Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Life insurance (3)
- Annuity (2)
- Assignment of ownership (2)
- Beneficiaries (2)
- Donative intent (2)
-
- Gross income (2)
- Income tax (2)
- Insurance policies (2)
- Insurance premiums (2)
- Internal Revenue Code (2)
- Policyholders (2)
- Tax loopholes (2)
- Adcox v. Southern Ry. Co. (1)
- American National Insurance Company (1)
- Bailey v. United States (1)
- Bankruptcy Act (1)
- Bickers v. Shenandoah Valley National Bank (1)
- Blumberg v. Taggart (1)
- Bona fide purchase (1)
- Brotherhood and Union of Transit Employees of Baltimore v. Madden (1)
- Burden of proof (1)
- Cause of death (1)
- Certificates (1)
- Circumstantial evidence (1)
- City Bank Farmers Trust Co. v. George T. McGowan (1)
- Claim settling (1)
- Collateral injury (1)
- Commercial annuities (1)
- Commisioner of Internal Revenue v. John Kelley Co. (1)
- Commorientes (1)
- Publication Year
- Publication
- Publication Type
Articles 1 - 30 of 56
Full-Text Articles in Insurance Law
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The Taxpayer Relief Act of 1997 furnishes the courts and the Internal Revenue Service an opportunity to close certain loopholes in the federal tax consequences of assigning life insurance. About twenty years ago, we published an article arguing that the tax consequences of assigning life insurance affords taxpayers unwarranted opportunities for tax avoidance. Since then, developments in the case law and Internal Revenue Service rulings have broadened the loopholes. In the update of our article, we show how the new tax law supports our original position.
Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner
Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The most litigated estate tax issue concerning life insurance is whether the proceeds should be included in the insured's gross estate. This question usually is governed by section 2042 of the Internal Revenue Code of 1954, the estate tax provision directed specifically at life insurance. While the Tax Reform Act of 1976 wrought enormous changes in many areas of estate taxation, Congress did not change section 2042. Thus the several unresolved questions concerning the interpretation of that section remain unsettled. But the question of the includability of life insurance proceeds in the gross estate of the insured is not always …
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Michigan Law Review
The plaintiff, as trustee in bankruptcy of the insured, sued the defendant insurer to recover damages resulting from a judgment entered against the insured in a personal injury suit. This judgment subjected the insured to a liability of 89,000 dollars in excess of the 10,000 dollar automobile liability_ coverage carried with the insurer. The insurer, pursuant to its policy, had undertaken the insured's defense and had failed, allegedly in bad faith, to settle the suit for an amount within the limits of its coverage. Before judgment was entered in the personal injury suit the insured was insolvent; six months following …
Federal Estate Tax - Marital Deduction - Annuity For Life With Guaranteed Certain Payments Not Divided Into Two Properties By Insurer's Accounting Treatment, William S. Bach
Michigan Law Review
Plaintiff, executor of decedent's estate, brought suit to recover an overpayment of federal estate tax. Decedent had purchased a life insurance policy and had elected an option under which proceeds would be paid to his wife in monthly payments for her life; however, the option also guaranteed a minimum of 240 payments. In the event the wife died before 240 payments were made, payments were to continue to decedent's daughter, or on the death of both wife and daughter, the commuted value of the remaining guaranteed payments would be paid in lump sum to the estate of the survivor. The …
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Michigan Law Review
A husband changed the beneficiary of his life insurance policy from his wife to his mother during a temporary separation and failed to restore his wife as beneficiary after reconciliation. Subsequent to his death the mother, in the presence· of the wife, signed a memorandum "waiving" her policy rights "to" the wife and handed the writing to the insurer's district manager. Before payment of the proceeds the mother discovered that the wife was the beneficiary of another policy and attempted to revoke the memorandum. In insurer's interpleader action, a gift to the wife was recognized. On appeal, held, affirmed. …
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Michigan Law Review
Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …
Trusts - Life Insurance Trusts - Contingent Unfunded Life Insurance Trust As Testamentary Disposition, Jerome K. Walsh Jr.
Trusts - Life Insurance Trusts - Contingent Unfunded Life Insurance Trust As Testamentary Disposition, Jerome K. Walsh Jr.
