News & Analysis as of

Death Benefits Beneficiaries

Pillsbury - Propel

Preparing for the Unthinkable: Treatment of Compensation and Benefits on Death of an Employee

Pillsbury - Propel on

When an employee unexpectedly dies, companies often want to act quickly so as to minimize disruption to the deceased employee’s family. While that is an important goal, companies need to ensure that they follow federal and...more

Foley & Lardner LLP

Benefits Basics - When an Employee Dies: A Resource Guide for HR & Benefits Professionals

Foley & Lardner LLP on

As a member of your company’s human resources or employee benefits department, one of the most difficult calls you may receive is from a colleague or an employee’s family member notifying you of the death of an employee. This...more

Cole Schotz

Death, Taxes and Shareholder Agreements: Lessons from the Connelly Case

Cole Schotz on

Recently, the U.S. Supreme Court ruled unanimously in Connelly v. United States, that the valuation of a decedent’s shares in a closely held corporation for federal estate tax purposes must include insurance proceeds received...more

Proskauer Rose LLP

Wealth Management Update - December 2024

Proskauer Rose LLP on

December 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The December Section 7520 rate for use in estate planning techniques such as CRTs, CLTs,...more

Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

Husch Blackwell LLP on

On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more

Cranfill Sumner LLP

Death Claim Series – How are the Benefits to be Distributed?

Cranfill Sumner LLP on

Over the past several weeks, I have released a series of articles on North Carolina Workers’ Compensation Death Claims. The series has addressed the following five overarching issues...more

Gerald Nowotny - Law Office of Gerald R....

THE WONDER YEARS WEBINAR

Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

Carlton Fields

Court Sheds Light on ERISA’s Fiduciary Exception to Attorney-Client Privilege

Carlton Fields on

A federal district court in Ohio recently attempted to shed some light on when internal communications between an ERISA plan administrator and its in-house counsel are discoverable and when they are protected by the...more

Carlton Fields

Intentional Killing a Grave Mistake Under Slayer Statutes

Carlton Fields on

Recent decisions provide worthwhile guidance for insurers handling slayer claims. According to traditional inheritance law, a “slayer” is one who intentionally kills, or conspires to kill, feloniously or unjustifiably,...more

McDermott Will & Schulte

Tyll v. Stanley Black & Decker: When Plan Ambiguity Cost an Employer $4 Million

An employer learned the full cost of ambiguity when a Connecticut federal district court agreed with an employee’s widow that the word “maximum” was ambiguous in the company’s life insurance plan, thus making the widow...more

Mitchell, Williams, Selig, Gates & Woodyard,...

New PLR Addresses Special Trustee's Power to Limit or Eliminate Testamentary General Power of Appointment

IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for...more

Lewitt Hackman

Accidental Disinheritance: Update Wills, Estate Plans Annually

Lewitt Hackman on

So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more

Orrick, Herrington & Sutcliffe LLP

Seventh Circuit Holds that Insurers Cannot Challenge Policies for Lack of Insurable Interest

On October 12, 2016, the United States Court of Appeals for the Seventh Circuit, in an opinion authored by Judge Richard Posner, affirmed a district court decision finding that securities intermediary U.S. Bank, N.A. is...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Executive Compensation and Benefits Alert: IRS Issues New Section 409A Guidance"

In an unexpected development, on June 21, 2016, the IRS issued proposed regulations that clarify and modify the final regulations issued in 2007 and the proposed income inclusion regulations issued in 2008. In many cases,...more

Lewitt Hackman

Benefits of an Irrevocable Life Insurance Trust as Security for Support

Lewitt Hackman on

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

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