Puerto Rico 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.

Having two or more policies instead of one is called splitting of an insurance policy. If you are very particular about buying split policies, you may buy a normal term cover for 30 years or until retirement and buy another coverage that will cover you for life.

Benefits of Private Split Dollar Minimize Gift Taxes ? If a client has no gift available, a direct gift of the premium would cause a significant tax issue. A private split dollar arrangement limits the taxable amount to the annual economic benefit or loan interest.

In a split-dollar plan, an employer and employee execute a written agreement that outlines how they will share the premium cost, cash value, and death benefit of a life insurance policy. Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and to help retain key employees.

What is a split-dollar life insurance plan? A split-dollar life insurance plan is an agreement between an employer and an employee in which they hold joint ownership of a permanent cash-value life insurance policy, including its benefits and premiums.

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.

Capital Split Dollar is a ?Safe Harbor? tax deductible plan for funding retirement benefits, buyouts and estate liquidity. It uses bank financing to fund a Loan Regime Split Dollar Policy for an S-Corp or LLC.

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.

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Puerto Rico Split-Dollar Life Insurance