TAX BREAK

Current Estate Tax and Charitable Planning Developments by Nick R. Taylor (continued)

 

plan because of the increased tax exemption, actually decide to simply leave as is. 

 

     2.  Another estate tax planning technique is an increased interest in life insurance involving leaner premiums, or even looking at convertible term insurance to assure that there is insurance in place now, but postponing a determination to a later date as to the extent that permanent insurance is actually needed for estate tax purposes.  The ability to convert term to permanent insurance will allow the ability to maintain the insurance for lifetime without new proof of insurability if in fact the insurance continues to be needed for estate tax planning purposes or otherwise. 

 

With the favorable charitable legislation above, and what now appears to a continued hiatus concerning estate tax legislation, it is an opportune time for people to either look at charitable giving planning and/or to be sure their estate tax planning is sufficiently in place.

 

 

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