Same-Sex-Marriage

Implications of the Supreme Court Decision on Same-Sex Marriage

In a 5-4 decision, the U.S. Supreme Court ruled that the principles of due process and equal protection of the U.S. Constitution’s 14th Amendment require all states to recognize the legal validity of same-sex marriage. As a result, all states must immediately allow same-sex couples to marry. In addition, all states must recognize the validity of […]

COMPANY UPDATE SUMMARY 9-20-2015

Original carrier announcements that are highlighted below are available upon request. Contact Russ Towers russ@bsmg.net   Nationwide   Effective October 12, 2015, Nationwide is changing the pricing on its YourLife No-Lapse SUL II product.  For issue ages 55-75, the no-lapse guarantee to age 120 premium decreases by 6% on average; for level pays and 10 […]

Section 1035 Exchange Of A Life Insurance Policy With Loans

IRC Section 1035 allows Tax Free Exchanges of life insurance policies in a gain position (i.e. gross cash value greater than adjusted cost basis) so that cash values can be easily transferred to more financially efficient policies.  Sometimes greater death benefit and/or lower premium can result from the exchange in addition to desirable contract guarantees. […]

Requirements to Change State of Residency

It’s Not As Easy As You Think!   Often, wealthy older clients from high tax states will consider moving to a lower taxed state to save taxes. This typically involve state income taxes on retirement benefits and state estate taxes on their net worth /gross estates. You may have heard people say “If I live […]