Hartford Life and Annuities Lawsuits Hartford Life and Annuities 419, 412i, 412(e)(3) Plans Lawsuits
Wednesday, March 11, 2015 Hartford To: Michael Kalen/HIG Simsbury@HARTFORD_LIFE Subject: Re: 419 and Sales Goals cc: I don't believe timing is valid-none of the industry associations picked up on this. I also feel that we are ahead of our competitors in understanding and reacting. I to have been receiving several phone calls about this and understand the concerns. Your decision might be to issue 419A(f)(6) for the rest of this year, report on our corporate returns, and just not issue anything new next year. The other answer could be allow the client establish a 419(e) plan. We are at the mercy of our attorneys at this point. Dan M. said he could lose 5-10 mil in premium if we don't make a decision by Friday. Charlie is also concerned. I would love suggestions on how to go forward. The other issue that I am concerned about is how material advisor now effects the b/ds?
If we issue, we could be potentially hurting our relationships with our partners.
Please advise-I'll swing by before I leave tonight to discuss if you have time_
John A. Vaccaro Chief Marketing Officer-Individual Life Hartford Life Telephone (860) 843-4250 Posted by Lance Wallach at 9:34 AM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest
Labels: 412i, 419Plans, Hartford, Lance Wallach, Lance Wallach Expert Witness Monday, March 9, 2015 Hartford Life Insurance www.vebaplan.com Hartford life insurance company was emailed by lance wallach in 2002 warning that the insurance they put in 419 plans would be audited and problems and lawsuits and they did nothing. As an expert witness lance wallach has never lost a case. Google lance wallach.
412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS. sue hartford life ins and win
412i Tax Shelter Fraud Litigation - How It Works PARTIES: Typically, these transactions will include an Insurance company, accountant, tax attorney, and a promoter (someone with an insurance background, perhaps an actuary, who knows how to structure the policy itself). These groups will use insurance brokerages and sub-agents (licensed in the various states) to sell the policies themselves. INSURANCE COMPANIES AMERICAN GENERAL LIFE INSURANCE COMPANY® INDIANAPOLIS LIFE INSURANCE COMPANY® HARTFORD LIFE AND ANNUITY INSURANCE COMPANY® PACIFIC LIFE INSURANCE COMPANY® OTHERS ! BANKERS LIFE®? PROMOTERS, ATTORNEYS, ACCOUNTANTS KENNETH HARTSTEIN ECONOMIC CONCEPTS, INC. PENSION SERVICES, LLC OTHERS HOW THESE PLANS WORK: In the late 1990’s, the individuals and groups above devised a scheme to sell abusive tax shelters under the auspices of Section 412(i) of the tax code. A 412(i) is a defined benefit pension plan. It provides specific retirement benefits to participants once they reach retirement and must contain assets sufficient to pay those benefits. A 412(i) plan differs from other defined benefit pension plans in that it must be funded exclusively by the purchase of individual life insurance products. To create a 412(i) plan, there must be a trust to hold the assets. The employer funds the plan by making cash contributions to the trust, and the Code allows the employer to take a tax deduction in the amount of the contributions, i.e. the entire amount. The trust uses the contributed funds to purchase some
Investment News - Lance Wallach - 412i-419 Plans - Blogger 419plans.blogspot.com/.../investment-news-lance-wallach-412i-and.html Mar 5, 2014 - Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent ... You've visited this page 2 times. Last visit: 3/24/14 412i 419 sect 79 lawsuits audits www.la
Wednesday, April 30, 2014 Why You Should Stay Away from Section 79 Life Insurance Plans I’ve had several calls lately from doctors who are being pitched Section 79 plans and are wondering if these plans are any good. The doctors are being told that Section 79 plans are the best wealth-building tool they can use to reduce their income taxes and create a tax-free retirement income
Must Read Posted by Lance Wallach at 9:02 AM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest
Lance WallachMay 2, 2014 at 10:00 AM Lance Wallach helps with 419 problems. 412i 419 abusive tax shelters IRS audits, lawsuits, Lance Wallach will help www.vebaplan.com 419, 412i, IRS audits, Lance Wallach, Google him helps, The following had something to do with this. Dennis Cunning Steve Toth Randall Smith Paul Kaplan Herb Green Casey Hermansen Larry Bell Scott Ridge Judy Carsrud Jeffrey Glasberg Herb McDowel Greg Roper Joseph Donnelly Norm Bevan Michael Sonnenberg r Anthony Fakouri
What Is a Life Settlement? Until fairly recently, if you owned a life insurance policy that you no longer wanted or needed, you had two choices: surrender the policy for its cash value or allow it to lapse. Now, there is a third option: selling your policy (or the right to receive the death benefit) to an entity other than the insurance company that issued the policy in a transaction known as a life settlement.
