Congress’s failure to adopt estate tax legislation in 2009 and the possibility that changes will not be adopted during 2010, radically change the estate planning considerations of many clients. For example, Congress has indicated that in 2010 about 6,000 decedents will benefit from the elimination of estate taxes, but over 70,000 heirs will pay higher income taxes because of the change in the income tax basis rules for assets received from decedents.
You should monitor the impact of these increases on your estate plan. The pressure to raise revenue is going to be intense over the next decade.
Permanent life insurance is not just about death benefits. It’s an essential tool in estate, business succession, and financial planning, with myriad and diverse uses.