In an article published in the April 2017 issue of Estate Planning, Scot Kirkpatrick and Chris Steele discuss captive insurance companies and why business owners should consider implementing this strategy. Kirkpatrick and Steele discuss the reasons for using captives, opportunities for captives in Georgia, recent developments for 831(b) small captives, recent case law involving captives, how captives are formed, captive tax definitions and elections, how to avoid captive pitfalls, among other important issues surrounding captives. Captive insurance companies provide many business and tax planning opportunities, but it is important to recognize the risks and responsibilities that accompany them. Overall, clients should enter into the captive insurance company realm with their “eyes wide open” and with highly qualified advisors. When done properly, a captive insurance company can be an invaluable planning tool for the appropriate client. For the full article, you may view the April 2017 issue of Estate Planning.
- News & Analysis