At STEP Canada’s national conference, CALU president Kevin Wark discussed recent tax changes that have affected life insurance strategies. He touched on a wide range of topics, including exempt test rules and the term versus permanent insurance debate.
One tip he offered is clients who are looking to buy insurance should consider that some products (e.g., certain annuities) are based on older mortality tables. When these tables are updated, the shift can affect the taxable portion of certain products.
For more on how the current estate planning landscape, check out our live tweets below. And, follow @advisorca for more from the 18th annual STEP Canada conference over the next few days.
And read our coverage of this year’s other STEP sessions:
Urge clients to communicate with estate beneficiaries: STEP expert
When a testator has the right to discriminate
IRS talks offshore reporting and second chances