One Big Beautiful Bill’s (OBBBA) Impact on Estate Planning and Life Insurance

COURSE DETAILS

The recently passed “One Big Beautiful Bill” (OBBBA) has reshaped estate planning for high-net-worth Americans by virtually eliminating federal estate tax liabilities for individuals with estates under $15 million, or $30 million for married couples. This sweeping legislation has left many wondering what to do with their unneeded life insurance coverage.

In addition, many of the older, non-guaranteed universal life policies have been poorly managed and impacted by years of low interest rates. As a result, their coverage is expiring years earlier than expected, leaving clients with limited choices.

Our speakers will explore several available options for both groups of individuals. They will discuss repurposing an existing policy to maximize its value, as well as an alternative strategy called a life settlement that allows a client to exit for significantly more than the policy’s cash surrender value.

Henry Montag, CFP, will discuss how the OBBBA has reshaped estate planning for high net worth Americans by virtually eliminating federal tax liabilities for individuals with estates under $15 million, or $30 million for married couples. He will discuss what these individuals should do with their unneeded life insurance coverage as a result of the sweeping legislation.

Michael Calcagni will provide simple techniques for litigation avoidance when making changes to an existing estate plan for maximum advantage under OBBBA. He will touch on the basic tenets of legal standing and share planning tips to address risks posed by opportunistic beneficiaries. Additionally, because high-net-worth clients often have reasons to utilize an asymmetrical distribution strategy in their estate planning vehicles, Michael will draw from his experience to outline considerations for ensuring that post-death disputes can be resolved outside of the expensive and delayed court process.

Henry E. Klosowski will discuss the benefits of lifetime trusts, both inside wills and within irrevocable trusts, as well as the information required to draft a will. This includes the importance of a health care proxy, living will, HIPAA authorization, and power of attorney to avoid guardianship proceedings. He will also discuss IRS and NYS credits available for gifting purposes and at death, as well as what can be done with a Spousal Lifetime Access Trust under OBBBA.

Join us to add new strategies to your clients’ plans and transform unneeded or failing policies into meaningful new financial opportunities.

FACULTY

Michael Calcagn and Henry E. Klosowski, Moritt Hock & Hamroff LLP; Henry Montag, CFP, The TOLI Center East