CONTEMPORARY USES FOR LIFE INSURANCE IN ESTATE PLANNING
Despite an historically high deferral and estate tax basic exclusion amount, life insurance, even if required less often than in the past to provide cash to pay estate tax, remains a critical part of the asset mix of many clients. Life insurance can provide often-needed financial security and readily accessible liquidity. Some of the aspects of life insurance that should be considered in an estate planning engagement often include:
- Proper structuring of beneficiary designations
- Using life insurance in business succession planning
- Income tax traps involving life insurance policies
- Potential opportunities with life settlements
Charles A. Redd
Charles A. ("Clary") Redd is a partner in the St. Louis office of Stinson Leonard Street LLP. Clary concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. He is an elected member of The American Law Institute, a Fellow of The American College of Trust and Estate Counsel and an Adjunct Professor of Law at Northwestern University School of Law. He also serves as Co-Chair of the Editorial Advisory Board of, and writes a regular column in, Trusts & Estates magazine. He is listed in The Best Lawyers in America and is nationally ranked by Chambers USA in its “Wealth Management” category.
Turney P. Berry
Turney P. Berry is a Member of the Executive Committee and the Chair of Wyatt, Tarrant & Combs’ 22 lawyer Trusts, Estates & Personal Planning Service Team. Turney is a Fellow of the American College of Trust and Estate Counsel and the American College of Tax Counsel, a Uniform Law Commissioner and member of the Joint Editorial Board for Uniform Trust and Estate Acts, a Trustee of the Southern Federal Tax Institute and a member of the Advisory Council of the Heckerling Institute on Estate Planning as well as a Member of the Advisory Board of Trusts and Estates Monthly and a Vice-Chair of the Charitable Planning section for the ABA Section of Real Property, Trust and Estate Law. He is listed in Woodward/White’s The Best Lawyers in America®.