Richard L. Harris

Richard
L. Harris
CLU AEP,
Richard L. Harris LLC

Richard L. Harris is the managing member of Richard L. Harris LLC, a life insurance sales and consulting firm devoted to helping the very wealthy and their professional advisors deal with issues regarding life insurance. He works as a back office life insurance expert for many accountants, attorneys, and trust officers. With 40 years experience, Richard is a nationally recognized expert in the very advanced areas of life insurance. He brings together expertise and cutting edge ideas in designing and implementing solutions incorporating life insurance that integrate and address the issues at hand. Apart from acting as a life insurance strategist and purchasing agent for life insurance for the very wealthy, he is often consulted about fixing or improving advanced strategies using life insurance that have become problematic because of legislation, poor performance, or change in circumstances. Richard consults on proposed advanced strategies using life insurance providing second opinions on the viability of the transactions. He also provides litigation support both forensically and strategically and serves as an expert witness regarding sophisticated life insurance transactions. Richard is a graduate of Long Island University where he majored in Accounting and Literature. He holds the professional designations of Chartered Life Underwriter, Registered Trust and Estate Practitioner, and Accredited Estate Planner. He is Chair of the Insurance Committee of Trusts & Estates Magazine, on the Editorial Advisory Board of Wealth Strategies Journal, a Contributing Editor to Private Wealth Magazine and is listed in Who's Who in Finance and Industry. He also serves on the Board of the Northern New Jersey Society of Financial Services Professionals and the Advisory Board of HighCap Financial.

Articles
It’s All About Income Tax
Richard L. Harris addresses how life insurance can be an attractive option for clients looking to save on their income taxes
Recent Developments Affecting Life Insurance
Richard L. Harris targets three areas of which practitioners need to be aware
A New Tax Environment
Richard L. Harris and Martin M. Shenkman discuss the changing role of insurance in the new tax environment
Whirlwind of Activity
Richard L. Harris & Melvin A. Warshaw explore the events that shook up the insurance industry in 2012
The Split-Dollar Legacy Trust
Martin M. Shenkman, Richard L. Harris and Lawrence Brody outline an effective planning technique that may cease to exist in 2013.
Substituting a Life Insurance Policy in an Irrevocable Trust
On Dec. 1, 2011, the Internal Revenue Service issued Revenue Ruling 2011-28,1 which finally clarified that a life insurance policy in an irrevocable trust
A Look Back at Life Insurance
Life insurance is a confusing topic in and of itself. Start a conversation about life insurance at your next cocktail party and see what happens. The
Transferring Life Insurance by Gift or Sale
A client who has a personally owned life insurance policy comes to you. You convince her to either sell or gift the policy to an irrevocable life insurance
Hedging Your Bets
Life insurance is unique among types of insurance in that it insures against an event (death) that will occur as opposed to an event that may occur. But,
Private Split-dollar Arrangements
For estate planning using life insurance, and especially for large premium cases, split dollar offers an attractive method for funding the premiums with
SPLIT-DOLLAR OPPORTUNITIES
Although the Treasury Department and the Internal Revenue Service have significantly diminished its income tax advantages, split-dollar insurance can
The Problems With PPLI
Usually, clients buy private placement life insurance more as an investment vehicle than because they actually want life insurance. But unfavorable rulings
The Problem with Trusts Owning Life Insurance
It's getting more difficult for trustees to exercise prudent fiduciary responsibility in the life insurance arena. They must contend with developments
Paralyzed Over Split Dollar
Survey finds advisors don’t understand the new regs—or how to fix plans with split-dollar arrangements. Some suggestions ...
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