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Jamie Hopkins and Steve Parrish discuss the concept of split dollar life insurance, a planning technique known among financial advisors and students. Split dollar life insurance refers to a strategy where one party has a need for life insurance while another party has the financial capacity to pay for it. Historically, it was widely utilized for retirement, death benefit, and estate planning until the IRS intervened in 2003 due to its excessive use. The discussion aims to clarify the fundamentals of split dollar life insurance for those less familiar with the concept, particularly those not coming from insurance or business planning backgrounds.