Your client, Peter, is the founder and majority shareholder of a successful family business. Following the enactment of the American Taxpayer Relief Act of 2012 (ATRA), he and his spouse, Norma, finally began their retirement income, gift and estate planning. Among the various components in the plan, a $4 million life insurance policy on Peter’s life would be needed for his lifetime in trust. However, the insurance advisor has reported unexpected bad news—they’ve discovered ...
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