But tax lawyers say the most difficult hurdle concerns restrictions around the choice of the investments. The “private placement” part means that the investor must be willing to choose, from a list preselected by the insurer, the bonds, stocks, hedge funds or other investments in which premiums will be invested. In other words, you can’t try to stuff in your separate hedge fund investment, a move that can run you afoul of the Internal Revenue Service.
And you can’t stuff in paintings or other valuables, Mr. Waxman added. He said the policies were not good for those wanting to invest in private equity, because the latter can be difficult to convert to cash.
また、絵画や他の有価物などに投資することもできないとワックスマン氏は付け足した。このポリシーは、未公開株に投資の機会を狙っている人たちには、換金することが困難なため、後者は好ましくないと述べた。
Gideon said the people who can buy them “are control freaks and tend to think they can invest better than anybody, including the hedge fund manager,” and thus often shy away from them.
Though the policies require only a couple of premium payments, they are hefty. Insurers that sell them typically require at least a $1 million prepaid premium for a $10 million policy, and others require $5 million. Some policies have a value as high as $100 million or more, with the total premiums due ranging from $10 million or more each. Big sellers include MassMutual, the American International Group, New York Life, the Phoenix Companies in Hartford and Boston, Prudential, John Hancock and Crown Global Insurance.
これには、一度の販売手数料、年間の死亡保障・管理経費、毎月の保険料、州保険料税、さらに、繰延新契約費などが含まれる。もし、信託企業や外国企業がポリシーのためにオフショアに設立された場合、別の手数料が必要となる。これにはポリシーを所有する団体の受託者への支払いにかかる手数料が含まれる。
ポリシーがヘッジファンドを含む場合は、投資家は、通常、利益の約20％を、また2％の管理費をファンドに対して支払う。
But the various fees that can be owed in addition to the premiums are typically well below fees for other forms of investable insurance.
They can include a one-time sales load charge, a required annual mortality expense, the monthly cost of insurance, a state premium tax and a deferred acquisition cost. If a trust or foreign corporation is set up offshore to house the policy, there are other fees, including one paid to the trustee of the entity that owns the policy.
If the policy owns hedge funds, investors may also be required to pay the typical 20 percent cut of profits and a 2 percent management fee to the fund.
これには、一度の販売手数料、年間の死亡保障・管理経費、毎月の保険料、州保険料税、さらに、繰延新契約費などが含まれる。もし、信託企業や外国企業がポリシーのためにオフショアに設立された場合、別の手数料が必要となる。これにはポリシーを所有する団体の受託者への支払いにかかる手数料が含まれる。
ポリシーがヘッジファンドを含む場合は、投資家は、通常、利益の約20％を、また2％の管理費をファンドに対して支払う。
The total fees associated with an onshore policy vary, but Mr. Waxman said that, as a guideline, “we try to make the total cost of the whole thing 100 basis points or less of the cash value” of the policy. (One basis point is one one-hundredth of a percent, so 100 basis points would be 1 percent, or $50,000 on a $5 million policy.)
Lawrence said that “you have to have the financial capacity to buy one of these, so that it’s not too tempting to have a $100 million policy on your life and somebody who’s a beneficiary who might want to kill you” to collect the death benefit. “You will want a billion or so in net worth, and the insurer will probably even require it.”
すみません、これは次の段落の翻訳でした。拒否してください。ご迷惑をおかけして申し訳ありません。