Julius Giarmarco

Julius Giarmarco

Julius Giarmarco, Esq. is a partner and heads up the firm's Trusts and Estates Practice Group. Julius received his law degree (J.D.) from Wayne State University, and his master of laws (LL.M.) from New York University. His primary practice areas include estate planning, business succession planning, wealth transfer planning, and life insurance applications. Julius is a former instructor in both the Chartered Life Underwriter (CLU) and Certified Financial Planner (CFP) programs. He also lectures frequently on a national basis, including speeches before the American Law Institute - American Bar Association (ALI-ABA), the International Forum, the Association for Advanced Life Underwriting (AALU), the Million Dollar Round Table (MDRT), and numerous life insurance companies, brokerage firms and trade associations. Julius has published a number of articles on estate planning appearing in professional journals such as the Estates, Gifts and Trusts Journal (BNA), The Practical Tax Lawyer (ALI-ABA), the Journal of Practical Estate Planning (CCH) and Advisor Today. Julius is also the author of the nationally acclaimed brochure, The Five Levels of Estate Planning, and the co-author of the book, Estate Planning with Insurance. He is the author of the chapters on succession planning in Advising Closely Held Businesses in Michigan and The Michigan Business Formbook published by the Institute of Continuing Legal Education (ICLE). Julius has also been selected by his peers as a Michigan "Super Lawyer" in estate planning.

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Julius Giarmarco Free Articles

The New Portability and Disclaimer Trusts

The Tax Relief Act of 2010 provides for a $5 million exemption (indexed for inflation in 2012) per person from federal estate and gift taxes, and a top tax rate of 35%. In addition, the unused portion of the estate tax exemption of the first spouse to die may be transferred to the surviving spouse (so-called “portability”).

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What's the Best Way to Pay a Business Owner's Estate Taxes?

A critical element to business succession planning is making certain the business owner’s estate will have the cash to pay estate taxes without having to sell the business. This article will examine the advantages and disadvantages of four such commonly used techniques – IRC Section 6166, IRC Section 303, Graegin loans, and life insurance.

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Using Trusts to Protect Heirs

In general, the primary beneficiary has all the rights, benefits and control over the trust property that a person would have with outright ownership – in addition to tax, creditor and divorce protection not available with outright ownership.

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Using Life Insurance in Business Succession Planning

This article summarizes the many ways that life insurance can be used in a family business succession plan, and the advantages of using life insurance.

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Using a VUL Policy in Place of a Roth IRA or Section 529 Plan

This article compares VUL insurance as an alternative to Roth IRAs and Section 529 Plans for retirement and college savings.

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Trust-Owned Annuities

This article discusses, in detail, the income tax consequences of irrevocable trusts owning annuity contracts, and how to properly design such trusts.

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Top 10 Uses of Life Insurance in a Non-Taxable Estate

With the estate tax exemption likely to be fixed at $3.5 million, fewer and fewer decedents will have taxable estates. This article addresses how life insurance can still play an important role in non-taxable estates.

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Top 10 Uses of Life Insurance in a Family Business Succession Plan

Most family business owners want to keep the family business in the family. This article addresses how life insurance plays an important role in business succession planning.

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Three Levels of Business Succession Planning

One of the chief concerns facing family business owners is how to effect an orderly and affordable transfer of the business to the next generation and/or key employees. Failure to properly plan for a smooth transition can result in monetary losses and even loss of the business itself. This article will explain how to keep the family business in the family.

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*Switching* Irrevocable Life Insurance Trusts

This article discusses how to transfer a life insurance policy from an old ILIT to a new ILIT that contains the grantor’s current wishes.

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Spousal Lifetime Access Trusts

Learn how a spousal lifetime access trust (“SLAT”), a specially-designed irrevocable life insurance trust, allows the grantor-insured “indirect” access to the policy’s cash value.

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Non-Qualified Deferred Compensation Plans for Family Businesses

Broadly defined, a nonqualified deferred compensation (NQDC) plan is a contractual agreement in which an employer agrees to pay an employee later for services rendered currently.

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Qualified Personal Residence Trusts

This article examines the wealth transfer opportunities, design features, and potential pitfalls of Qualified Personal Residence Trusts.

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Private Annuities and Self-Canceling Installment Notes

Private annuities and self-canceling installment notes (“SCINs”), while similar in many respects, have their advantages and disadvantages when compared. Following is a brief description of private annuities and SCINs.

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Planning Opportunities with Partnership-Owned Life Insurance

This article explores two planning opportunities with partnership-owned life insurance – one involving estate planning and the other buy-sell planning.

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