The life settlement market emerged as an offshoot of the viatical settlement industry that developed in the 1980s as a source of liquidity for AIDS patients and other terminally ill policyholders with life expectancies of less than two years. Unlike viaticals, however, life settlements involve policyholders who are not terminally ill, but generally have a life expectancy of between two and ten years. Life settlements also tend to involve policies with higher net death benefits than viaticals.
The life settlement market has continued to expand rapidly in recent years. One recent report estimates that existing policies with a collective face value of $11.8 billion were sold by policyholders to investors in 2008.
Areas of Life Insurance Life Settlement Traded Life Policy (TLP) Life Insurance Secondary Market (LISM) Life Settlement: Grigsby v. Russell – 222 U.S. 149 (1911) Life Settlement Attorneys Secondary Insurance Market Attorneys Stranger Originated Life Insurance Lawsuits Misrepresentation Stranger Originated Life Insurance (STOLI, SOLI, IOLI or SPIN-Life
Friday, April 5, 2013 Life insurance beneficiary files putative class action lawsuit Life insurance beneficiary files putative class action lawsuit against life insurer targeting unclaimed property practices, Edwards Wildman Pamer LLP USA
The putative class action alleges that John Hancock Life Insurance Company (USA) and John Hancock Life & Health Insurance Company (collectively, “John Hancock” or “the company”) did not utilize the Social Security Death Master File (“DMF”)1 and various court subscription services to identify deceased life insurance policyholders. The complaint, however, also alleges that John Hancock utilized the DMF and court subscription services to identify deceased annuity payment beneficiaries. As a result of this alleged “industry wide practice”, plaintiff argues that the company was able to “collect interest on unclaimed benefits, charge against policy benefits and otherwise benefit from holding unclaimed benefits” to the detriment of thousands of policyholders and beneficiaries nationwide. The complaint alleges that the proposed class representative’s mother (the “policyholder”) purchased a life insurance policy from the company in 1945. When the policyholder passed away in 2006 the policy beneficiary was unaware of the life insurance policy. Following an investigation with the State of Illinois unclaimed property unit, the beneficiary discovered the existence of the policy and sought payment from the company. The complaint asserts that the policy proceeds were never escheated to the State of Illinois pursuant to its unclaimed property laws.
Following payment of the $1,349.71 policy proceeds to the beneficiary, this complaint followed. The complaint asserts five causes of action and asserts application of Massachusetts law. First, the complaint alleges that John Hancock violated the Massachusetts Protection Act or, alternatively, various State consumer protection laws when the company allegedly: (a) failed in a timely fashion either to notify owners or beneficiaries of unclaimed property or return the unclaimed property; (b) used funds from unclaimed property to generate income for the company’s own benefit; and (c) deducted administrative fees for retaining unclaimed property while making no effort to return the unclaimed property. Second, the complaint alleges that the company has been unjustly enriched by its use of the unclaimed property to generate income and by charging administrative fees for holding the unclaimed property. Third, the complaint alleges that the company engaged in conversion as it exercised dominion and control over the unclaimed property and failed to take reasonable steps either to return the unclaimed property or notify its owners. Fourth, the complaint alleges that the company breached its fiduciary duty to the plaintiff and the class. Fifth and finally, the plaintiff and class seek a declaratory judgment. Specifically, the complaint seeks a declaratory judgment that: (a) the company is prohibited from holding the unclaimed property; (b) the class is declared the true owners of the monies generated from both the use of the unclaimed property and the administrative fees; (c) the company is required to disgorge the unclaimed property to the true owners within thirty days of final judgment, plus pre-judgment interest; (d) the company is required within thirty days of final judgment to return to the class funds previously escheated to any State o Posted by Lance Wallach at 11:50 AM
Lincoln Life Insurance Claim was Denied “ My Lincoln life insurance claim was denied “, is usually how the conversation starts. Dealing with the emotional loss of a loved one can be compounded by the financial loss of a loved one. The reason many people buy Lincoln life insurance is to leave money for their families and help them maintain their homes, schools and lifestyles. When their Lincoln life insurance claim is denied that security seems lost.
Why Lincoln Life Insurance Claims are Denied
If a Lincoln life insurance claim was denied, often, it’s because the claims department finds discrepancies between answers on an application and records that are obtained after the claim is made. One of the most common discrepancies is related to medical information. Many Lincoln life insurance claim denials are based on a medical misrepresentation. However, the larger the life insurance policy the less likely this is to happen. With large policies Lincoln life insurance will gather all of the applicant’s medical records before they issue a life insurance policy. When a policy is of a smaller amount the insurer will often not request medical records – instead relying on the answers given on the application.
