On Sept. 16, 2019, the IRS announced it is offering settlements to certain taxpayers with open audits of micro-captive insurance transactions. The IRS has targeted these micro-captive insurance transactions since 2014, and they were designated as transactions of interest in 2016.1 Although micro-captive insurance transactions have gained popularity among closely held entities, the IRS has challenged such … Continue Reading
The IRS has announced that “affected taxpayers” in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands designated as “covered disaster areas” are eligible for the postponement of time to file returns, pay taxes, and perform other time-sensitive acts. Taxpayers in the categories below constitute “affected taxpayers”: Individuals who live, and businesses … Continue Reading
Irrevocable life insurance trusts (ILITs) serve a multitude of significant estate planning and asset protection objectives. To effectuate these goals, proper administration of such trusts is required. This can be challenging today especially in light of the complexity of the tax laws and the wide variety of insurance products available. Below is a checklist of … Continue Reading
Life-changing events such as marriage, divorce, and death require a review of the beneficiary designations for life insurance policies and retirement accounts. These types of assets often represent a significant portion of clients’ net worth, but all too often, the update of beneficiary designations is overlooked. A recent Michigan case, In re Lett Estate, 887 … Continue Reading
Greenberg Traurig’s Insurance Regulatory and Transactions Practice is listed in Law360’s “The 16 Firms GCs Love For Insurance Work.” As the insurance industry continues to grow and evolve, 16 law firms have continued to win business as counsel for insurance clients. Greenberg Traurig ranks among the top 16 firms with the strongest insurance work. To read … Continue Reading
