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You’ll have to do the math to see if the overall savings realized for backdating your age are greater than the cost of the additional monthly premiums.Of course, any attempt to purchase a backdated life insurance policy on your Aunt Minnie who has alreay passed on is out and out fraud. Backdating Health Insurance Policies In regards to health insurance, backdating the effective date of a policy can be used to make your age at issue qualify for a lower premium. State laws differ in their policies aboutbackdating health insurance policies, so you’ll have to check with your state insurance commissioner.

Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.

The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.

The leaked Mossack Fonseca files show the law firm regularly offered to backdate documents for clients, according to a report by the International Consortium of Investigative Journalists, a not-for-profit that coordinated the expose.

Mossack Fonseca is one of the world’s leading providers of shell companies, the corporate structures that can be used to hide ownership of assets by designating “a natural person nominee” or straw man, who pretends on paper to own assets the actual owners want to hide.

It should be made clear in the document that notwithstanding it being entered into on the date of execution by the parties, it is to take effect from a date in the past.

Stating that the contract or agreement will be effective from an earlier "effective date" will, however, only be effective as between or among the parties to the contract or agreement.

It is worth noting that whilst parties signing a contract or agreement may expressly state that the contract or agreement is effective from a date in the past, the parties should not "back-date" the date of execution (for example, sign the contract or agreement today and but insert an earlier date as the date of the document, thereby making it seem as if it was signed on some earlier date).

This could run the risk of civil and/or criminal sanctions in a number of jurisdictions (for example, depending on, among other things, the nature and subject matter of the contract or agreement, false accounting or false statements by directors, or even conspiracy to defraud).

The Securities and Enforcement Commission and the Department of Justice eventually caught hundreds of companies and individual executives illegally backdating between 20.

Auditors and accountants traditionally view backdating with skepticism.

The Mossack Fonseca law firm, at the center of the Panama Papers storm, says its document backdating for high net worth clients setting up offshore shells is not intended “to cover up or hide unlawful acts.” Backdating is back.

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