Another common discrepancy that will cause a Lincoln life insurance claim to be denied is financial information. In some instances an applicant may appear to have incorrectly stated their financial status – either income, net worth or both. Often times on life insurance applications financial information is based on ballpark figures, not exact numbers. This can be a reason for discrepancies that may cause a life insurance claim denial.
Types of Policies Life Insurance Litigation Logo CALL 516-938-5007 Lawallach@aol.com LifeInsuranceLitigation.net A Guide to Lance Wallach's Other Services
Information on All Services Accounting Practice Division SSI & Disability Advocates Insurance Annuities Information Life Insurance Information Multinational Information International Tax Audit Information
Books: The Team Approach to Tax, Financial & Estate Planning Protecting Clients from Fraud, Incompetence and Scams
Courses: AICPA CPE Self-Study Course CPA's Guide to Life Insurance Course
Blogs and Videos: Lance's Blog Link BlogTalkRadio Link NPR Link - GM Story Toolbox for Finance Link 419 & 412 Abusive Plans Blog Link Finding the Right Experts Blog Link Metacafe Blog Link
Life insurance policies (other than term policies) often include early surrender charges, which can reduce the amount of cash value available toward the new policy. The new policy will likely have its own new surrender charge schedule, which may extend beyond that of the original policy.
You may pay higher premiums if, for example, your health has declined since the purchase of the current policy.
The new policy typically will have a new contestability period 2-year period from the issuance of the new policy during which the insurance company could challenge a death claim based upon a misstatement on the application.
There may be unfavorable tax consequences caused by surrendering an existing policy, such as a potential tax on outstanding policy loans.
You should exchange your life insurance policy only when you determine, after knowing all of the facts that the exchange is better for you and not just better for the person who is trying to sell the policy to you.
Both variable life insurance and variable universal life insurance are securities. Those who offer these products must follow SEC, FINRA, and state securities regulations, in addition to state insurance law. This means that a broker must tell you the important facts about the pros and cons of the exchange. Your broker or insurance agent should recommend such an exchange only if it is in your best interest and only after evaluating your personal and financial situation and needs, tolerance for risk, and the financial ability to pay for the proposed insurance policy.
Your broker or insurance agent may recommend that you use insurance policy values, such as loans or withdrawals, to pay premiums for a new life insurance policy. This activity is generally called "financing" premiums. It may not be appropriate for you. For example, withdrawals from existing policies may be subject to federal income tax and may reduce the death benefit. Borrowing money from an existing policy will almost certainly reduce the death benefit. Withdrawals or loans may make it more difficult to keep the original policy in force without additional out-of-pocket premium payments. If you can't keep the original policy in force, you will lose the insurance protection and the loans themselves may give rise to tax consequences. Remember for a transaction to qualify as a 1035 exchange, the old policy must actually be exchanged for the new policy. Many states and brokerage firms require forms to reflect customer acknowledgement of a replacement transaction. These forms typically are signed by the insurance policy owner and the broker or agent. These forms may provide a comparison of the features and costs of an existing policy to a proposed policy, and point out what you need to focus on when considering an exchange. Some brokerage firms may provide brochures or educational material designed to outline the possible advantages and disadvantages of the transaction. You should review these forms and materials closely.
Regardless of anything you should ask the person recommending that you exchange or replace your existing policy to provide you with illustrations for your existing policy and the new policy. Make sure to ask the following: What is the total cost to me of the exchange? Which new features are being offered? Why do I need them? Are they worth the cost? Can the existing policy be modified or supplemented to provide some or all of these same features?
Tax resolution services THE "IRS Watchdog"Is Waiting For Your Call !!
516 - 938 - 5007
Let him battle the IRS for you!!
Lance Wallach the nation's leading tax resolution expert and his team of CPAs, former IRS Agents, Tax Attorneys, and Tax Audit Professionals will fight the IRS and insurance companies who sold you "abusive tax shelters!
There are solutions that could save you THOUSANDS OF DOLLARS!
Make The Pain Go Away With The IRS Watchdog!
Get the help you need from "Lance Wallach", the nation's leading tax resolution authority, and his team of experienced CPAs, former IRS agents, tax attorneys, and tax audit professionals will fight the IRS for you so you don't have to!
