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  • About
    • R. Scott Richardson, JD
    • Brenda R. Haag
    • Bruce F. Barge
    • Chris A. Richardson
    • Debra Hardimon
    • Fannie Mae Pantaleon
    • Jeff Prescher
    • Joe Tripalin
    • Patrick J. Costello
    • Philip Aderton >
      • 2019 CBAI IZALE Sponsored Golf Outing
  • Resources
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IZALE Financial Group

Blog

Decoding Tax Reform - Advising the Advisor via AALU

4/9/2018

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COLI/BOLI Marketplace - Potential Impact of the Transfer for Value Provision
​in the Tax Cuts and Jobs Act of 2017

H.R. 1 included language modifying the Transfer for Value rules related to certain life insurance contracts subject to new reportable policy sale requirements. That language carries with it a narrow, but important potential implication for the COLI/BOLI marketplace. AALU has already established with the tax writers that this potential impact was not intended, and we are working with them on a resolution.
 
RELEVANT FACT PATTERN: Entity A wants to acquire Entity B who owns a block of COLI/BOLI. The segment of that block of life insurance related to the lives of former employees is potentially subject to the Transfer for Value (TFV) rule in the Code.
 
POTENTIAL TAX IMPACT: If subject to the TFV rule then the tax-free death benefit (on the block of former employees) is limited to the amount of consideration paid for the policies plus the premiums subsequently paid by Entity A.
 
AALU is working on a solution: We are working with the Board and Counsel to secure positive resolution either through regulatory guidance or statutory technical correction.Through meetings with the Ways & Means Committee, Senate Finance Committee, the Joint Committee on Taxation, and the Treasury Department we have established that this potential impact was not intended.

​DISCLAIMER
This information is intended solely for information and education and is not intended for use as legal or tax advice. Reference herein to any specific tax or other planning strategy, process, product or service does not constitute promotion, endorsement or recommendation by AALU. Persons should consult with their own legal or tax advisors for specific legal or tax advice.
Learn more, courtesy of Ken Kies–AALU Counsel at Federal Policy Group
​or call your IZALE Representative Today!
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Announcing:  The Value of BOLI - Bank or Business Owned Life Insurance on FMStv

3/16/2018

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We are proud so share this amazing opportunity to learn from Scott Richardson, CEO/Founder of IZALE Financial Group, plus his remarkable team Chris Richardson, Jonathan Barnes, and Phil Aderton as to why they are the go-to BOLI experts and why BOLI is a viable solution today for financial institutions to attract, reward and retain their key talent – their most valuable asset. 
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Ready for a New Idea About Planning for the Future & Retirement?  

4/11/2017

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A Retirement Success Strategy from IZALE Expert Gary Wilberg, EVP Estate &  
Business Planning

In 1990 I decided it was time to start and own a company, it was my big goal since graduating from the University of Missouri. The plan was to build this business up - and sell it for millions and then retire to the tropics! My partners and I decided on purchasing the franchise rights of a Voice Mail Service Bureau and off we went.
 
Statics say that only 20% of private companies are sold. That means 80% just slowly die as the owner gets old and/or just tosses in the towel. Therefore, I encourage my business owner clients to not count on selling their business to fund their retirement as I have personally experienced the flaws in that strategy. (Details only provided by request ; ). Does this sound familiar? I've worked with plenty of people who have the same game plan. If I can help any business owner avoid that risk, I do!
 
Professional Retirement Strategies (PRS) was launched in 2004 through the series of partnerships and innovative expertise. By taking some cues from what huge public companies do to fund their Executive's Retirement Plans, PRS has developed a strategy to allow small business owners, the majority of your clients, to exit their business and fund their retirement. At the same time, it mitigates the risks your institution has with your client.
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Contact Gary directly at:  630-800-6860 or email

For more information on Gary, read his bio here.



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Join us on April, 13, 2017 at 2:30 pm CST to hear more details on how the Professional Retirement Strategies plan works and how your institution, and your institution's small business clients, can benefit from PRS. We added this important topic to our IZALE Webinar W.O.W.S. 2017 line up of financial wisdom strategies worth sharing and valuable to our community, because it works.
Register Now
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Legacy Planning Before and During a Divorce – What You Can and Can’t Do

7/28/2016

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written by Greenberg Traurig, LLP & originally published in AALU Washington Report

MARKET TREND:  Divorce rates have been on the rise nationally over the past several years.  Accordingly, it should play a larger role in legacy management.

SYNOPSIS:  Divorce related legacy planning is critical. Spousal inheritance rights continue to exist until the divorce is final. Merely filing a divorce petition may not terminate provisions for a spouse under existing legacy planning documents or sever survivorship interests in marital or joint tenancy assets.  To ensure a client’s assets pass to intended beneficiaries, it is critical that the client amend his legacy plan (or create one) to adapt to the changed circumstances. Although clients have the most leeway to change their plans before proceedings are initiated, there are still actions the client can and should take after proceedings commence.

TAKE AWAYS:  Before a divorce petition is filed, clients can execute new wills, amend, revoke, or create and fund revocable and irrevocable trusts, execute new powers of attorney and beneficiary designations, and make other legacy planning changes in anticipation of the divorce. After divorce proceedings begin, clients can still freely execute new wills and powers of attorney, but may need to notify the spouse, obtain the spouse’s consent, or secure a court order before implementing more extensive changes. State laws differ as to what a client is authorized to change and transfers that can be made during a divorce. Clients and their advisors must work closely with divorce counsel to determine the exact planning actions that can and can’t be taken once a petition for divorce is filed.

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Court Rules Proceeds of Key Person Life Policy Owed to Business After Employee's Retirement

1/9/2016

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TOPIC:  Court Rules Proceeds of Key Person Life Policy Owed to Business After Employee’s Retirement

CITATION:  Continental Assurance Company v. Cole Frago, No. 3:14-CV-01364(VLB) (U.S.D.C. CT Dec. 2, 2015).
 
SUMMARY:  The widow of a former employee of a business entity called Cole Frago brought suit in the Federal District Court of Connecticut, seeking to recover the death proceeds of a life policy originally purchased as key employee coverage. 
 
Cole Frago asserted that it never transferred the key employee coverage to the insured, nor did it have any obligation to do so, and the death proceeds were properly paid to the company.  The insured’s widow countered that the parties’ written agreement obligated Cole Frago to offer to sell the policy to the insured at his retirement, and no such offer was ever made.
 
The court granted summary judgment to Cole Frago, allowing it to keep the policy’s death benefit.


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​Effective June 9, 2017, all individuals who provide advice to retirement plans, including Individual Retirement Accounts (IRAs), must abide by the fiduciary standard.  What does the fiduciary standard mean?  This means that your advisor must put your interests first before their own or that of the firm, make prudent recommendations, charge reasonable compensation and make no misrepresentations to you regarding recommended investments.  The recommendations made by your advisor must be based upon your specific investment needs and objectives.  The fiduciary standard is applicable to any recommendations that your advisor makes to you, the client, for your retirement account.
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This site is published for residents of the United States only. Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of services referenced on this site are available in every state and through every advisor listed. For additional information, please contact Scott Richardson at 855-492-5334 .