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: buy-sell 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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 24, 2021.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.5
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Ashok S. Ramji
TOP Planning LLC
- TOP Planning LLC
- Focuses on life insurance, annuities, long-term care, and investment management
- Member of the Society of Financial Service Professionals, The Investments & Wealth Institute, and Ed Slott’s Elite IRA Advisor Group
- Designations include CFP™, RMA®, CLU®, ChFC®, and RICP®
- Can be contacted at 877-234-PLAN or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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