Call 516 -938-5007
Let us deal with the IRS and we will make sure that you get the most money back!!
http://youtu.be/-Wu4XbJ9iK4 Click here to vist Lance Wallach's page for IRS Audit Assistance
The Tax Resolution Services that we offer include the areas:
* IRS Audit Defense
* Penalty Abatement
* Retirement Plans"Help and Compliance
* IRS Offer in Compromise
* 412 and 419 Plan Help
* Circular 230" Issues
* Listed Transactions
* Form 8886 Compliance
* Tax Shelters
* Expert Witness Services
We are the "IRS Problem Solvers" and will provide expert assistance with all other IRS "tax problems" you may be facin
Contact Information Email : LanWalla@aol.com Phone : 516-983-5007 Address : Lance Wallach www.Vebaplan.org www.Benistarabuses.com By Lance Wallach, California Broker Mag The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance plans with life insurance in them, and Section 79 plans. The IRS is aggressively auditing various plans and calling them 'listed transactions' 'abusive tax shelters,' or 'reportable transactions,'participation in any of which must be disclosed to the Service. The result has been IRS audits, disallowances, and huge fines for not properly reporting under IRC 6707A. In a recent tax court case, Curico v. Commissioner (TC Memo 2010-115), the Tax Court ruled that an investment in an employee welfare benefit plan marketed under the name 'Benistar' was a listed transaction. Taxpayers and their representatives should be aware that the Service has disallowed deductions for contributions to these arrangements. The IRS is cracking down on small business owners who participate in tax reduction insurance plans and the brokers who sold them. For help with these issues visit www.taxaudit419.com
RAMESH SARVA Defendant Ramesh Sarva is a CPA who has been steering his customer toward VEBA plans for over 20 years- and in particular, toward Sea Nine-administered VEBA plans. He promotes the plans' false benefits while also rebroadcasting the false statements that Elliot and Sea Nine make about the plans they operateand administer. Benistar
Some of the 419 Welfare Benefit Plans that have attracted attention of the IRS (rightly or wrongly) and others lately and over the past several years are: NOVA Benefit Plans (run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others), including: the SADI Plan, the Grist Mill Plan, Life One, among others Benistar Plans (also run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others) Greater Metropolitan Niche Marketing Millenium Plans CJA & Associates (run by Raymond Ankner Sea Nine VEBA Compass Welfare Benefit Plan
Some of the 419 Welfare Benefit Plans that have attracted attention of the IRS (rightly or wrongly) and others lately and over the past several years are: NOVA Benefit Plans (run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others), including: the SADI Plan, the Grist Mill Plan, Life One, among others Benistar Plans (also run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others) Greater Metropolitan Niche Marketing Millenium Plans CJA & Associates (run by Raymond Ankner Sea Nine VEBA Compass Welfare Benefit Plan
412(e)(3) Fully Insured Plans (formerly 412(i) plans) 412(e)(3) Fully Insured Plans (formerly 412(i) plans) Note: the 2006 PPA moved the contents of §412(i) to §412(e)(3) largely intact, however, notwithstanding the code change
412(e)(3) Fully Insured Plans (formerly 412(i) plans) 412(e)(3) Fully Insured Plans (formerly 412(i) plans) Note: the 2006 PPA moved the contents of §412(i) to §412(e)(3) largely intact, however, notwithstanding the code change
The Rise of Stranger-Originated Life Insurance Lawsuits
ReplyDelete
DeleteHartford Life and Annuities Lawsuits
Hartford Life and Annuities 419, 412i, 412(e)(3) Plans Lawsuits
Wednesday, March 11, 2015
Hartford
To: Michael Kalen/HIG Simsbury@HARTFORD_LIFE
Subject: Re: 419 and Sales Goals
cc:
I don't believe timing is valid-none of the industry associations picked up on this. I also feel that we are ahead
of our competitors in understanding and reacting. I to have been receiving several phone calls about this and
understand the concerns. Your decision might be to issue 419A(f)(6) for the rest of this year, report on our
corporate returns, and just not issue anything new next year. The other answer could be allow the client
establish a 419(e) plan. We are at the mercy of our attorneys at this point. Dan M. said he could lose 5-10 mil in
premium if we don't make a decision by Friday. Charlie is also concerned. I would love suggestions on how to
go forward. The other issue that I am concerned about is how material advisor now effects the b/ds?
If we issue, we could be potentially hurting our relationships with our partners.
Please advise-I'll swing by before I leave tonight to discuss if you have time_
John A. Vaccaro
Chief Marketing Officer-Individual Life
Hartford Life
Telephone (860) 843-4250
Posted by Lance Wallach at 9:34 AM
Email This
BlogThis!
Share to Twitter
Share to Facebook
Share to Pinterest
Labels: 412i, 419Plans, Hartford, Lance Wallach, Lance Wallach Expert Witness
Monday, March 9, 2015
Hartford Life Insurance
www.vebaplan.com
Hartford life insurance company was emailed by lance wallach in 2002 warning that the insurance they put in 419 plans would be audited and problems and lawsuits and they did nothing. As an expert witness lance wallach has never lost a case. Google lance wallach.
