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Dr. DeAngelis canceled other life insurance that he personally
owned so that insurance on the lives of him and his wife could be
purchased through the STEP plan with pretax dollars.
The initial owner of each of the six policies was U.S.
Trust, as trustee of the STEP plan. When U.S. Trust was replaced
as trustee, the successor trustee was listed as owner. As
further discussed below, in 2001 STEP transferred to the Domingos
ownership of the two policies written on the lives of one or both
of them; in 2002, STEP transferred to Dr. DeAngelis ownership of
the policy written on his life; and in 2003, STEP transferred
ownership of each of the remaining policies to the insured or
insureds named on the policy.
The insured doctors designated the beneficiaries for their
policies, and Ms. Quinn designated the beneficiaries for her
policy; the STEP plan trustee was never listed as a beneficiary
of any of the policies. The beneficiaries of the subject
policies were:
Insured Beneficiary
Dr. DeAngelis DeAngelis Family Limited Partnership1
Both DeAngelises DeAngelis Family Irrevocable Life Insurance Trust
Dr. Domingo Domingo Family Irrevocable Life Insurance Trust
Both Domingos Domingo Family Irrevocable Life Insurance Trust
Dr. Durante Kathleen Durante
Ms. Quinn Mother, 2 sisters, and 3 brothers
1 The original beneficiary was Dr. DeAngelis’s wife.
On or about Sept. 6, 2002, MetLife changed the beneficiary
to the DeAngelis Family Limited Partnership pursuant to
the request of Dr. DeAngelis.
Mr. Rapp recommended that the beneficiary of each of the survivor
whole life policies be listed as an insurance trust in order to
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Last modified: March 27, 2008