New York City
Attorneys providing
sophisticated estate
plans using life
insurance:
The attorneys at
Maurice Kassimir &
Associates, P.C. use
insurance not only
for traditional
purposes, but also
as a tool in an
estate plan to
preserve and direct
distribution of
assets.
Helping clients
maximize insurance
benefits. . .
The firm’s lawyers
also analyze
policies to make
sure their clients
are getting the
maximum benefit they
deserve from their
insurance policies.
For example:
Maurice Kassimir
& Associates,
P.C. attorneys
reviewed a new
client’s already
existing
life-insurance
policy, and
realized he had
bought an
extremely
high-commission
product in which
the commission
actually
exceeded the
first-year
premium. At
the time the
policy was
purchased, the
same insurance
company had
another
available
product with a
substantially
lower
commission.
Maurice Kassimir
& Associates,
P.C. negotiated
an agreement
with the
insurance
company to
infuse an
additional
$200,000 of cash
value into the
policy to make
up for the
disparity.
Another client
was paying
$170,000 per
year in annual
life insurance
premiums. An
insurance
analysis
discovered this
premium was far
in excess of the
market. A tax
free 1035
exchange
resulted in a
new policy for
the same death
benefit with
guaranteed
premiums of less
than half of the
previous premium
($80,000).
Recommendations
regarding life
insurance is not a
cookie-cutting
operation at Maurice
Kassimir &
Associates, P.C..
It is a matter of
finding solutions
that best meet the
needs of an
individual client.
For some people, an
inexpensive term
life insurance
policy best fits
their needs. Other
clients require
permanent life
insurance.
Using Insurance
Trusts to Preserve
Assets. . .
Maurice Kassimir &
Associates, P.C.
knows how to
maximize the
benefits of life
insurance. A life
insurance trust can
be a helpful tool in
this regard.
Life insurance
benefits are
includable in a
taxable estate if
the insured is the
owner of the policy
or retains any
material control
over the policy.
But if the insured
gives up his right
to control the
policy, which is
instead owned by a
trust, the benefits
can flow to his
children, without
the imposition of
any estate tax.
Advising on Private
Placement Insurance
A typical permanent
life-insurance
policy will often
generate a return of
5 or 6 percent per
year (assuming
normal life
expectancy).
However, private
placement variable
insurance policies
can generate more
growth if the
insurance funds are
invested more
aggressively, for
example, in mutual
funds or hedge
funds. The cash
value of the
insurance policy can
grow at a faster
rate, and is not
subject to annual
income tax.
The attorneys at
Maurice Kassimir &
Associates, P.C. can
find creative
solutions to your
particular insurance
and estate planning
problems, and
implement them
accordingly.
Contact them to
see how they can
meet your estate
planning goals. |
