Bloomberg Tax
July 24, 2023, 3:10 PM

Life Insurance Industry Needs CPA-Quality Advice More Than Ever

Barry D. Flagg
Barry D. Flagg
Veralytic Inc.
Dave Buckwald
Dave Buckwald
One Team Financial
Brad Sprong
Brad Sprong

Power of Life Insurance, Wisdom of CPAs

Recent legislation significantly changed estate tax planning by ending the ability for one to “stretch” out retirement benefits over a longer period than the life of the decedent. Separately from this, beginning in 2026 an individual’s lifetime exemption will revert from its current $12.9M back to where it stood before the 2017 Tax Cuts and Jobs Act, about half that amount. These two factors, and others, compel advisors to review wealth transition plans and consider various ideas for developing such plans.

Life insurance is a powerful vehicle to help stabilize families at a ...

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