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How to Convert Split Dollar Agreement

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In this segment, Jamie Hopkins and Steve Parrish discuss split dollar life insurance, a planning technique used primarily for retirement, death benefit, and estate planning. Split dollar refers to an arrangement where one party has a financial need while another has the means to cover it. Although familiar to many students and advisors, there are those who may not fully understand it, especially if they lack experience in insurance or business planning. The discussion highlights how, prior to 2003, split dollar life insurance was widely utilized. However, the IRS intervened, indicating that the practice had become overly common, leading to the introduction of new regulations.

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Can there be 2 owners of a life insurance policy?

Some life insurance policies insure two insureds, usually husband and wife, payable only at the death of the survivor. So, you can have a single life insured or you can have multiple lives insured, but every policy has an insured or insureds.

How is collateral assignment used in a life insurance contract?

Collateral assignment of life insurance is a method of providing a lender with collateral when you apply for a loan. In this case, the collateral is your life insurance policys face value, which could be used to pay back the amount you owe in case you die while in debt.

How does a variable life insurance policy work?

Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash-value account with money that is invested, typically in mutual funds. As a permanent life insurance policy, variable life insurance pays a death benefit to your beneficiaries when you die.

How do you divide life insurance?

The death benefit is divided equally across each segment (or branch) of the family. Bart has 4 children and dies before you. Lisa would receive 50% of the payout and each of Barts children would receive 12.5%. The death benefit is divided equally across each person that is eligible to receive a payout.

How do you split life insurance beneficiaries?

You can usually split the benefit among multiple beneficiaries as long as the total percentage of the proceeds equal 100 percent. Some people name a trustworthy adult their spouse, for example and rely on their judgment to consider giving money to benefit other family members or loved ones.

Can you split a life insurance policy?

Life insurance policies can be split in several ways, depending on the type of policy you have. Most policies include equity, or cash value. In some cases, the cash value, as well as the death benefit, can be considerably large.

Can I legally split the benefits of a life insurance policy with two others with no tax implications?

You, the beneficiary, cannot specify or change who the beneficiaries are. If you want to share your inheritance with your siblings, you are free to do so. Yes, you are making a gift to each one of them. Depending on the size of the policy, you may not have any tax concerns.

How do you split life insurance policies in a divorce?

The most equitable thing to do is to list the life insurance policy, including its cash value, among the marital assets to be divided. In a divorce in which assets are divided evenly, this means each spouse leaves the marriage with half the cash value from the policy.

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Convert Split Dollar Agreement