412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.
sue hartford life ins and win
412i Tax Shelter Fraud Litigation - How It Works
ReplyDeletePARTIES:
Typically, these transactions will include an Insurance company, accountant, tax attorney, and a promoter (someone with an insurance background, perhaps an actuary, who knows how to structure the policy itself). These groups will use insurance brokerages and sub-agents (licensed in the various states) to sell the policies themselves.
INSURANCE COMPANIES
AMERICAN GENERAL LIFE INSURANCE COMPANY® INDIANAPOLIS LIFE INSURANCE COMPANY®
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY® PACIFIC LIFE INSURANCE COMPANY®
OTHERS ! BANKERS LIFE®?
PROMOTERS, ATTORNEYS, ACCOUNTANTS
KENNETH HARTSTEIN ECONOMIC CONCEPTS, INC. PENSION SERVICES, LLC OTHERS
HOW THESE PLANS WORK:
In the late 1990’s, the individuals and groups above devised a scheme to sell abusive tax shelters under the auspices of Section 412(i) of the tax code. A 412(i) is a defined benefit pension plan. It provides specific retirement benefits to participants once they reach retirement and must contain assets sufficient to pay those benefits. A 412(i) plan differs from other defined benefit pension plans in that it must be funded exclusively by the purchase of individual life insurance products. To create a 412(i) plan, there must be a trust to hold the assets. The employer funds the plan by making cash contributions to the trust, and the Code allows the employer to take a tax deduction in the amount of the contributions, i.e. the entire amount.
The trust uses the contributed funds to purchase some
Investment News - Lance Wallach - 412i-419 Plans - Blogger
ReplyDelete419plans.blogspot.com/.../investment-news-lance-wallach-412i-and.html
Mar 5, 2014 - Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent ...
You've visited this page 2 times. Last visit: 3/24/14
412i 419 sect 79 lawsuits audits www.la
This comment has been removed by the author.
DeleteThis comment has been removed by the author.
ReplyDeleteLance Wallach Life Insurance
ReplyDeleteWednesday, April 30, 2014
Why You Should Stay Away from Section 79 Life Insurance Plans
I’ve had several calls lately from doctors who are being pitched Section 79 plans and are wondering if these plans are any good. The doctors are being told that Section 79 plans are the best wealth-building tool they can use to reduce their income taxes and create a tax-free retirement income
Must Read
Posted by Lance Wallach at 9:02 AM
Email This
BlogThis!
Share to Twitter
Share to Facebook
Share to Pinterest
Labels: Class Action Lawsuit, Financial, insurance, insurance plans, Section 79
2 comments:
Lance WallachMay 2, 2014 at 10:00 AM
Lance Wallach helps with 419 problems. 412i 419 abusive tax shelters IRS audits, lawsuits, Lance Wallach will help www.vebaplan.com
419, 412i, IRS audits, Lance Wallach, Google him helps, The following had something to do with this.
Dennis Cunning Steve Toth Randall Smith Paul Kaplan Herb Green Casey Hermansen
Larry Bell Scott Ridge Judy Carsrud Jeffrey Glasberg Herb McDowel
Greg Roper Joseph Donnelly
Norm Bevan Michael Sonnenberg
r Anthony Fakouri
This comment has been removed by the author.
DeleteThis comment has been removed by the author.
ReplyDeleteWhat Is a Life Settlement?
ReplyDeleteUntil fairly recently, if you owned a life insurance policy that you no longer wanted or needed, you had two choices: surrender the policy for its cash value or allow it to lapse. Now, there is a third option: selling your policy (or the right to receive the death benefit) to an entity other than the insurance company that issued the policy in a transaction known as a life settlement.
The life settlement market emerged as an offshoot of the viatical settlement industry that developed in the 1980s as a source of liquidity for AIDS patients and other terminally ill policyholders with life expectancies of less than two years. Unlike viaticals, however, life settlements involve policyholders who are not terminally ill, but generally have a life expectancy of between two and ten years. Life settlements also tend to involve policies with higher net death benefits than viaticals.
The life settlement market has continued to expand rapidly in recent years. One recent report estimates that existing policies with a collective face value of $11.8 billion were sold by policyholders to investors in 2008.
