The estate tax happens to be scheduled to be repealed this season (i.e., zero tax). However, President Obama’s new budget necessitates estates valued over $3.5M ($7M for married people) to be taxed at a rate of 45% next year and beyond. Given that kind of the existing 2009 levels, the modern administration argues that there is no estate tax increase. Which view do you handle this? (A) The proposed estate tax doesn’t rise as it mirrors 2019; or, (B) The proposed estate tax is vastly greater than the scheduled repeal from the estate tax this season. Some argue that this proposal signifies the most important estate tax boost in U.S. history. In all fairness, the current proposal is a lot more favorable to consumers after 2018.
An more popular than ever estate planning tool that lots of folks are still unaware of is premium financing for a lifetime insurance. Those that could qualify for premium financing for life insurance are individuals between the ages of 70 and 85 having a net worth that is at least $1 million.
4 Key Reasons to Consider Premium Financing:
- Estate planning
- Philanthropic planned giving
- Key person or business succession planning
- Uncovering an important hidden asset
Life insurance plans are known by many to get the top method of augmenting wealth transfer from down the family. Many individuals are unaware that they’ll make an application for a loan that can pay exorbitant annual insurance coverage premiums. The policy is an asset that may serve as …Largest Estate Tax Increase in U.S. History? Read More