Slowly, we are starting to realize there are interesting opportunities as a result of the new tax law. Many will take months or longer to come out.
Here is one – in addition to the most obvious that people with estate planning attorneys are likely going back to them as we speak:
No longer needed life insurance!
Yes, many life insurance policies were created specifically to pay any federal estate tax liability – saving the principal of the estate for the family.
But now the estate tax exemption just jumped to $11.2 million per person from $5.6 million per person. In other words, anyone who had such a life insurance policy should be talking to their insurance/financial planner. Why not do something charitable with that policy?
Want to get up to speed on the new tax law and various planned giving options?