Source: http://www.finra.org/investors/protectyourself/investoralerts/annuitiesandinsurance/p018469
Areas of Life Insurance
Life Settlement
Traded Life Policy (TLP)
Life Insurance Secondary Market (LISM)
Life Settlement: Grigsby v. Russell – 222 U.S. 149 (1911)
Life Settlement Attorneys
Secondary Insurance Market Attorneys
Stranger Originated Life Insurance Lawsuits
Misrepresentation
Stranger Originated Life Insurance (STOLI, SOLI, IOLI or SPIN-Life
Lance Wallach Life Insurance
ReplyDeleteFriday, April 5, 2013
Life insurance beneficiary files putative class action lawsuit
Life insurance beneficiary files putative class action lawsuit against life insurer targeting unclaimed property practices, Edwards Wildman Pamer LLP USA
The putative class action alleges that John Hancock Life Insurance Company (USA) and John Hancock Life & Health Insurance Company (collectively, “John Hancock” or “the company”) did not utilize the Social Security Death Master File (“DMF”)1 and various court subscription services to identify deceased life insurance policyholders. The complaint, however, also alleges that John Hancock utilized the DMF and court subscription services to identify deceased annuity payment beneficiaries. As a result of this alleged “industry wide practice”, plaintiff argues that the company was able to “collect interest on unclaimed benefits, charge against policy benefits and otherwise benefit from holding unclaimed benefits” to the detriment of thousands of policyholders and beneficiaries nationwide. The complaint alleges that the proposed class representative’s mother (the “policyholder”) purchased a life insurance policy from the company in 1945. When the policyholder passed away in 2006 the policy beneficiary was unaware of the life insurance policy. Following an investigation with the State of Illinois unclaimed property unit, the beneficiary discovered the existence of the policy and sought payment from the company. The complaint asserts that the policy proceeds were never escheated to the State of Illinois pursuant to its unclaimed property laws.
Following payment of the $1,349.71 policy proceeds to the beneficiary, this complaint followed. The complaint asserts five causes of action and asserts application of Massachusetts law. First, the complaint alleges that John Hancock violated the Massachusetts Protection Act or, alternatively, various State consumer protection laws when the company allegedly: (a) failed in a timely fashion either to notify owners or beneficiaries of unclaimed property or return the unclaimed property; (b) used funds from unclaimed property to generate income for the company’s own benefit; and (c) deducted administrative fees for retaining unclaimed property while making no effort to return the unclaimed property. Second, the complaint alleges that the company has been unjustly enriched by its use of the unclaimed property to generate income and by charging administrative fees for holding the unclaimed property. Third, the complaint alleges that the company engaged in conversion as it exercised dominion and control over the unclaimed property and failed to take reasonable steps either to return the unclaimed property or notify its owners. Fourth, the complaint alleges that the company breached its fiduciary duty to the plaintiff and the class. Fifth and finally, the plaintiff and class seek a declaratory judgment. Specifically, the complaint seeks a declaratory judgment that: (a) the company is prohibited from holding the unclaimed property; (b) the class is declared the true owners of the monies generated from both the use of the unclaimed property and the administrative fees; (c) the company is required to disgorge the unclaimed property to the true owners within thirty days of final judgment, plus pre-judgment interest; (d) the company is required within thirty days of final judgment to return to the class funds previously escheated to any State o
Posted by Lance Wallach at 11:50 AM
Lincoln Life Insurance Claim was Denied
ReplyDelete“ My Lincoln life insurance claim was denied “, is usually how the conversation starts. Dealing with the emotional loss of a loved one can be compounded by the financial loss of a loved one. The reason many people buy Lincoln life insurance is to leave money for their families and help them maintain their homes, schools and lifestyles. When their Lincoln life insurance claim is denied that security seems lost.
Why Lincoln Life Insurance Claims are Denied
If a Lincoln life insurance claim was denied, often, it’s because the claims department finds discrepancies between answers on an application and records that are obtained after the claim is made. One of the most common discrepancies is related to medical information. Many Lincoln life insurance claim denials are based on a medical misrepresentation. However, the larger the life insurance policy the less likely this is to happen. With large policies Lincoln life insurance will gather all of the applicant’s medical records before they issue a life insurance policy. When a policy is of a smaller amount the insurer will often not request medical records – instead relying on the answers given on the application.
Another common discrepancy that will cause a Lincoln life insurance claim to be denied is financial information. In some instances an applicant may appear to have incorrectly stated their financial status – either income, net worth or both. Often times on life insurance applications financial information is based on ballpark figures, not exact numbers. This can be a reason for discrepancies that may cause a life insurance claim denial.
Lance Wallach" "412i" "412i litigation" "419 plan help" "retirement plan lawsuit" "welfare
ReplyDeletebenefit plan fraud" "expert witness 412i litigation" "expert witness insurance plan litigation"
"expert witness testimony in tax shelter lawsuit" “Lance Wallach” “412i litigation” “419
litigation” “tax shelter litigation” “tax shelter litigation expert witness” “investment fraud
litigation” “investment fraud litigation expert witness” “abusive retirement plans” “abusive
welfare benefit plans” "captive insurance" Section 79 plans" "captive insurance litigation"
"section 79 litigation"
"lance wallach" “6707A” “captive insurance” “tax shelter fraud” “section 79”"tax letter" "irs
letter" "irs letters" "irs determination letter" “419 plan help” 412i 6707a "form 8886" "listed
transactions" "abusive tax shelter assistance" “insurance scam” “retirement plan fraud”
“life insurance fraud” “life insurance scam” “health insurance scam” health insurance
fraud” “tax shelter fraud” “tax shelter scam” "expert witness irs" veba "expert witness
services" "Grist Mill Trust" Benistar "SADI Trust" "Beta 419" "Millennium Plan" Bisys
"Creative Services Group" "Sterling Benefit Plan" "Compass 419" “Niche 419” CRESP "Sea
Nine Veba" “419 plan” 412i 419e "expert witness insurance fraud" "welfare benefit plans"
"419 plan help" "expert witness irs" “Lance Wallach” “419 plan help” “412i plan help” “tax
resolution services” “irs problem solvers” “form 8886” 6707
This comment has been removed by the author.
