Life Insurance Planning After the 2010 Tax Act 2011-04-01Life Insurance Planning After the 2010 Tax Act 2011-04-01
The Dec. 17, 2010 enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) added the concept of portability and dramatically increased the gift tax exemption to $5 million per individual ($10 million for married couples). (See New Rates, New Exemptions, New Gifting Opportunities, by Douglas Moore and David A. Handler in the February 2011 issue
April 1, 2011
Melvin A. Warshaw
The Dec. 17, 2010 enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act) added the concept of portability and dramatically increased the gift tax exemption to $5 million per individual ($10 million for married couples). (See “New Rates, New Exemptions, New Gifting Opportunities,” by Douglas Moore and David A. Handler in the February 2011 issue of Trusts & Estates, p. 20.) For wealthy clients, the combination of the enlarged gift and generation-skipping transfer (GST) tax exemptions create exciting planning opportunities over the next two years. But what are the ramifications of the 2010 Tax Act on life insurance planning?
The life insurance needs of married couples ...
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