BestWeek: Court Ruling Endangers Popular Estate Planning Tool.OLDWICK, N.J. -- A recent federal district court ruling with far-reaching implications for life insurers and estate planners Estate Planner, a professional that creates an estate plan. This professional works with an estate owner to maximize their goals. This is a legal and tax specialty for an attorney or an accountant. is the subject of an exclusive feature in the April 4, 2005 edition of BestWeek. The court found that a life insurance trust, under Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). law, doesn't have an "insurable interest A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it " in the life of the insured/grantor--because it only stands to financially gain by the insured's death. Life insurance trusts are an increasingly popular estate-planning tool for the affluent. BestWeek interviewed experts on both side of the issue. BestWeek is published by A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Other content found exclusively in this edition of BestWeek includes: --The new leader of the U.S. life insurance industry, based on preliminary 2004 data compiled by A.M. Best Co. --Why long-time trade association leader Jack Ramirez traded in retirement to lead an auto insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . --The antidote antidote Remedy to counteract the effects of a poison or toxin. Administered by mouth, intravenously, or sometimes on the skin, it may work by directly neutralizing the poison; causing an opposite effect in the body; binding to the poison to prevent its absorption, Humana co-founder David A. Jones prescribes for curing what ails the health insurance system. These articles are available only in BestWeek. To subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; either the print or online edition of BestWeek, please call A.M. Best's customer service department at (908) 439-2200, ext. 5742, or e-mail your request to http://customer_service@ambest.com. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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