Estate and Elder Law

Recent Posts

Troutman Sanders LLP: New York AG Expands Life Insurance Industry Probe
Posted on 18 Aug 2011 by Troutman Sanders

New York Attorney General Eric Schneiderman has issued subpoenas to at least nine leading life insurers to examine whether the firms have adequately ensured payouts on policies of deceased customers. The investigation is believed to encompass three... Read More

Recent Guidance on Life Insurance Payments in the Form of Viaticals
Posted on 16 Feb 2011 by Rufus v. Rhoades & Alexey Manasuev

The Background A "viatical" is a contractual arrangement in which an investor buys a life insurance policy from an insured (or, perhaps, another) for a negotiated purchase price. The investor generally continues to pay the premiums on the... Read More

The Rise of Stranger-Originated Life Insurance Lawsuits
Posted on 16 Dec 2011 by Brian T. Casey and Rachel B. Coan

In this Analysis, Brian T. Casey and Rachel B. Coan focus on "stranger-originated life insurance" or "STOLI"-- in which a life insurance policy is originated primarily or solely for the purpose of resale. They chronicle how the... Read More

Minor children? Here are the steps you need to take to protect them
Posted on 8 Feb 2013 by karplaw

The importance of life insurance for parents with young children cannot be overstated. However, insurance is just one part of the story. To ensure your child's financial security, you need to properly plan for how the proceeds will be distributed... Read More

Creditor Protection & Life Insurance
Posted on 27 May 2010 by David R. Schoenhaar

Evaluation of creditor risk and the development of a strategy for acquiring creditor protected assets is an essential element of every good estate plan. In an effort to provide financial security for a loved one upon death, certain creditor protection... Read More

Avoiding a Variable Universal Life Insurance Implosion
Posted on 11 Jan 2010 by Aaron Skloff

Most people purchase life insurance to protect their family when they passed away. Unlike term, universal or whole life insurance, where there is no financial market risk component, Variable Universal Life insurance (VULI) is subject to financial market... Read More

Tracking Down and Collecting Unclaimed Life Insurance
Posted on 29 Mar 2011 by Marc J. Soss

The most basic purpose of having a life insurance policy is to provide some assistance for loved ones when you die. Wealthier people sometimes use life insurance for estate planning , while most people expect the policies on which they have paid premiums... Read More

Troutman Sanders LLP: New York AG Expands Life Insurance Industry Probe
Posted on 18 Aug 2011 by Troutman Sanders

New York Attorney General Eric Schneiderman has issued subpoenas to at least nine leading life insurers to examine whether the firms have adequately ensured payouts on policies of deceased customers. The investigation is believed to encompass three... Read More

The Rise of Stranger-Originated Life Insurance Lawsuits
Posted on 16 Dec 2011 by Brian T. Casey and Rachel B. Coan

In this Analysis, Brian T. Casey and Rachel B. Coan focus on "stranger-originated life insurance" or "STOLI"-- in which a life insurance policy is originated primarily or solely for the purpose of resale. They chronicle how the clash... Read More

IRS Adds Flexibility to Trusts
Posted on 13 Dec 2011 by Patricia Tyler

As estate planning practitioners are well aware, IRC Section 2042 includes in the gross estate: insurance proceeds on the life of the decedent receivable by the executor; and insurance proceeds on the life of fhe decedent received by others... Read More

IRS Adds Flexibility to Trusts
Posted on 13 Dec 2011 by Patricia Tyler

As estate planning practitioners are well aware, IRC Section 2042 includes in the gross estate: insurance proceeds on the life of the decedent receivable by the executor; and insurance proceeds on the life of fhe decedent received by others, where... Read More

What Does the Debt Deal Debacle Mean to your Life Insurance Coverage?
Posted on 12 Aug 2011 by Deirdre R. Wheatley-Liss

Many are feeling this week how the congressional quagmire has impacted their portfolios. One other impact that many may be unaware of is that the downgrade of US credit rating has changed the credit rating of major life insurance companies (see below... Read More

Combination Long-term Care Products
Posted on 12 Mar 2010 by Lisa Johnson

A recent Financial Planning Magazine article discusses new tax laws that may increase the popularity of combining life insurance and annuities with long-term care insurance. Long-term care ("LTC") insurance sales have been in a decline... Read More

Recent Guidance on Life Insurance Payments in the Form of Viaticals
Posted on 16 Feb 2011 by Rufus v. Rhoades & Alexey Manasuev

The Background A "viatical" is a contractual arrangement in which an investor buys a life insurance policy from an insured (or, perhaps, another) for a negotiated purchase price. The investor generally continues to pay the premiums on the... Read More

How to Coordinate Your Life Insurance with Your Estate Plan
Posted on 24 May 2012 by karplaw

Life insurance can be a powerful tool in your estate plan . It can be relied on to help your surviving spouse or heirs when you're gone. If your estate is taxable, life insurance may be used to pay estate taxes and other expenses. As with any aspect... Read More