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How to Save Split Dollar Agreement in PPR

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Jamie Hopkins and Steve Parrish discuss split dollar life insurance, a planning technique familiar to many advisors and students in the insurance and business planning fields. The term "split dollar" refers to a scenario where one party has a need (for life insurance) and another has the financial capability to cover the costs. Historically, split dollar life insurance was widely utilized for retirement, death benefit, and estate planning. However, following a regulatory change by the IRS in 2003, which addressed potential overuse of this strategy, its application underwent significant scrutiny.

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Is split dollar life insurance still a fringe benefit?

An insured person may enter into an arrangement with family members or a trust for the familys benefit, but most split-dollar plans involve a fringe benefit program in which an employer assists an employee in purchasing an insurance policy on the life of the employee for the benefit of the employees family.

What is a split dollar plan?

A split-dollar life insurance plan is an agreement between an employer and an employee in which they hold joint ownership of a permanent cash-value life insurance policy, including its benefits and premiums.

Is a split dollar plan a qualified retirement plan?

The Bottom Line Like many non-qualified plans, split-dollar arrangements can offer several benefits as a financial tool for employers looking to provide additional benefits to key employees.

Are split dollar premiums tax deductible?

If the employer is the owner of the split-dollar policy, the employers premium payments are treated as providing taxable economic benefits to the executive.

What are the two types of split dollar plans?

There are 2 types of split dollar plans. Collateral assignment / loan regime. Endorsement split dollar / economic benefit regime.

What is one of the major disadvantages of split dollar plans?

Disadvantages of split dollar life insurance plans Your business will generally receive no tax deduction for its share of premium payments under the split dollar plan. Depending on how the agreement is structured, employees may have to pay income taxes each year on the value of the economic benefits provided to them.

Who pays the premiums in a split dollar plan?

A. Employers are responsible for making split-dollar life insurance premiums, regardless of the plans type. However, it is important to note that under loan arrangements, employees must repay the premiums via collateral assignments made to their employer.

What is one of the major disadvantages of split dollar plans?

Disadvantages of split dollar life insurance plans Your business will generally receive no tax deduction for its share of premium payments under the split dollar plan. Depending on how the agreement is structured, employees may have to pay income taxes each year on the value of the economic benefits provided to them.

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Save Split Dollar Agreement in PPR

Grasp all of your documents and Save Split Dollar Agreement in PPR

An easy guide on the way to Save Split Dollar Agreement in PPR with DocHub

PDF editing simplified with DocHub

Drive efficiency with the DocHub add-on for Google Workspace

How to Save Split Dollar Agreement in PPR

Got questions?

Is split dollar life insurance still a fringe benefit?

What is a split dollar plan?

Is a split dollar plan a qualified retirement plan?

Are split dollar premiums tax deductible?

What are the two types of split dollar plans?

What is one of the major disadvantages of split dollar plans?

Who pays the premiums in a split dollar plan?

What is one of the major disadvantages of split dollar plans?

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