ReplyDeleteTypes of Policies
ReplyDeleteLife Insurance Litigation Logo
CALL 516-938-5007
Lawallach@aol.com
LifeInsuranceLitigation.net
A Guide to Lance Wallach's Other Services
Information on All Services
Accounting Practice Division
SSI & Disability Advocates
Insurance Annuities Information
Life Insurance Information
Multinational Information
International Tax Audit Information
Finance Experts:
Join Finance Experts
Additional Websites:
Lawyer4Audits.com
TaxLibrary.us
VebaHealthCare.com
VebaPlan.org
VebaExpert.com
VebaInsurance.com
VebaFund.com
VebaPlans.com
RetireeHealthcare.com
Reportabletransaction.com
Books:
The Team Approach to Tax, Financial & Estate Planning
Protecting Clients from Fraud, Incompetence and Scams
Courses:
AICPA CPE Self-Study Course
CPA's Guide to Life Insurance Course
Blogs and Videos:
Lance's Blog Link
BlogTalkRadio Link
NPR Link - GM Story
Toolbox for Finance Link
419 & 412 Abusive Plans Blog Link
Finding the Right Experts Blog Link
Metacafe Blog Link
Shpenses, including commissions.
ReplyDeleteLife insurance policies (other than term policies) often include early surrender charges, which can reduce the amount of cash value available toward the new policy. The new policy will likely have
its own new surrender charge schedule, which may extend beyond that of the original policy.
You may pay higher premiums if, for example, your health has declined since the purchase of the current policy.
The new policy typically will have a new contestability period 2-year period from the issuance of the new policy during which the insurance company could challenge a death claim based upon a
misstatement on the application.
There may be unfavorable tax consequences caused by surrendering an existing policy, such as a potential tax on outstanding policy loans.
You should exchange your life insurance policy only when you determine, after knowing all of the facts that the exchange is better for you and not just better for the person who is trying to sell the
policy to you.
Both variable life insurance and variable universal life insurance are securities. Those who offer these products must follow SEC, FINRA, and state securities regulations, in addition to state
insurance law. This means that a broker must tell you the important facts about the pros and cons of the exchange. Your broker or insurance agent should recommend such an exchange only if it
is in your best interest and only after evaluating your personal and financial situation and needs, tolerance for risk, and the financial ability to pay for the proposed insurance policy.
Your broker or insurance agent may recommend that you use insurance policy values, such as loans or withdrawals, to pay premiums for a new life insurance policy. This activity is generally called
"financing" premiums. It may not be appropriate for you. For example, withdrawals from existing policies may be subject to federal income tax and may reduce the death benefit. Borrowing money
from an existing policy will almost certainly reduce the death benefit. Withdrawals or loans may make it more difficult to keep the original policy in force without additional out-of-pocket premium
payments. If you can't keep the original policy in force, you will lose the insurance protection and the loans themselves may give rise to tax consequences. Remember for a transaction to qualify as
a 1035 exchange, the old policy must actually be exchanged for the new policy. Many states and brokerage firms require forms to reflect customer acknowledgement of a replacement transaction.
These forms typically are signed by the insurance policy owner and the broker or agent. These forms may provide a comparison of the features and costs of an existing policy to a proposed
policy, and point out what you need to focus on when considering an exchange. Some brokerage firms may provide brochures or educational material designed to outline the possible advantages
and disadvantages of the transaction. You should review these forms and materials closely.
Regardless of anything you should ask the person recommending that you exchange or replace your existing policy to provide you with illustrations for your existing policy and the new policy. Make sure
to ask the following: What is the total cost to me of the exchange? Which new features are being offered? Why do I need them? Are they worth the cost? Can the existing policy be modified or supplemented to
provide some or all of these same features?
ReplyDeleteTax resolution services
THE "IRS Watchdog"Is Waiting For Your
Call !!
516 - 938 - 5007
Let him battle the IRS for you!!
