An Estate Planner's Guide to Life Insurance - 2nd Edition - Louis A Mezzullo

An Estate Planner's Guide to Life Insurance 2nd Edition Louis A Mezzullo ISBN 9781604425024

Written for attorneys and financial professionals engaged in estate and financial planning, this accessible guide by Louis A. Mezzullo examines the essential role life insurance plays in a comprehensive estate plan. The book explores the wide range of life insurance products available, the income and tax implications of each option, and the strategic use of irrevocable life insurance trusts. This updated edition also addresses new rules governing split-dollar arrangements and incorporates recent IRS rulings affecting grantor trusts.

Designed for readers with no prior background in life insurance, the book provides a clear and practical overview of how life insurance can be effectively integrated into estate planning. It defines key terms, explains various policy types and plans, and highlights critical factors to consider when determining the best solutions for clients. An Estate Planner’s Guide to Life Insurance covers core topics such as:

• How life insurance can replace income and provide liquidity at critical moments

• Using insurance proceeds to support or sustain a business

• The purpose and benefits of policy riders

• Key differences between term and whole life insurance

• Special considerations related to employer-provided coverage

• Essential information practitioners must gather regarding clients’ existing policies

• Tax advantages, including exclusion of proceeds from gross income

Irrevocable life insurance trusts (ILITs) are a vital estate planning tool, and this guide provides detailed analysis of their planning applications. It explains common planning scenarios, qualification for the annual exclusion, potential tax consequences for beneficiaries, and important drafting considerations. To support effective implementation, the book includes practical sample forms, including:

• An Irrevocable Life Insurance Trust Agreement for policies on the life of the grantor

• An Irrevocable Life Insurance Trust Agreement for a last-to-die policy covering the grantor and spouse

• A cover letter explaining the use of an irrevocable life insurance trust

• A letter notifying the trustee of a policy donation

• A letter notifying beneficiaries of withdrawal rights

An Estate Planner's Guide to Life Insurance 2nd Edition Louis A Mezzullo ISBN 9781604425024, 978-1604425024 & 978-16044-25024

Author
Louis A Mezzullo