Michigan Law Review
Settlor named defendant bank beneficiary of eight insurance policies on his life. At the same time he entered into a trust agreement with the bank under which the bank was to hold the policies until the death of the settlor and, upon his death, collect the proceeds and distribute them according to one of two alternate methods of distribution. If his wife elected to reject the provisions made for her in his will and insisted on her statutory share of his estate, then the insurance proceeds were to be divided info four equal parts and paid to his four daughters. …
Insurance-Gift-Right Of Named Beneficiary Of Life Policy To Proceeds As Against A Donee By Delivery, Bruce L. Moore S.Ed.
Insurance-Gift-Right Of Named Beneficiary Of Life Policy To Proceeds As Against A Donee By Delivery, Bruce L. Moore S.Ed.
Michigan Law Review
Insured, in accordance with the terms of a life insurance policy, named the woman with whom he was then living as beneficiary. Subsequently, he returned to his wife and handed the policy to her with appropriate words indicating an intention to make a present and absolute delivery of it to her as a gift. No notice of a change of beneficiary was given to the insurance company. The policy reserved the right to insured to change the beneficiary by filing a written request with the company, such change to take effect only when indorsed on the policy by the company. …
Abstracts, Mary Jane Plumer
Abstracts, Mary Jane Plumer
Michigan Law Review
The abstracts consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.
Principal And Agent-Whether Principal Constructive Trustee Of Money Secured By Fraud From Third Person To Make Up Embezzled Funds, Dickson M. Saunders
Principal And Agent-Whether Principal Constructive Trustee Of Money Secured By Fraud From Third Person To Make Up Embezzled Funds, Dickson M. Saunders
Michigan Law Review
Taggart embezzled from his principal, defendant American National Insurance Company, $1,000 received from Miss Mortensen for a deferred life annuity. Subsequently, in a transaction with plaintiff, wholly outside the scope of his general receiving agency for the insurance company, Taggart secured $1,200 through fraud. From this Taggart then replaced the $1,000 due his principal. In suit by plaintiff to recover, Taggart defaulted; liability of the insurance company is based upon the theory that $1,000 has been traced into its hands, and because of Taggart's fraud, this sum became impressed with a constructive trust in favor of the plaintiff. Held, …
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Michigan Law Review
Stated briefly, the effect of T. D. 5032 has thus been to revert to the original test of payment of premiums for determining when insurance has been "taken out" by the decedent, and to abandon ownership of the policy as a basis for including the proceeds in decedent's estate, thereby departing from the fundamental theory of estate taxation. Thus the regulations, in closing one door to tax avoidance, apparently open another. While this avenue of escape may be narrowed by judicial interpretation, a change in the regulations probably will be required to seal it completely.
Taxation Of Annuity Contracts Under Estate And Inheritance Taxes, Robert Meisenholder
Taxation Of Annuity Contracts Under Estate And Inheritance Taxes, Robert Meisenholder
Michigan Law Review
A glance at any authoritative encyclopedia will confirm the fact that annuity transactions of one sort or another have existed since earliest civilized times. It was not until 1762, however, that the first insurance company of the world was established; at that time began the issuance of annuity contracts similar to our modem contracts. The popularity of such contracts has increased and decreased at various periods in Great Britain. But in the United States, they have assumed importance only since the beginning of this century and have attained a relatively widespread popularity only since the years of prosperity in the …
Insurance - Gift Of Life Insurance Policy, Robert A. Solomon
Insurance - Gift Of Life Insurance Policy, Robert A. Solomon
Michigan Law Review
