Estate Planning With Viatical Investments

In addition to advising clients about selling their policies, lawyers might also be asked by clients about investing in other people's policies through the companies that buy them.

When giving such advice, lawyers need to be aware of how risky these investments can be, says Stephan Leimberg of Bryn Mawr, Pa., co-author of Tax Planning With Life Insurance.

One estate planning attorney has already been sued for malpractice in giving such advice. The client alleges that she lost $260,000 because the company fraudulently sold her an investment in policies that didn't even exist, according to the attorney bringing the lawsuit, Craig Goldenfarb of West Palm Beach, Fla.

The client claims the attorney should have done more investigation of the company, says Goldenfarb.

Viatical Settlements: A Booming New Industry

When a policy is bought from a terminally ill person, the sale is called a "viatical settlement." 'When it's bought from someone who isn't terminally ill, it's typically called a "life settlement," but is sometimes called a "senior settlement," "lifetime settlement" “LifeStyle Settlement” or "high net worth transaction."

Continued: About the Viatical Industry

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  Not Registered In Texas
Life Settlement INdustry News 06/20/05

Life Settlements and Real Estate Investing Cash from Life Settlements can boost real estate holdings.Many seniors do not realize that there are no restrictions on the use of their Life Settlement proceeds...

More About Premium Financing
04/26/05

Premium Financing. Affluent insureds can use leverage to buy life insurance using recourse and non-recourse premium financing. After two years, the coverage may be sold as a Life Settlement, or retained....

More About Premium Financing Life Settlement Questions Call 1-877-224-2200
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