An Analysis of Proposals Using Life Insurance: What Works, What May Not Be As Effective As Promoted, and What Does Not Work
Lawrence J. Macklin will present “An Analysis of Proposals Using Life Insurance: What Works, What May Not Be As Effective As Promoted, and What Does Not Work”: The speaker will first address the type of policy most appropriate for a client’s objectives and then discuss how to evaluate proposals using life insurance that may or may not be misleading, such as using premium financed life insurance as a retirement plan substitute. Finally, the speaker will discuss proposals using life insurance that are flawed so that the advisor can steer the client away from a flawed proposal as illustrated in the recent Webber Tax Court decision.
Lawrence J. Macklin is a managing director and wealth strategist with Bank of America Private Bank. He coordinates the development and delivery of innovative strategies and solutions for high net worth individuals and families in the areas of single stock concentrations, estate and wealth transfer planning, charitable giving and retirement, income tax, business succession and stock option planning. He also works closely with clients and their outside advisors to provide specialized wealth management and fiduciary services. Mr. Macklin began his tax and estate planning career in 1982 and joined Bank of America in 1994. Prior to joining Bank of America, he was associated with Venable LLP, a national law firm, as well as the accounting firm of Price Waterhouse. Mr. Macklin has served as an adjunct professor of law at Stevenson University (formerly Villa Julie College) in Baltimore, Maryland and as an adjunct professor of taxation in the graduate business program at The Johns Hopkins University. He has written for Tax Management’s Estate, Gift, and Trust Journal, the Journal of Wealth Management, The Practical Tax Lawyer and various newsletters on tax and estate planning matters and has been quoted in Entrepreneur, Financial Advisor, and other publications. He has lectured for the Notre Dame Tax and Estate Planning Institute, various Estate Planning Councils, the Trust and Estate Study Group of the Maryland Bar, Pennsylvania Bar Institute, the Marcus Evans Private Banking Forum, Information Management Network, Financial Research Associates and Lorman Education Services. Mr. Macklin has also served as a recurring lecturer for the continuing professional education programs sponsored by the Maryland Association of Certified Public Accountants and the District of Columbia Institute of Certified Public Accountants
