SFA Blog

Transfer for Value Rule

Posted by The SFA Team on May 28, 2017

Life insurance death benefit is generally received income tax free by the policy beneficiary. However, if an interest in a policy is transferred for valuable consideration, any death benefit received by the transferee in excess of the amount of the consideration plus subsequent premiums paid by the transferee will be income taxable. This is called the transfer for value rule. Transfer of an interest in a policy in violation of the transfer for value rule may have significant and unanticipated impact on policy beneficiaries.

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Qualified Personal Residence Trust

Posted by The SFA Team on April 17, 2017

A Qualified Personal Residence Trust (QPRT) can allow a homeowner to transfer a residence to other family members at a reduced gift tax cost while retaining the right to use the residence for a term of years. At the end of the period, the residence is removed from the grantor’s estate. However, if the grantor dies during the term of the trust, the entire value of the residence will be included in the grantor's taxable estate.

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Marital Property

Posted by The SFA Team on March 22, 2017

American has two systems for how a married couple can own property: common law and community property. Nine states—Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin—have adopted some aspects of a community property system. Alaska has adopted a law that allows couples to voluntarily convert their assets to community property. All other states follow the common law system. The type of marital property system can have an enormous effect on a couple’s estate planning.

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Asset Protection Strategies

Posted by The SFA Team on February 5, 2017

Asset protection is about protecting assets before the need arises; it is not about protecting assets from existing creditors. In other words, the implementation of asset protection strategies is appropriate in situations where an individual is concerned about the claims of future creditors.

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Recapitalization

Posted by The SFA Team on January 11, 2017

Recapitalization is basically a change in a corporation’s capital structure. Corporations recapitalize for a variety of reasons, but generally to make the company more stable or to bring in new investors. For closely held companies, recapitalizations can also be very effective in estate planning.

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Private Foundations

Posted by The SFA Team on November 1, 2016

A private foundation (also called a “family foundation”) is a charitable nonprofit organization established and funded by a single source, typically a donor family or corporation. The foundation is most often set up during a donor’s lifetime, but can also be created upon death. In essence, a private foundation is a tax-exempt checkbook; it is a repository of money and conduit between the donor and the charity. The private foundation itself does not directly engage in charitable activities (as compared with a private operating foundation, discussed further below).

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No Lapse Guarantee

Posted by The SFA Team on September 18, 2016

No Lapse Guarantee Universal Life and Current Assumption Universal Life products both offer life insurance protection for a variety of family wealth and business planning needs. But it is essential to understand the significant differences between these two types of life insurance products when choosing one over the other to assure that the purchaser’s needs for life insurance are intelligently met.

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Trust Protector

Posted by The SFA Team on August 12, 2016

A trust protector is an individual, group of individuals, or entity with specified powers over a trust. A trust protector’s powers may be extremely narrow in scope, limiting the protector to an exclusive list of actions, such as the ability to remove and replace the trustee or to make discretionary distributions of trust assets. Alternatively, a trust protector may be given broad powers, such as to modify terms of the trust, terminate the trust, or add or remove trust beneficiaries.

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Jim Adkins Talks About Teaching Clients to Rethink Fees and Embrace Alternatives

Posted by The SFA Team on July 4, 2016

SFA President Jim Adkins was interviewed for an article in The Suit Magazine. The article discusses educating clients on confusing industry terms and helping them reach their financial goals.

To read the entire article, please click here.

Jim Adkins Comments on 7 Financial Considerations Before Taking a Sabbatical

Posted by The SFA Team on June 26, 2016

SFA President Jim Adkins was recently interviewed for and published in an article for everup.com. The article discusses financial considerations before taking a sabbatical and how you can afford the essentials without a paycheck.

To read the entire article, please click here.

Jim Adkins Discusses Finance Compensation: Benefits that Attract New Talent

Posted by The SFA Team on May 19, 2016

SFA President Jim Adkins was interviewed for and published in an article for Monster.com. In the article Jim Adkins talks about how companies are attracting new talent with competitive financial compensation.

To read the entire article, please click here.

Jim Adkins Comments on Senior Living Article

Posted by The SFA Team on April 29, 2016

SFA President Jim Adkins was recently interviewed for and published in an article for ForRent.com. The article discussed Senior Living and how to factor healthcare costs in retirement planning.

To read the entire article, please click here.

President & CEO Jim Adkins Published in Article for Financial Advisor IQ

Posted by The SFA Team on April 21, 2016

Jim was recently interviewed for and published in an article for the Financial Advisor IQ, a Financial Times Service by R.A. Monroe. The article, called “Disarm Your Client's Shame,” was published on February 19, 2016. Jim discusses a situation with an anonymous client couple that felt shame and embarrassment about their lack of planning, and how he was able to help them move past that and develop a plan that fit their needs.

To read the entire article, please click here.

Jim Adkins Wins a 5 Star Wealth Manager Award in Washington, D.C.

Posted by The SFA Team on April 13, 2016

Jim was recognized as a 2015 Five Star Wealth Manager in Washington, D.C. This was Jim's first year to be recognized for the award. It was published in an area magazine and released on October 25, 2016.

To see the criteria for choosing winners, and Jim's piece in the magazine, please click here.

Any mention of articles, authors, or publications do not represent an affiliation with, or endorsement of, said articles, authors or publications.