My associates in Washington tell me that Congress will be extending the $3.5 Million exemption from federal estate taxes into 2010. Remember 2010 is when the tax was to be repealed. We all know that Congress will not let anything go without taxes. They also want to change the exemption to $1 Million and that will happen automatically in 2011.
What does this mean? If you have not done your estate planning and tax planning, you need to do it now. It's just that simple.
For all of the Financial Professionals and Life Insurance Professionals, now is the time to talk to each of your clients and tell them what is coming. This is a great opportunity to sell Life Insurance in an ILIT.
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