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The Ways and Means of Tax Planning With Life Insurance After Tax Reform

Possible answers to tricky questions from clients.

Imagine that an estate planner gives a presentation to clients on the estate and gift tax provisions of the Tax Cuts and Jobs Act (the Act). The clients hear that, as of January 2018 and running through 2025, the estate, gift and generation-skipping transfer (GST) tax exemptions are doubled to $11.18 million in 2018 and indexed thereafter, the estate, gift and GST tax rates remain at 40 percent and step-up in basis for inherited assets (other than income in respect of a decedent (IRD)) is


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