Private placement life insurance (PPLI) and Private Placement Variable Annuities (PPVA) have become significant estate planning tools to high-net-worth individuals. In consulting with high-net-worth individuals, the tax advisor needs to be aware that these financial instruments can be used as an estate planning tool, an investment tool, an income tax planning tool, and as a potential asset security vehicle.
Portfolio 870 examines all of these aspects of PPLI and PPVA, and assists the high-net-worth advisor in implementing these investments in planning for their clients. As an estate planning tool, PPLI has multiple applications that mitigate estate tax liabilities and facilitate the orderly disposition of assets at death. In contrast, PPVA is designed to supplement the client's estate during life. As an investment tool, both PPLI and PPVA enable access to sophisticated investment strategies used regularly by high-net-worth investors. As an income tax planning tool, PPLI reduces income tax liability, because it permits such investments to grow income tax-free. PPVA defers the payment of income tax liability, but, unlike PPLI, it does not allow the investments to grow completely income tax-free. As an asset security vehicle, PPLI and PPVA offer both financial privacy and, in some cases, significant protection from future creditors.
The authors of Portfolio 870 are experts in designing, implementing, and administrating PPLI and PPVA. Both Ms. Leslie C. Giordani and Mr. Robert W. Chesner, Jr. are with the Austin, Texas law firm of Giordani, Swanger, Ripp & Phillips, LLP, a boutique provider of estate planning, tax, business planning and insurance advisory services to high-net-worth and financial industry clientele.
Ms. Giordani is a partner in the firm and has over 20 years' experience as an estate planner, is board certified in estate planning and probate by the Texas Board of Legal Specialization, is a fellow of the American College of Trust and Estate Counsel, and has been recognized in Best Lawyers in America for more than 10 years. Ms. Giordani is also a frequent author and speaker in the areas of life insurance, asset protection, and foreign trust planning, and has been quoted in various publications. She is a frequent speaker at educational forums in the areas of estate planning, tax, investments, and life insurance.
Mr. Chesner is a director in the firm where he manages its insurance practice, and has over 20 years' experience as a high-ranking insurance executive in the insurance industry. In his role as manager of the firm's insurance practice, he assists high-net-worth individuals and family offices in the design and implementation of domestic and offshore life insurance and annuity structures, consults on their property and liability needs, and oversees the third-party management of the clients' investment portfolio. Mr. Chesner is also a frequent speaker on life insurance matters and is quoted regularly in major financial publications.
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