Trustees and Life Insurance

BY VINCENT E. WALSH

I read “ Don’t Invest for Clients—Plan for Them ” ( JofA, Jan.02, page 32), and I take exception to the impression created in the sidebar “ Changing Tax Laws ” (page 35).

The irrevocable trusts used by our clients give the trustee authority to purchase life insurance should he or she deem it prudent. The trust document does not obligate the trustee to purchase life insurance or to use its proceeds to pay estate taxes.

Vincent E. Walsh, CPA
Giunta, Ferlita & Walsh, PA
Tampa, Florida

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.