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

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.