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Is Split Dollar Dead? What to Do With Existing Plans and Do New Split Dollar Plans Make Sense?
Over the past 30 years, split dollar plans have been a very popular fringe benefit that closely held and publicly traded businesses have made available to owners and executives in closely held and publicly traded businesses. Split dollar subsidized the purchase of permanent life insurance that was used to deal with a variety of planning issues owners and executives commonly encountered.
In it's most basic form, split dollar was used to replace the owner/executive's income for the surviving spouse and children. In slightly more complicated arrangements, split dollar was used to fund survivorship life insurance policies designed to pay federal estate taxes, and was also used to pay the premiums on life insurance used to fund “buy-sell/business succession” agreements.
The term “split dollar” is somewhat confusing and doesn't accurately describe how the arrangement really works. Split dollar isn't a type of insurance policy, but rather is an agreement between the policy owner and the premium payor that describes the rights and obligations of each party to the arrangement. Many things are typically “split” in a split dollar agreement, but the most common, and important, are which party pays the premiums, and how the policy's death benefit and cash values are split.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.