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Records management class lectures_98611896-351-Class-Lecture

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FIL 351 LIFE INSURANCE Prof. George Flanigan Insurance Industry Professor.  HLV  Needs Approach Single People. Single Parent Families Two income Earners Traditional Families Blended Families Sandwiched Family. Summer 2005 Life Insurance 1 NEEDS ANALYSIS CHART Summer 2005 Life Insurance 2 FEDERAL ESTATE TAX  The federal estate tax, also known as a death tax, is a tax imposed on wealth transfers made at the holder’s death.  Virtually from the time it was enacted in 1917, there has been pressure for repeal of the federal estate tax.  Congress enacted legislation to repeal the tax in 2000, but President Clinton vetoed the bill. Summer 2005 Life Insurance 3 PRE-EGTRRA - 2001 ESTATE TAX  The federal estate tax applies to one’s taxable estate – the gross estate minus allowable deduction, but any tax payable is subject to a unified credit that reduces the actual tax payable.  The unified credit was $229,550 in 2001, which exempted $675,000 from the estate tax.  The equivalent exemption was scheduled to increase to $1 million in 2006. Summer 2005 Life Insurance 4 PRE-EGTRRA - 2001 ESTATE TAX  Estates in excess of the exempt amount were taxed at rates from 37 percent to 55 percent (applicable to estates in excess of $3 million).  A 5 percent surtax applied to estates from $10 million to $21 million. Summer 2005 Life Insurance 5 Summer 2005 Life Insurance 6 ESTATE PLANNING STRATEGIES  Marital De ...
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