Equity split dollar life insurance under attack by IRS

Article Abstract:

The IRS ruled that any increase in equity split dollar life insurance cash surrender value should be added to the employee's income tax and that transferring the surrender value to a trust constituted a taxable gift on Jan 26, 1996. These decisions are based on IRC section 83. The ruling reduces the value of split dollar insurance for building equity but the use as inexpensive death protection remains and other planning methods are likely that will avoid this ruling.

Laws, regulations and rules, Employee benefits, Split-dollar life insurance, Split dollar life insurance

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The extent of U.S. bank insurance powers and activities

Article Abstract:

Insurance companies have begun to work with the banking industry to market and develop new types of insurance products, since many US banks are already selling insurance and annuity policies. Almost 50% of the bank-based insurance operations are owned by independent agents, and generally, many agents welcome this new alliance. Banks sell over 30% of new annuities, while bank sales of life insurance policies have become an area of major sales growth.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Annuity Insurance, Banking industry, Innovations, Finance, Banks (Finance), Insurance industry, Annuities

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