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Webinar: The End of Life for Insurance in the Estate Plan—Death Benefit, Surrender, Lapse or Settlement?
April 27 @ 12:00 pm – 1:00 pm
1 Legal Specialization in Estate Planning; Trust & Probate Law and 1 Participatory MCLE Credits
The presentation is entitled: “The End of Life for Insurance in the Estate Plan—Death Benefit, Surrender, Lapse or Settle?”.
The presentation seeks to review why wealthy clients purchase life insurance and to confirm that life insurance is an asset that requires and can benefit from active management as the contract matures. The presentation reviews the various types of insurance commonly used in estate planning, the evolution of universal life insurance that has contributed to the development of the life settlement market, the tax treatment of life settlements should a policy be sold in a life settlement, options for working with a life settlement for the client with charitable intent or for charitable organizations owning life insurance and a discussion of trust owned life insurance and how the life settlement option is of particular importance for fiduciaries to understand to avoid potential liability for a policy surrender or lapse.
Member Price – $55.00
Non-Member Price – $75.00
The learning goals of the presentation are:
- To review and consider how life insurance complements an estate plan and at what point it may make sense to consider exiting a contract.
- To provide education regarding the life settlements market which has evolved from a somewhat sordid past focused on viatical settlements to be a vibrant sophisticated market fueled by multi-billion investment funds.
- To confirm a life settlement, if approached correctly with proper education and information about the market, can allow for wealthy clients to exit life insurance contracts (including trust owned contracts) that are no longer desired or advisable on a favorable basis.
Speaker: Tama Brooks Klosek
Tama Brooks Klosek
Tama’s practice focuses on both the domestic and international aspects of estate planning and family wealth transfer and tax exempt organizations. Following graduation from Harvard Law School in 1999, Tama began her legal career with Vinson & Elkins in the Probate, Trusts & Estates Group of the Tax Section. Tama continued her legal practice with Klosek Howes LLP and formed Klosek & Associates PLLC in June 2013. Tama is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization and has been widely recognized in Houston and in the State of Texas as an outstanding attorney in her field. Tama has significant experience in income, nonprofit, estate, gift, trust and generation-skipping transfer taxation and marital property planning. She has advised a variety of clients on domestic and international tax matters, and also consults on divorce matters. In addition to her legal practice, Tama is a Managing Partner in a national life settlements originations firm, Treyled Life Settlements LLC, where she works as part of an experienced management team to assist high net worth and ultra-high net worth clients of Treyled Life Settlements to efficiently exit life insurance contracts on a favorable basis through sales to third party institutional investors when life insurance is no longer desired or advisable.