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BUSINESS PLANNING The Comprehensive Guide to Split Dollar Life Insurance NFL BUSINESS PLANNING SERIES: THE COMPREHENSIVE GUIDE TO SPLIT DOLLAR LIFE INSURANCE The world of split dollar life insurance

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People Also Ask about

What is a split dollar life insurance policy?

A split-dollar life insurance agreement (or “split-dollar plan”) is a strategy generally used as an employer benefit or for estate planning involving life insurance. It's an agreement between two or more parties to share the ownership, costs, and benefits of a permanent life insurance policy, like whole life.

What are the advantages of a split dollar plan?

Mostly used to protect businesses. Split-dollar plans are usually used to help businesses address the financial risk of losing a high value employee unexpectedly. Most often, the premiums are paid by the employer, and the benefits are split between the employer and the family of the deceased.

How does private split dollar life insurance work?

A private split dollar arrangement is typically an agreement between an individual and an irrevocable life insurance trust, designed to provide estate tax protection while minimizing the value of gifts to fund the trust.

What is the endorsement method for split dollar life insurance?

Under the endorsement method, the employer owns the policy and an agreement spells out the employee's rights to the policy. Typically, a split-dollar agreement gives the employee the right to name a personal beneficiary for the employee's share of the death proceeds as prescribed in the agreement between the parties.

Who pays the premiums in a split dollar plan?

A. Employers are responsible for making split-dollar life insurance premiums, regardless of the plan's type. However, it is important to note that under loan arrangements, employees must repay the premiums via collateral assignments made to their employer.

What are the disadvantages of split dollar life insurance?

Disadvantages of split dollar life insurance plans Your business will generally receive no tax deduction for its share of premium payments under the split dollar plan. Depending on how the agreement is structured, employees may have to pay income taxes each year on the value of the economic benefits provided to them.

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