Ask @LeadersCorner:

Geoff and Nancy Thompson, Split-Life Insurance Plan?

How a Business Leader Can Utilize a Split-Dollar Life Policy
There are 2 types of split-dollar life insurance policy plans: equity split-dollar plan and non-equity split-dollar strategy. Along with the department of equity, the tax therapy of a split-dollar life insurance policy strategy depends upon the possession of the life insurance policy on the worker's life.
A setup that gives life insurance policy plan advantages, as well as some premium costs to an employee from a company, is a service split-dollar life insurance plan. Generally, an employer will certainly assist one or a number of key employees to buy required life insurance coverage security, as well as pay all or a portion of the costs. The employer paid costs will ultimately be recovered by the employer from the policy benefits.
Employer Plan Features:
Internal Revenue Service approval is not needed for an organization split-dollar life insurance policy plan.
The costs outlay are ultimately recuperated by the company.
The employer selects which workers will be covered by the plan as well as the amounts allocated for each and every picked employee.
A service split-dollar life insurance policy strategy is planned to keep essential employees. The benefit to the worker is shed if the staff member ends employment.
Staff Member Plan Features:
Preferably, the split-dollar life insurance policy plan is organized so that death proceeds are not subject to estate tax.
In the occasion of the staff member's fatality, the personal beneficiary obtains the death follows the life insurance policy, income tax obligation totally free.
Belongings life insurance policy protection is gotten at a minimized or zero out-of-pocket cost.
Funds that had been invested in life insurance coverage are currently readily available for various other household costs or objectives.
If a company is in a reduced tax brace compared to the shareholder-employee, a split-dollar life insurance policy strategy is a cost-effective way for a shareholder-employee of a closely-held corporation to move a part of the prices of the proprietor's individual life insurance to the corporation.
There is a common problem of the worker usually having to pay a big section of the costs in the beginning years of the strategy. Consequently, a variety of premium sharing variants have been created in order to conquer this trouble.
With the numerous different subtleties in the split-dollar life insurance policy, an appointment with a qualified economic professional is advised for any kind of company seeking to give life insurance coverage to key staff members.

View more

Uzoma Okoro

Uzoma Okoro is an engineer by profession and a writer, filmmaker, producer, and father in his spare time. He is currently the President of Engineering at Eco-Alpha Environmental & Engineering Services, found at To contact him, visit his website
He started his professional career as the Director of Engineering at Golden 1 Center Area in Sacramento, transitioning him to the greater role of President of Engineering at Eco, which he started in 2017. To see his entire professional background, visit
While his career in Engineering is dear to his heart, Uzoma has a creative side. In 2015, he wrote, directed, and produced 'Moses', a short film that was highly acclaimed ( at San Francisco's Black Film Fest. You can learn about his full entertainment background at his IMDB page
Watch 'Moses'
Learn about his book, 'The Cocaine Saints'

View more

Who Does Joe Davis, Morgan Hill Help?

Joseph Davis, a philanthropist from Morgan Hill, CA -- has dedicated the latter half of his life to giving back to the community, particularly the homeless. See the photo below of him outside of a newly-renovated Mobile Shower & Laundry in his hometown.
His major goal of the next 5 years or so is to create, manage, and build upon a Homeless Encampment in the Morgan Hill / Gilroy area. He was featured in an article about it back in 2013:
While he was a working man, he took part in the creation of 34 different patents, particularly in the field of optics & optical currents. His full list can be viewed here:

View more