Situation: Because the One Big Beautiful Bill Act (OBBA) preserves and modestly increases the estate tax exemption to $15 million, rather than having the planned decrease go into effect, some clients may believe they no longer need to keep life insurance in an irrevocable trust. As a result, I am often asked, “Can a life […]
Situation: One of the most important decisions the owner of a life insurance policy makes is deciding who to name as the beneficiary. On the surface, a beneficiary designation may seem simple and straightforward, but they have the potential to be complex. Unfortunately, many people do not put much thought into the identification of a […]
Choosing a beneficiary is one of the most important decisions a life insurance policy owner can make. Because personal circumstances can change over time, beneficiary designations should be selected carefully and reviewed regularly.To help simplify the process and reduce the potential for delays, we have developed the following guidelines. While the examples provided are common […]
The conventional wisdom among investment advisors is that if clients have planned appropriately, they will not need life insurance in retirement. It is commonly thought that upon reaching retirement, they will be free of debt, have plenty of assets on hand to replace lost income and leave to heirs as a legacy. This sounds like […]
Situation: In another Counselor’s Corner article, we discuss how Section 1035 permits tax-free exchanges of life insurance policies. That article provided a detailed discussion of how to structure a life insurance exchange to qualify for Section 1035 tax treatment. In a nutshell, to qualify or tax-free exchange treatment under Section 1035 the transaction must be […]
Situation: Many modern life insurance polices contain nonguaranteed features that must be managed and reviewed. Unfortunately, while consumers are aware of the need to manage and review their investment portfolios, financial advisors may find that clients have not reviewed their life insurance policies. When a policy evaluation is finally performed financial advisors may find a […]
Given the amount that an individual can give away without incurring gift taxes is at a historic high and the prospect that in the near future this amount could decrease significantly many of your high net worth clients may be considering significant lifetime gifts this year. There may never be such an opportunity again, but […]
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