On March 28, 2022, the Biden Administration released its budget and tax proposals for FY2023. Alongside the Budget the Treasury released its document further describing the revenue proposals in what is typically called the Greenbook. Many of the proposals are reminiscent to those in last year’s Greenbook and/or part of the Build Back Better (BBB) […]
The recently released House version of the Build Back Better Act dated October 28,2021 eliminates several of the previously proposed tax increases impacting high net income individuals. The tax proposals dropped in the rewrite will inevitably undergo further revisions before they’re passed by the House and taken up by the Senate.
The end of the year is the perfect time to review financial plans with your clients. This year, many wealth planning strategies are on the chopping block and high-income earning individuals could see their tax rates increase in 2022. Therefore, potential changes should be considered when making decisions. As the end of the year approaches […]
Situation: Nearly all buy-sell agreements that use life insurance as a funding vehicle do not have the business owner owning their own policy. In an entity purchase arrangement (where the business buys back/redeems a departing owner’s interest), the business is the owner and beneficiary. In a cross purchase arrangement (where the remaining owners purchase interest […]
Situation: Over the past several years a number of life insurance carriers and marketing organizations have been promoting the use of life insurance as a source of cash in retirement: accessing values when the market takes a down-turn on a tax-free basis. Since more economists believe that recession might be around the corner, now is a […]
Some people who have been successful in saving for retirement have established a large enough nest egg to be able to create a legacy for their children, grandchildren or favorite charities. While tax-qualified retirement plans were designed to help people fund their retirement, they also serve a useful purpose for some in passing wealth to […]