Life insurance planning strategies for businesses {PFP Section}
AICPA Personal Financial Planning (PFP)
00:00
Understanding Split Dollar Life Insurance Policies and the Importance of Compliance
This chapter provides an in-depth explanation of split dollar life insurance policies and the significance of adhering to IRS regulations to prevent potential issues. It emphasizes the importance of structuring a plain vanilla split dollar policy in accordance with the 2003 IRS regulations, while cautioning against abusive plans such as reverse split dollar and charitable split dollar, which can result in penalties or disallowances. The speakers highlight the necessity of meticulous documentation and proper execution of agreements to guarantee compliance and evade scrutiny from the IRS.
Transcript
Play full episode