Lance Wallach the nation's leading tax
resolution expert and his team of CPAs,
former IRS Agents, Tax Attorneys, and Tax
Audit Professionals will fight the IRS and
insurance companies who sold you
"abusive tax shelters!
There are solutions that could save you
THOUSANDS OF DOLLARS!
Make The Pain Go Away With The
IRS Watchdog!
Get the help you need from
"Lance Wallach", the nation's
leading tax resolution authority,
and his team of experienced CPAs,
former IRS agents, tax attorneys,
and tax audit professionals will
fight the IRS for you so you don't
have to!
Call 516 -938-5007
Let us deal with the IRS and we will make sure
that you get the most money back!!
http://youtu.be/-Wu4XbJ9iK4
Click here to vist Lance Wallach's page for IRS Audit Assistance
The Tax Resolution Services
that we offer include the areas:
* IRS Audit Defense
* Penalty Abatement
* Retirement Plans"Help and Compliance
* IRS Offer in Compromise
* 412 and 419 Plan Help
* Circular 230" Issues
* Listed Transactions
* Form 8886 Compliance
* Tax Shelters
* Expert Witness Services
We are the "IRS Problem Solvers" and will
provide expert assistance with all other IRS "tax
problems" you may be facin
ReplyDeleteContact Information
Email :
LanWalla@aol.com
Phone :
516-983-5007
Address :
Lance Wallach
www.Vebaplan.org
www.Benistarabuses.com
By Lance Wallach, California Broker Mag
The IRS has been attacking all 419 welfare benefit plans, many 412i retirement plans, captive insurance plans with life insurance in them, and Section 79 plans. The IRS is aggressively auditing various plans and calling them 'listed transactions' 'abusive tax shelters,' or 'reportable transactions,'participation in any of which must be disclosed to the Service. The result has been IRS audits, disallowances, and huge fines for not properly reporting under IRC 6707A.
In a recent tax court case, Curico v. Commissioner (TC Memo 2010-115), the Tax Court ruled that an investment in an employee welfare benefit plan marketed under the name 'Benistar' was a listed transaction. Taxpayers and their representatives should be aware that the Service has disallowed deductions for contributions to these arrangements. The IRS is cracking down on small business owners who participate in tax reduction insurance plans and the brokers who sold them. For help with these issues visit www.taxaudit419.com
RAMESH SARVA
ReplyDeleteDefendant Ramesh Sarva is a CPA who has been steering his customer toward VEBA plans for over 20 years- and in particular, toward Sea Nine-administered VEBA plans. He promotes the plans' false benefits while also rebroadcasting the false statements that Elliot and Sea Nine make about the plans they operateand administer. Benistar
Tuesday, January 6, 2015
(3) Lance Wallach - Section 79, captive insurance, 412i,
HG.org Legal Resources
ReplyDeleteFind a Lawyer
SIGN IN ADD FIRM AFFILIATE CONTACT US
SEARCH
HG.org Legal Resources
ReplyDeleteFind a Lawyer
SIGN IN ADD FIRM AFFILIATE CONTACT US
SEARCH
Some of the 419 Welfare Benefit Plans that have attracted attention of the IRS (rightly or wrongly) and others lately and over the past several years are:
ReplyDeleteNOVA Benefit Plans (run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others), including: the SADI Plan, the Grist Mill Plan, Life One, among others
Benistar Plans (also run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others)
Greater Metropolitan
Niche Marketing
Millenium Plans
CJA & Associates (run by Raymond Ankner
Sea Nine VEBA
Compass Welfare Benefit Plan
Some of the 419 Welfare Benefit Plans that have attracted attention of the IRS (rightly or wrongly) and others lately and over the past several years are:
ReplyDeleteNOVA Benefit Plans (run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others), including: the SADI Plan, the Grist Mill Plan, Life One, among others
Benistar Plans (also run by Dan Carpenter, Wayne Bursey, Guy Neumann, Kathy Kehoe, Joe Castagno and others)
Greater Metropolitan
Niche Marketing
Millenium Plans
CJA & Associates (run by Raymond Ankner
Sea Nine VEBA
Compass Welfare Benefit Plan
412(e)(3) Fully Insured Plans (formerly 412(i) plans)
ReplyDelete412(e)(3) Fully Insured Plans (formerly 412(i) plans)
Note: the 2006 PPA moved the contents of §412(i) to §412(e)(3) largely intact, however, notwithstanding the code change
412(e)(3) Fully Insured Plans (formerly 412(i) plans)
ReplyDelete412(e)(3) Fully Insured Plans (formerly 412(i) plans)
Note: the 2006 PPA moved the contents of §412(i) to §412(e)(3) largely intact, however, notwithstanding the code change
… the Chinese equivalent of Infopaq et al? Thank you for sharing - this will enrich my IP Law class this week!!
ReplyDelete