PLAY PODCASTS
Tax traps to beware of with life insurance planning {PFP Section}

Tax traps to beware of with life insurance planning {PFP Section}

AICPA Personal Financial Planning (PFP) · Lee Slavutin, MD, CLU and David Kushner, CPA

September 1, 202329m 5s

Audio is streamed directly from the publisher (traffic.libsyn.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.

Original episode page

Show Notes

There are many professionals involved with clients and their tax, retirement, estate, insurance, and investment planning. In the case of life insurance, it's important to be on the lookout for tax traps before it's too late. In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to inform us of the issues we need to know. They discuss:

  • The 3 situations in which life insurance premiums are tax deductible and have little risks of being challenged.
  • What is the estate and income tax impact when an individual with a retirement plan that holds their insurance policy passes away?
  • What unintended consequences can happen when clients move policies around and change ownership?
  • The 2 things you need to find out before clients get involved in a 1035 exchange. Valuation issues that arise when gifting a policy.

For more resources related to this episode:

This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

← All episodes of AICPA Personal Financial Planning (PFP)