The sparring continues in Washington on the fate of the new tax legislation that will be effecting businesses and individuals alike. The new legislation will effect the pocketbook of all Americans with the primary beneficiaries being the accountants and attorneys that will reap the benefit of increased fee revenue. Most of the talk in the life insurance industry has been centered around the changes initially proposed that reduce the estate tax exemption, a potential boom for life insurance sales. However, last week new legislation was drafted that would maintain the current estate tax exemptions and unified credit in addition to maintaining the current laws concerning Grantor Trusts. If you are through with your current novel or are not watching football this weekend you can thumb through this draft https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117HR5376RH-RCP117-17.pdf It’s only 1684 pages and will make your weekend complete.
Certainly we have not heard the last of the proposed tax changes and 2022 promises to be filled with more controversy. The good news is that new legislation brings everyone back to ground zero, as it is out with the old and in with the new. This creates the perfect opportunity for advisors to engage with their clients and other professionals. Engagement is the key to new opportunities and your call will be welcomed as an opportunity to discuss pertinent changes that may require action by a client. This is a perfect opportunity, don’t let it pass you by.
Agent Support Group is always here to assist advisors and is glad to participate in assisting advisors with their clients. Take advantage of our over 50 years in the life insurance industry – It’s free.