The Internal Revenue Service has just issued a number for a private letter ruling that I obtained for a client. In PLR 200747002, the Service for the first time approved a premium-splitting mechanism to fund the purchase of life insurance. The technique helps owners of closely held businesses buy the interest of an owner who dies. For details, see my article in the September 2007 issue of Trusts & Estates, “Insurance LLC Helps Business Owners,” at pp. 35-38.
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