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Tax Changes May Impact You!

TAX CHANGES MAY IMPACT YOU!

 

The government has realized how tax efficient permanent life insurance is within a corporation. In January 2017 they will be implementing changes to the tax laws regarding insurance. The new legislation will be applied to policies issued AFTER 2016 (grandfathering provision for existing policies). This is the first tax change to insurance since 1982. The new legislation will eliminate some of the tax advantages using permanent insurance within a corporation.

 

If you own a corporation of have contacts who do, it is VITAL for you and them to learn more RIGHT NOW and come talk to us! September may be too late to be able to potentially save hundreds of thousands of dollars on taxes!

 

With these changes the government is trying to do 3 main things:

  • Provide consistency among products/companies

  • Update life expectancy tables

  • Limit the savings element within permanent insurance

They do this by making changes to:

  • Exempt Test Policy

  • Reduce savings element of life insurance

  • Net Cost of Pure Insurance (NCPI)

  • Increase of Adjusted Cost Basis (ACB) of life insurance

  • Investment Income Tax (IIT)

  • Increase cost to insurance carriers

How this will affect us:

  • Little impact to average policy holder

  • Opportunity for companies to create new products

  • Will continue to be exceptional investment for corporations

For more information to determine if these changes may affect you please contact Gane Financial at dream@ganefinancial.com or 705-733-9595.

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Rich Gane
11
May 17, 2017
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