The employer insured his employees under a group insurance plan. Each employee was given a certificate evidencing his personal insurance. The master policy contained a provision that no assignment should be binding until the original or duplicate of the certificate was filed at the insurer's home office. It was established by the evidence that there had been a manual delivery of one of the certificates by an employee. The insurance company paid the amount 0£ that particular certificate into court. Held, in an action by the plaintiff, the alleged donee, against the estate of the insured, the named beneficiary, …
Evidence Of Survivorship In Common Disaster Cases, John E. Tracy, John J. Adams
Evidence Of Survivorship In Common Disaster Cases, John E. Tracy, John J. Adams
Michigan Law Review
Almost daily, newspapers recount the details of another automobile accident or airplane crash in which numerous persons are killed--a common disaster. And determination of survivorship in common disaster cases presents some of the most vexing problems that lawyers and judges meet. Lawyers must search for evidence, frequently hard to obtain, and then must face difficult questions of relevancy, materiality, and probative value, since in almost all cases where any evidence is available it is wholly circumstantial. Judges must decide preliminary disputes over who shall bear the burden of proof, and then must rule on the sufficiency of evidence, which is …
Fraudulent Conveyances - Change Of Beneficiary Of Life Insurance Policy Formerly Payable To Insured's Estate
Michigan Law Review
An insurance company filed a bill of interpleader to determine disposition of the proceeds of a term policy on the life of one Fitzpatrick, now deceased. Claimants are the administrator, representing creditors, and the deceased's two sons. The policy had been issued payable to insured's estate, but reserved the right to change the beneficiary. A few days before his death (by suicide) deceased sent the company an application for change of beneficiary to his two minor sons. He was then hopelessly insolvent, and the administrator claims that the change of beneficiary was a fraudulent conveyance within the terms of the …
Note And Comment, Charles Weintraub, William F. Spikes, Paul B. Barringer Jr, Stuart S. Wall, Ralph W. Aigler
Note And Comment, Charles Weintraub, William F. Spikes, Paul B. Barringer Jr, Stuart S. Wall, Ralph W. Aigler
Michigan Law Review
A Partnership as a Farmer in Bankruptcy - After much uncertainty and difference of opinion among the courts as to the position of Partnerships under the Bankruptcy Act certain phases of the problem were set at rest by the Supreme Court in Francis v. McNeal. By that case it seems to have been authoritatively settled (1) that in determining the solvency or insolvency of a partnership the individual estates available for payment of firm debts are to be considered, and (2) that an adjudication of the firm as such draws into the proceeding the administration of the estates of members …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Recent Important Decisions
Michigan Law Review
Bankruptcy - Jurisdiction Depending on Principal Place of Business, Residence or Domicile - B, a domiciled resident of New York, employed by an express company in New York City in the capacity of a rate clerk, moved to New Jersey in igo8 for the purpose of acquiring a residence which would give the courts of that state jurisdiction of a contemplated divorce proceeding against his wife. He retained his position with the express company in New York, and in 1911 he secured a divorce in New York, the sole ground of jurisdiction of the New York court being that the …
Recent Important Decisions
Michigan Law Review
Bankruptcy - Judgment for Breach of Promis, Aggravated by Seduction, Not Dischargeable - Petitioner 'had secured a judgment against the bankrupt for the breach of a promise to marry, seduction under such promise having been pleaded in aggravation of damages; the common law rule prevails in New York and a woman may not maintain an action for her own seduction. The District Court (196 Fed. 571), viewing this as a judgment grounded solely in contract, and not in tort as "for -will-ful and malicious injury to the person or property of another," or for "seduction of an unmarried female," held …
Recent Important Decisions
Michigan Law Review
