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Split-Dollar Insurance Agreement with Policy Owned Jointly by...

King Washington Split-Dollar Insurance Agreement with Policy Owned Jointly by Employer and Employee

Name: King Washington Split-Dollar Insurance Agreement with Policy Owned Jointly by Employer and Employee
Brand: US Legal Forms
Rating: 4.65 (456 reviews)

Category:

Insurance - Contracts

State:

Multi-State

County:

King

Control #:

US-1086BG

Format:

Instant download

Description

In a split-dollar plan, an employer and employee execute a written agreement that outlines how they will share the premium cost, cash value and death benefit of a permanent life insurance policy. Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and/or to help retain key employees. The agreement outlines what the employee needs to accomplish, how long the plan will stay in effect and how the plan will be terminated. It also includes provisions that restrict or end benefits if the employee decides to terminate employment or does not achieve agreed-upon performance metrics.

How to fill out King Washington Split-Dollar Insurance Agreement With Policy Owned Jointly By Employer And Employee?

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4.65

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FAQ

The endorsement split dollar plan is one that is owned by the employer. The premiums are paid by the employer and the beneficiary is listed as the employee.

There are 2 types of split dollar plans. Collateral assignment / loan regime. Endorsement split dollar / economic benefit regime.

Generally, under a split dollar plan, a permanent life insurance policy's death benefit and cash values are split between the owner and non-owner of the life insurance contract. Typically, one party has the cash flow to fund the majority of the policy premiums.

Split-dollar life insurance is an agreement between two parties to share the costs and benefits of a permanent life insurance policy. Often, the agreements are between an employee and an employer, with the split-dollar plan showing up in an executive compensation package.

The split-dollar arrangement could allow the employee to borrow from the cash value, provided it exceeds the assigned collateral portion. Since the employee owns the policy, at retirement, he/she can decide then whether to allow the policy to expire or take over the premium payments.

Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and to help retain key employees. Split-dollar plans also require record-keeping and annual tax reporting. Generally, the owner of the policy, with some exceptions, is also the owner for tax purposes.

Some businesses fill this need with split-dollar life insurance, which is a formal agreement between two or more parties to share the ownership and benefits of a permanent life insurance policy and cash value component.

A split dollar arrangement is a plan in which a life insurance policy's premium, cash values, and death benefit are split between two parties. A split dollar arrangement can be helpful in estate liquidity planning to minimize income, estate, and gift taxes.

Split-dollar life insurance is a contract under which the premium payments and death benefit of a permanent insurance policy with a cash value is shared, usually between an employee and their employer.

More info

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King Washington Split-Dollar Insurance Agreement with Policy Owned Jointly by Employer and Employee

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