business Entity Selection
• Specific Thoughts Post-Tax Cuts and Jobs Act and Impact of Contemplated Legislative Proposals

Buy-Sell Arrangements
• Differing Forms: Entity Purchase Versus Cross Purchase
• Differing Applications: i.e., Death, Disability, Divorce, Discord
• How Life Insurance Is Unique as a Funding Mechanism

Key Person
• General Background and Purpose
• How to Determine the Face Amount
• Ramifications of Employer-Owned Life Insurance and Obtaining Employee Consent

Executive Benefit Arrangements
• Section 162 Bonus Plans/Restrictive Executive Bonus (REBA)
• Non-Qualified Deferred Compensation/SERP
• Split-Dollar Plans

CFP (Pending) ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Ashok S. Ramji-TOP Planning LLC