PRODUCT AND PROCESS FOR PROTECTING CORPORATE OWNED LIFE INSURANCE

摘要

Owners of life insurance policies have contractual rights to designatebeneficiaries. Corporationsdesignate themselves as beneficiaries to avoid adverse tax consequences. Thatdesignation doesnot protect corporate owned life insurance from claims of creditors. Theproduct, a bare purposetrust, and the process of implementing the product, provide creditorprotection for qualifyingcorporate owned life insurance policies without adverse tax consequences. Theinvention is new,useful and unique.