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Live Webinar

90-minute live streaming program
  • June 24
  • 1:00 - 2:30 pm EST

A Practical Guide to Using Life Insurance in Business Planning

June 24

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.

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.

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Why Lorman?

Over 34 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 34 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

Live Webinar Registration

  • CFP (Pending)
     
  • Acceptance for CE credit is pending with the Certified Financial Planner Board of Standards, Inc.
     
  • 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.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. 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 1.5
     
  • 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: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 5.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • 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 program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Business Management and Organization 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for attorneys, accountants, CPAs, business owners and managers, insurance professionals, presidents, vice presidents, financial and estate planners, enrolled agents, bankers, and trust officers.

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More Program Information

Why Lorman?

Over 34 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

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 34 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
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Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
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* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 407356
Published 2021
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