In this session, Mark Sims will provide an introduction to Private Insurance and give an overview of the 831(b) tax election and where it stands following the most recent Tax Court decisions. Sims will introduce an 831(b) alternative - Private Insurance - and its numerous benefits and uses. CapAlt's Puerto Rico-based structure offers small to medium sized business owners, family offices, and high net worth individuals Fortune 500 risk management solutions, scaled to their size and risk appetite. Those familiar with 831(b) captives will be particularly interested in the 831(b) Conversion option which will enable clients to close their 831(b) captives under a tax- free exchange.
Participants will gain an in-depth understanding of Private Insurance, the types of insurable risks inside of a Private Insurance structure, the set up and management of a Segregated Asset Plan, the key differentiators between an 831(b) micro-captive and a Private Insurance structure, and an overview of Puerto Rico as an insurance domcicile.
Participants will be able to determine which types of clients are best suited to this type of structure and the benefits of Private Insurance over self-insurance.