Stephan Leimberg, Estate Planning Expert, Dies at 79

He earned a bachelor’s degree from Temple University in 1965 and a law degree from Temple’s law school in 1971. By 1974, he was chairman of the American College School of Advanced Career Studies.

In 2009, he testified at a Senate Special Committee on Aging hearing on life settlements. At the hearing, he talked both about the possible benefits of life settlement transactions for older life insurance insureds and potential risks that must be addressed. Many of the recommendations he gave at the hearing, such as enacting uniform federal standards, were eventually enacted into federal law.

In October, Valmark Financial Group named Leimberg the first recipient of its Golden Rule Lifetime Achievement Award. Larry Rybka, chairman of Valmark, said the firm gave Leimberg the award in recognition of his dedication to professionalism and ethics.

Leimberg was also a strong advocate for transparency. In 2003, he spoke at a LIMRA Advanced Sales Forum about the importance of disclosures as a defense against possible problems with strategies such as charitable split-dollar life insurance planning.

“What needs to be disclosed is all the information needed to make an informed decision, including the fact that there are people who say this strategy isn’t going to work,” he said. “You not only have to do your due diligence, you have to have a letter in your file saying that you have shared with the prospective client — that they understand it and they had it in their hands before the policy was sold.”

Stephan R. Leimberg. (Photo: Leimberg)