Bankruptcy - Jurisdiction of the District Court Exclusive Within Its District - A trustee in bankruptcy appointed, by the District 'Court for the District of Illinois filed a petition in the District Court for the Western District of Michigan for a summary order to require the respondent to surrender to the trustee certain moneys claimed as the property of the bankrupt. The respondent was a resident of the Eastern District of Michigan, and denied the jurisdiction of the court to issue an order to be enforced in another district. Held that the jurisdiction of the District Courts, in all bankruptcy …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Adverse Possession--Railroads--Effect of Change of Line; Bankruptcy--Extension of Time for Filing Petition for Discharge; Bankruptcy--Voidable Preferences--Proceeds of Fire Insurance Policy; Bills and Notes--Liability of Irregular Indorser--Questions for Jury; Bills and Notes--Negotiability--Law Governing; Boundaries--Street--Land Made by Change in Street; Commerce--Interstate Commerce on Route Between Two Points in Same State; Criminal Law--Dead Bodies--Proper Burial; Constitutional Law--Involuntary Servitude; Deeds--New Grantee in Habendum--Construction; Deeds--Parol Reservation of Growing Crops by Vendor of Land; Evidence--Admissibility of Statements of a prior Holder of Negotiable Paper Against Transferee; Evidence--Right to Introduce Secondary Evidence of Contents of a Document When the Original is Beyond Jurisdiction of the Court; Guardian …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Attachment--Jurisdiction Over Non-Resident; Bankruptcy--Debts Entitled to Priority--Workman, Clerk, Etc.; Bankruptcy--Title of Trustee Under Unrecorded Conditional Sale--Effect of Amendment of 1910; Bills and Notes--Actions--Real Party in Interest; Carriers--Limiting Liability for Loss of Baggage--Interstate Commerce; Commerce--Constitutionality of State Regulation of Rates; Commerce--Natural Gas as Subject of Interstate Commerce; Covenants Running with the Land--Establishment of Railroad Station; Damages--Penalty or Liquidated Damages--Construction of Stipulation in Contract; Deeds--Covenant to Stand Seised to Uses; Divorce--Recrimination--Dismissal of Bill-When Both Parties Guilty; Equity--Jurisdiction--Adequate Remedy at Law; Evidence--Admissibility of Admissions and Confessions of Accused to Prove the Corpus Delicti; Insurance--Suicide--Waiver of Statutory Provisions; Judgment--Collateral Attack on Judgment of Probate …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Appearance--appeal from Action in Rem as General Appearance; Bankruptcy--Suit by Trustee--Right to Trial by Jury; Bills and Notes--Draft by Agent on Principal--Necessity of Acceptance; Carriers--Merchandise as Baggage--Notice; Constitutional Law--Impairing Obligation of Contract--Clause of Insurance Contract Limiting the Time in Which to Bring Action; Constitutional Law--Invalidating Existing Contracts for Free Transportation; Contracts--Mutual Promises--Independent or Conditional; Courts--Supreme Court--Jurisdiction--Mandamus to Compel Entry of Judgment by Lower Court; Eminent Domain--Damages; Evidence--Confession of an Alleged Accomplice; Evidence--Statutes--Enrolled bill as Evidence; Homestead--Does Joinder of Wife to Release Dower Bar Her Homestead Right?; Insurance--Increase of Hazard; Libel and slander--Absolute Privilege--Judicial Proceedings; Parent and Child--May Parent Authorize Agent …
Note And Comment, John C. Murray, Arthur J. Abbott, Allen Mck. Bond, Charles L. Cunningham, Leon F. Minor
Note And Comment, John C. Murray, Arthur J. Abbott, Allen Mck. Bond, Charles L. Cunningham, Leon F. Minor
Michigan Law Review
Unliquidated Tort Claims as Provable Debts in Bankruptcy; May a State, in the Exercise of its Police Power, Regulate Insurace Rates?; Interest upon Legacies which are not Payable Until Legatee Attains Certain Age; Validity of a Classification of Banks Based Upon the Amount of Their Average Annual Deposits
