Life Insurance – Practical Planning Ideas for Late 2020

This webinar will discuss practical life insurance planning ideas for the last part of 2020. With the prospects of a change in administration in Washington (or not) that could result in dramatically different transfer and income tax rules, what should practitioners advise clients now? This program will discuss: Decanting existing “old-style” ILITs into long term trusts and allocating GST exemption; Using life insurance with SLATs that are so popular a tool now to hedge mortality risk; Pre-funding ILIT’s to anticipate tax law changes to cap annual gift exclusions; Reduction in gift tax exemption and what it means to insurance planning; TOLI – check policy funding, especially interest-sensitive UL and WL; Expect crediting interest rates and dividends to decrease over the next 2 years and what to do about it; Fund ILITs before year-end to cure underfunded policies; Benefits of lump-sum gifts now; using GRATs that feeds into ILITs and why now is an opportune time for this techniques; GRATs are unique for 2020. What role does insurance play? Split-dollar insurance loans – lock in the low-interest rates of about 1.1% for 30 years; Pay attention to COMDEX score and financial ratings; COVID 19 pressure on insurance companies (low-interest rates and increased mortality risks); Event cancellation and business interruption claims; New CFP Board Practice Standard related to life insurance Reg BI, perhaps; Disability Underwriting during COVID; Life Underwriting during COVID; Expected changes in IUL; and Undisclosed bonuses, leverage, etc to make products illustrate better

Speakers: Richard Harris, CLU, AEP; Steven S. Zeiger, CEBS, TEP, Lee Slavutin, MD, CLU, AEP and Martin Shenkman, Esq.