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In this video, Jamie Hopkins and Steve Parrish discuss the concept of split dollar life insurance, a planning technique often utilized by both students and advisors in the insurance and business planning fields. They explain that "split dollar" refers to a scenario where one party has a need for life insurance, while another party has the financial resources to pay for it. Historically, split dollar life insurance was widely used for retirement, death benefit, and estate planning until 2003, when the IRS imposed regulations due to its frequent use. The discussion aims to clarify the fundamentals of split dollar life insurance for those unfamiliar with the concept.