Senior Counsel Larry Brody will present, “The Often Overlooked/Misunderstood Federal Income Taxation of Life Insurance Policies,” at an upcoming Estate Planning Council of St. Louis event on October 7.
The program will include a review and analysis of:
- The definition of a “life insurance policy” as well as a “modified endowment contract” for Federal income tax purposes.
- Federal income taxation of dealing with the policy cash value, including borrowing, withdrawing, surrendering, or selling the policy.
- Income tax-free exchange of one policy for another.
- Federal income tax consequences of how the death benefit of a life insurance policy is taxed to the beneficiary.
Following the event, practitioners be able to recognize the Federal income taxation issues raised by the life insurance policies owned by their clients. That will mean recognizing how clients access the policy cash value of their policies, and the Federal income tax consequences of such arrangements, how the death benefit of a policy is taxed from an income tax point of view to the beneficiary, and which kinds of policies can be exchanged tax-free for other policies.
Additional program details can be found on the Estate Planning Council of St. Louis page here.
Lawrence is the author or co-author of numerous articles and books on the use of life insurance in estate and employee benefit planning, a frequent speaker, and is a Fellow with the American College of Trust and Estate Counsel (ACTEC). He is also an emeritus member of the Advisory Committee for the Philip E. Heckerling Institute on Estate Planning (University of Miami School of Law), and a member of the Editorial Board of the Society of Financial Service Professionals CLU Journal.
He received the designation of Accredited Estate Planner by the National Association of Estate Planners and Councils and was one of ten individuals awarded its Distinguished Accredited Estate Planner designation in the initial class (2004). Lawrence has been ranked Band 1 in the Private Wealth Law Section of Chambers High Net Worth Guide and was named a Distinguished Law Alumni by Washington University School of Law in 2012.
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About Estate Planning Council of St. Louis
The Estate Planning Council of St. Louis promotes a multi-disciplinary team approach to estate planning and increases the knowledge and skills of its members in the field of estate planning by…
Sponsoring the highest quality continuing education programs with speakers of national prominence in their field, and by offering its members opportunities to network with highly qualified attorneys, accountants, trust officers and financial advisors with common professional interests in service to their clients.