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Accident Insurance--Accident or Disease; Antenuptial Contract; Waiver of Performance; Bankruptcy--Arrest of Bankrupt--Exemption from Arrest; Bankruptcy--Effect upon a Surety of Bankrupt's Discharge; Charities--Validity--Certainty as to Purpose of the Gift; Constitutional Law--Equal Protectin of the Laws--Abrogation of Fellow-Servant Rule; Constitutional Law--Equal Protection of the Laws--Permit to Woman Pharmacist to Sell Liquors; Constracts--Public Policy; Corporations--Injury to Minority Stockholders--Remedy by Injunction; Corporations--Nature of a Corporation--Franchises; Deeds--Specific Performance of a Condition Subsequent; Elections--Primary Elections--Failure of Nominee to File Expense Account; Evidence--Parol Testimony--Admissibility; Husband and Wife--Personal Torts Between; Husband and Wife--Subrogation of Wife to Rights of Creditors for Necessaries; Inn-Keepers--Liability for Goods of Guest--Termination of Liability; …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Attorney and Client--Lien--Settlement Pending Judgment; Bankruptcy--discharge--Liability Absolutely Owing; Bankruptcy--Partnership--Individual Estate of a Partner; Banks and Banking--Checks on Trust Funds--Deposit to Personal Account of Trustee--Liability of Bank; Banks and Banking--Deposit Slip Headed by Mistake in Another's Name--Bankbook Does not Control; Constitutional Law--freedom To Contract--Master and Servant--Regulating Hours of Service; Constitutional Law--Interstate Commerce--solicitation of Orders for Sale of Intoxicating Liquors; Criminal Law--Offenses by Drivers of Automobiles; Damages--Extent of Liability on Replevin Bond; Damages--What may be Considered in Mitigation in Action for Libel; Deeds--Delivery--Grantee's Name Blank; Equity--Injunction to Restrain Cutting of Timber--Policy of State; Federal Procedure--Removal of Causes--Fraudulent Joinder; Gaming--"Bookmaking"--Oral Bets; Garnishment--Set-off of …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Bankruptcy--Surety's Rights to Subrogation--Preferred Claim; Bills and Notes--Negotiability--Effect of Words "Not Transferable" Added to Negotiable Note; Bills and Notes--Transfer of Note by Indorsement--What Law Governs the Indorser's Contract; Boundaries--Private Way--Title to Fee--Presumption; Civil Rights--Equal Privileges--Place of Amusement--Advertising Material; Constitutional Law--Inequality--classification--Child Labor; Constitutional Law--Limitations on the Taxing Power--Convict-Made Goods--Equal Protection of Laws; Contracts--Real Estate Brokers--Oral Authorization for Sale of Land--Commissions; Criminal Law--Post Office--Fraudulent Use of Mails; Damages--Measure of, in Case of Wrongful Death; Damages--Mitigation of, in Action for Personal Injuries--Duty to Submit to Medical Operation; Deed of Standing Timber--Time of Removal; Divorce--Extent of Relief--Absolute Divorce; Divorce--Vacation of Decree--Perjured Testimony; Evidence--Offer to …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Appeal and Error--Meaning of "Person Aggrieved"; Bankruptcy--dower Rights of Bankrupt's Wife; Bankruptcy--Mechanic's Lien--Set Off; Bills and Notes--Usury--when note is Void as to Both Principal and Interest; Boundaries--Meander Line--Riparian Rights; Citizenship--Marriage of Alien Woman to a Citizen--Naturalization; Constitutional law--Constitutionality of Office of Supreme Judge--Construction of State Constitution; Constitutional Law--Full Faith and Credit--Chancery Power to Affect Foreign Property; Constitutional Law--Police Power--License and Registration of Automobiles; Contracts--Restraint of Trade--Limitation as to Time; Damages--Breach of Warranty of Title--Attorney's Fees and Costs; Deeds--Support and Maintenance as Consideration--Condition Subsequent; Evidence--Crimes Affecting Credibility of Witnesses; Evidence--Letters Between Husband and Wife--Not Privileged in Hands of Third Parties; Husband …
Recent Important Decisions, Michigal Law Review
Recent Important Decisions, Michigal Law Review
Michigan Law Review
Appeal and Error--Attorney's Interest in Case on Appeal--Contingent Fee; Bankruptcy--discharge--subsequent Action for Fraud; Bills and Notes--Usury No Defense Against a bona Fide Holder--Construction of Negotiable Instruments Statute; Boundaries--Street, Terminus A Quo; Carriers--Hepbern Act--State and Federal Courts--Phrase "Caused by It"; Chattel Mortgages--Payment without Notice of Assignment--Construction of a Mortgage Provision; Constitutional Law--Equal Protection of Laws--Statute Requiring Screens on Cars Operated by Corporations; Constitutional Law--Equal Protection of the Laws--Class Legislation; Contracts--No Recovery Under an Entire Illegal Contract; Contracts--Validity of Contract in Contemplation of Divorce; Courts--Federal Courts--authority of Decision of State Courts--"Telegraph"; Covenants--Breach of that Against Incumbrances; Elections--Ballots--Indication of Choice by Voter; Evidence--Facts …