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Why Attorneys need to know about Life Settlements
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“The
attorney has an obligation to analyze the circumstances
to determine if a life settlement is possible to
gain the most for the client.”
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Pennsylvania Law Weekly, “An
Often Overlooked Asset”, January 2004 |
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If you are an attorney practicing in the
estate or financial planning space, you will want to discover
the potential value a life settlement can bring to your
senior clients.
While not life insurance experts, most high net worth policyholders
rely on the counsel of their attorneys when rendering decisions
concerning the purchase, conversion, or surrender of the
insurance asset. Now, a life settlement is yet another
option, often proving to be more attractive than policy
surrender.
The Life Settlement option can prove to be
a valuable alternative to the traditional 1035 exchange.
This is especially true in trustee situations, where legal
counsel often bears
some degree of liability. The settlement can
provide
for an escape from one policy with substantially more capital.
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