Tax Law Unlocks Life Insurance Opportunity In Estate Planning
June 12, 2018 by Darwin Bayston
Estate planning professionals have been poring over details in the Tax Cuts and Jobs Act of 2017 and assessing the potential implications for their clients. While the lower rates for corporations and most individuals grabbed the headlines, two less publicized aspects of this new tax law could have an effect on your senior clients.
DOUBLING THE ESTATE TAX EXCLUSION
The most dramatic component of the new tax law for estate planners was the doubling of the current exclusion for estate tax calculations. Effective Jan. 1, the lifetime exclusion from estate tax, gift tax and generation-skipping tax increased to approximately $11.2 million per person, or $22.4 million for a married couple. The tax rate on any wealth transfer in excess of those new exclusions is a flat 40 percent rate.
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