The Scoop on Section 7702 & How it Affects Life Insurance Values Going Forward

Internal Revenue Code (IRC) Section 7702 was implemented in 1984, Section 7702A in 1988, and up until recently had remained untouched.  Section 7702 defines the requirements that must be met for an insurance contract to qualify as a life insurance contract for federal income tax purposes.  Under Section 7022 a life insurance contract must comply… Read more »

Factors in Choosing the Top-Hat Group

Determining Who is in the Select Group In today’s market there is a strong focus to recruit, retain and reward your key executives.  To accomplish this, companies are implementing Top-Hat plans known as Nonqualified Deferred Compensation (NQDC) plans that are “unfunded” and maintained by the employer.  Top-Hat plans are exempt from the Employee Retirement Income… Read more »

Final Regulations on Reportable Policy Sales in BOLI/COLI Marketplace

Impact of Policy Sales in BOLI/COLI Marketplace Background Tax Cuts and Jobs Act of 2017 (TCJA) modified the prior-law exemptions of the Transfer for Value Rules (TFV Rules) to include new reportable policy sale requirements that apply to all transfers for valuable consideration.  This rule making has important implications for the Bank and Company Owned Life… Read more »

Featured in Wisconsin Bankers Association’s March Magazine

Successfully Onboarding a New CEO David Fritz was featured in the article, “Strategy, Relationships and Communication,” in the Wisconsin Bankers Association (WBA)’s March 2019 magazine.  The article discussed ways to successfully onboard a new CEO.  According to Fritz, “A new CEO who is not effectively onboarded – no matter how qualified for the role –… Read more »

WHITEPAPER: Group Term Life Insurance Carve-Out Plans

Employer-sponsored life insurance has traditionally played an important role in an executive’s pre-retirement planning for family and financial obligations.  Many view the group life insurance plans as a large part of their estate planning strategy.  Group life plans however, are not portable at retirement thus creating a void in the Executive’s planning needs.  A company… Read more »

Fact Finding Uncovers LTC Case and More

Background: When, Executive Benefits Network, President, Joe B. Jones first met with a community bank prospect, he did not see the opportunity for an open case. The joint work partner was interested in placing bank owned life insurance, but it was quickly evident that they did not have capacity to add more BOLI at that… Read more »

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