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Biden Administration Budget 2022: Employer Sponsored Death Benefits a Forgotten Planning Tool

Part Two of a Two-Part Article

Part Two provides more scenarios under which an Employer-Sponsored Death Benefit plan may be assigned, based on IRS memoranda.

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Part One of this article, in last month’s issue, introduced the concept of the taxation of capital income, under which the donor or deceased owner of an appreciated asset would realize a capital gain at the time of the transfer. The article discussed how an Employer-Sponsored Death Benefit plan could help remove the appreciated asset from one’s estate and how the assignment of such a policy to an irrevocable life insurance trust (ILIT), or insurance limited partnership (ILP) will be recognized for federal transfer tax purposes.

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