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IRS Continues Efforts to Control Insurance Planning in Retirement Plans

Posted:
12/31/2004
Services:
Business Succession Planning, Personal Wealth Estates and Trusts, Retirement Planning

In light of the growing practice of using retirement plan assets and insurance protection to reduce tax liability, the Internal Revenue Service (IRS) has proposed new rules to use in valuing life insurance contracts.

In this article, Robert H. Louis, a Partner in and Co-Chair of the Personal Wealth, Estates and Trusts Practice Group, examines the propopsed IRS rules and explains how they will impact tax planning. He concludes that the proposed regulations will bring about greater uniformity and, if applied properly, will help individuals and families achieve their long-term financial goals at the lowest possible tax cost.