Democrats’ Tax Plan Upends Estate Planning Using Trusts with Life Insurance

Democrats’ Tax Plan Upends Estate Planning Using Trusts with Life Insurance

The American College of Financial Services
Financial Planning
October 4, 2021

In modern financial planning, many advisors working with high-net-worth clients utilize life insurance and trusts to conserve wealth and pass it on to future generations without losing any of it in tax; however, new tax proposals from Washington could eliminate this popular loophole and cause insurance to become a liability rather than a solution to generationals wealth.

Steve Parrish, Co-Director of The College’s Center for Retirement Income, says erasing the benefits of life insurance and trusts could throw estate planning into chaos for advisors and clients. Read more in this article from Financial Planning.

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