Michigan Split-Dollar Life Insurance
Description
How to fill out Split-Dollar Life Insurance?
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FAQ
Under a collateral assignment split dollar arrangement, the business loans a key employee money to pay the premium on a life insurance policy.
Reverse Split Dollar is an arrangement in which an employee owns a life insurance policy on her own life and endorses death benefit to her employer. How it works during life.
Split-dollar life insurance is an agreement where two parties ? an employer and an employee ? agree to split the benefits, and sometimes the costs, of a life insurance policy. The employer pays the life insurance premium, in whole or in part, on a cash value life insurance policy purchased on the life of the employee.
Split-Dollar with Employment & Compensation Agreements Because of the limitations or excise taxes associated with higher paid entrepreneurs, executives, coaches, and non-profits, split-dollar life insurance arrangements are used within employee compensation & benefit packages.
There are 2 types of split dollar plans. Collateral assignment / loan regime. Endorsement split dollar / economic benefit regime.
If the employer is the owner of the split-dollar policy, the employer's premium payments are treated as providing taxable economic benefits to the executive. The economic benefits include the executive's interest in the policy's accessible cash value and current life insurance protection.
The two most common forms of split-dollar life insurance are economic benefit and loan arrangements.
Split-dollar life insurance is a strategy that allows the sharing of the cost of a premium for a permanent life insurance policy. They are often a key part of an executive compensation package and can provide a benefit to both the employer and employee.
