Extraordinary and monumental changes are happening. With AG 49-A, IRC Section 7702 changes and the Democrats controlling three branches, what’s the bottom line? There’s short-term confusion, but it’s going to be net-positive for our industry, creating extensive value-add opportunities to your relationships.
Lawmakers have enacted six major bills—costing $5.3 trillion—to help manage the pandemic and mitigate the economic burden on families and businesses. There are numerous proposals on the table to massively increase taxes of all types.
The President’s infrastructure proposals are likely to require trillions of dollars in new tax revenue. There are numerous proposals on the table to massively increase taxes. Engage in these sectors and use this to create client interest. This cheat sheet identifies individuals, businesses, estate and gift tax and other impactful proposals.
Expand your practice by capturing opportunities created by monumental legislation changes and tax proposals.
Why It Matters & the Impact
With Section 7702 changes and significant tax changes proposed in 2021, see how this will impact 2021 and what’s to come.
Justin is the founder of Balanced Strategies, LLC, and leads Advantage Insurance Network’s joint resource platform, AdvantagePoint. Justin is also a Principal of Cavalier Associates, a national life insurance brokerage general agency, and a founding Principal of America’s Top Planner™. He serves as a member of various industry groups, including AALU, and has served as a board member of Forum 400 as well as his local Society of Financial Services Professionals chapter. Justin is a graduate of the University of Oregon where he earned his Bachelor of Science in Economics.
John helps wealth holders, advisors and strategic partners implement and maintain advanced wealth/business protection and transfer strategies. He currently serves as a Finance Commissioner to the city of Newport Beach, Calif., is the immediate past president of The Elite OC: Young Professionals Giving Back, and is a graduate of University of Cincinnati, where he received his BS/MS in Aerospace Engineering as well as his MBA.
James spent over a decade with one of the largest life insurance companies in the United States. Before joining the team, James was the Vice President and head of Competitive Market Solutions for Lincoln Financial Group where he led a team of 20 professionals that focused on competitive analysis, advanced planning, product manufacturing and internal and external customer training for life insurance and long-term care. James received an MBA in Leadership and a BS in Management from Franklin Pierce University. He was also named one of the Top 25 rising stars under the age of 40 in life insurance distribution by LIMRA.
Mike was formerly president and managing director of Global Atlantic Financial Corporation’s life insurance business. Prior to that, he held a number of senior executive-level positions with the former Aviva USA, including executive vice president of life and annuity sales, executive vice president of operations and general counsel.
Pat’s spent the last decade working with advisors to develop strategies to minimize the impact of taxation, weaving insurance strategies into trusts and helping boutique advisors better serve their clients. He is knowledgeable in carrier strengths and capabilities, and can step in at a moment’s notice to provide accurate information and unparalleled support.
Rena melds her vast knowledge and expertise in the insurance arena with her passion for helping advisors create flexible strategies that positively impact clients. Her knowledge base in traditional life insurance, long-term care and disability insurance makes her indispensable for solving client needs with even the most-complex insurance applications.
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