Abstract
Private placement insurance and annuity products have evolved considerably since the mid-1990s. Purchasing such products and having the investments inside those products consist of income-tax-inefficient hedge funds makes sense for the appropriate client, namely, a client who has a long time horizon, who is otherwise materially invested in income-tax-inefficient alternative investments, and who is comfortable not controlling certain aspects of the investment process. This article discusses the income taxation of insurance and annuity products, how those products function economically, and the advantages and disadvantages of accessing those products through privately placed contracts, as well as reviewing examples of how such privately placed products could operate under a robust set of economic and other assumptions. <b>TOPICS:</b>Wealth management, real assets/alternative investments/private equity, risk management
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