Mississippi Split-Dollar Life Insurance

State:
Multi-State
Control #:
US-CC-24-263D
Format:
Word; 
Rich Text
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Description

This sample form, a detailed Split-dollar life insurance document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

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.

There is no cost to the employee-participant unless the policy is transferred to them. This endorsement split-dollar plan is most often used to provide a low-cost death benefit to the employee-participant as a fringe benefit or where the employer wishes to own the policy and/or obtain key person protection.

?Economic benefit? refers to how the IRS treats this type of split-dollar insurance agreement. It means your employer is giving you some benefit but not a loan. That means you'll be taxed on the value of the life insurance provided, and that value is determined by the IRS or the insurance company.

Split Dollar Loan Regime Agreement & Contract Generally, at the employee's death, the employer receives a portion of the death benefit (usually equal to the total premiums plus interest from the loan) and the employee's beneficiary receives the balance.

dollar life insurance agreement (or ?splitdollar 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.

While split-dollar life insurance arrangements offer numerous advantages, they also come with potential drawbacks, such as complexity, tax considerations, and limited availability. Both employers and employees must carefully weigh the benefits and disadvantages of this type of arrangement before deciding to pursue it.

Some potential disadvantages of split dollar life insurance include complex tax implications, potential disputes over policy ownership, limitations on the employee's ability to access cash value, and the need for careful planning to ensure compliance with applicable regulations.

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.

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Mississippi Split-Dollar Life Insurance