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5 Mistakes in Life Insurance Planning

Fulcrum Partners. Deferred Compensation News

More than three years ago, we first published an in-depth look at 5 mistakes in life insurance planning. Despite shifts in politics and the economy, tax code changes, and other variables of life, the facts remain the same. In personal life insurance planning, particularly as part of estate planning, even minor oversights can lead to major tax problems. 

Recognizing that efforts to reduce cost in the short term could lead to problems, we’re resharing this important information on 5 key trouble spots in life insurance planning.

Electronic DOL Filing for Top Hat Plans to Be Mandatory

Fulcrum Partners Executive Benefits News, Fulcrum Partners News

Nonqualified deferred compensation “top hat” plans do not require annual Form 5500s. Instead, the Department of Labor requires a Top Hat plan disclosure letter whenever a new plan is implemented. Nonqualified Deferred Compensation Plans enable executives and other high-income earners to defer income beyond the limits of qualified 401(k) plans. These plans garner more attention any time there are tax …