This webinar is co-sponsored by the Society of Financial Service Professionals and the American Cancer Society
As recently as 1997, the lifetime exemption from estate taxes was just $600,000 per spouse, with a top tax rate of 55 percent. For couples owning estates in excess of $1.2 million, life insurance provided an economical solution to paying those taxes, especially when arranged within an irrevocable life insurance trust (ILIT). However, with the introduction of the 2011 inflation-adjusted $10 million combined portable gift/estate lifetime exemption—and a more than doubling (after inflation) of that exemption in 2018 ($22.8 million currently)—many grantors have questioned the need to keep those trusts and underlying life insurance policies. This presentation will focus on the issues and decisions necessary for grantors and their fiduciary trustees to evaluate whether to fund and retain the life insurance—and the encapsulating trust – or to otherwise dispose of the trust and underlying life insurance.
Attendees will learn how to evaluate:
- Whether there is an ongoing need for death benefit - considering today’s exemption versus the potential for lower exemption thresholds when the current law is set to sunset and revert to an inflation-adjusted $10 million per couple beginning 2026;
- The likelihood current premium funding would sustain trust-owned life insurance regardless of timing of death;
- In disposition, the options for winding down an ILIT, and then liquidating, annuitizing, or donating life insurance policies;
- The opportunities to transform unneeded life insurance into an asset class investment.
Richard M. Weber, MBA, CLU, AEP (Distinguished) is President and primary consultant for The Ethical Edge, Inc., providing fee-only insurance analytics and consulting services to family offices and high net worth individuals. Holding an M.B.A. from the University of California at Berkeley with a specialty in Insurance and Finance, he has served as Adjunct Professor of Ethics at the American College in Bryn Mawr, Pa., Senior Adjunct Professor of Risk and Insurance in California Lutheran University’s MBA program, and has been on the faculty of Texas Tech University’s PFP degree program. His book, Life Insurance as an Asset Class - A Value-added Component of an Asset Allocation - co-written with Christopher Hause, FSA, MAAA - was honored with a 2008 Best Paper Award from the Academy of Financial Services. Dick Weber was the 2008 recipient of the Society of FSP’s Kenneth Black, Jr. Leadership Award recipient, and in 2009, Dick was elected to the NAEPC Estate Planning Hall of Fame and selected to receive the Distinguished Accredited Estate Planner award. Dick was the 2012-2013 President of the Society of Financial Service Professionals.
Steve Parrish, JD, RICP, CLU, ChFC, RHU, AEP is the Director of the New York Life Center for Retirement Income at The American College, where he also serves as an Adjunct Professor. He is also a Program Director and Adjunct Professor at Drake University Law School. With 40 years’ experience as an attorney and financial planner, Parrish frequently addresses the challenges of business owners and executives nationwide. Parrish is an expert on business owner estate and financial planning, including buy/sell agreements and exit planning as well as executive compensation. He is a recognized industry authority, spokesperson and author serving as an ongoing columnist for both Forbes.com and the Journal of Financial Service Professionals. Parrish has served as an expert source for such prominent media outlets as InvestmentNews, MarketWatch, Wall Street Journal Radio, HR Magazine, and the Journal of Financial Planning. He is also an Associate Editor of the Journal of Financial Service Professionals. In addition, he is a sought-after speaker with bar associations, estate planning councils and state AICPA meetings. He has addressed such financial service organizations as MDRT, Association for Advanced Life Underwriting, and Society of Financial Service Professionals. Parrish also addresses numerous business organizations nationwide. Parrish was employed at The Principal Financial Group from February 1997 until June 2015, and began teaching at Drake University in 2015. Prior to that, he served as vice president, marketing services for Amerus Life Insurance Company. He began his career as an attorney and advanced sales director in Minneapolis. He became a financial planner and agent in Atlanta, where he was a co-owner of Walker Parrish Financial Group. Steve received his B.A., Cum Laude, from Saint Olaf College and his Juris Doctor degree from the William Mitchell College of Law.
1 CFP® credit has been applied for.
1 CLE (legal) credit has been applied for in those states that accept the webinar format for credit. Click here for CLE approvals.
(CLE credit is not eligible for: AK, CT, DC, IN, HI, KS, MD, MA, MI, MN, NV, NJ, OH, PA, RI, SD)
1 Professional Recertification credit (formerly PACE) is available.
$5.00 fee for CE credit processing (fee is waived for FSP Premier Members). You must participate in the live webinar in order to earn CE credits.
Registration Fee (includes PowerPoint and access to the archived program)
||FSP Premier Members
*This webinar is free for all attendees due to the sponsorship by the American Cancer Society.
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