Life Insurance. May Be The Year The IRS Actually Helps You. As An Affluent Taxpayer. Secure Your Clients Futures. Unlock New Opportunities.

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1 Life Insurance As An Affluent Taxpayer 2012 May Be The Year The IRS Actually Helps You Secure Your Clients Futures. Unlock New Opportunities.

2 It s Not Just The Postman That Rings Twice! The IRS Takes Part of Your Money When It s Coming and When It s Going! First, when you earn or otherwise receive assets, they are subject to Federal Income Tax at rates currently as high as 35%. Here the damage has been done. If you possess the property, it has already been taxed. But then, when you try to give assets away, either during your life or at the time of your death, they are subject to Federal Gift or Estate Tax at rates currently as high as 35%. Here Is The Opportunity, Especially If Steps Are Taken This Year! Proper planning for the transfer of your wealth will assure not only that it goes to whom you want, when you want but also that your beneficiaries receive the amount that you anticipated, not an amount that is unnecessarily reduced by estate and gift taxes because of a failure to plan in a proper and timely manner. Why This Year? Producer Guide 2

3 Why It Is Especially Important To Take Steps Right Now The Internal Revenue Code Is In Temporary Limbo. What A Difference A Few Months Can Make! 2012 What Happens This Year... Currently you (and your spouse) are entitled to a lifetime exemption in the amount of $5,120,000. This exemption allows you to transfer assets out of your taxable estate without incurring gift taxes as high 35%. You can gift whatever property you want, to whomever you want, including third parties, such as a trust that will hold the assets for the benefit of your intended heirs or others and Beyond What s Going To Happen Next Year... Unless Congress changes the current law, this opportunity will end with the New Year. On January 1, 2013, the lifetime exemption amount will drop to $1,000,000 and, more importantly, the maximum tax bracket will increase to 50%. This property will not be included in the estate tax calculation at your death, but the $5,120,000 exemption only applies until midnight December 31, 2012! Producer Guide 3

4 Proper Planning Can Minimize The Effects Of The Estate And Gift Tax Your Financial Advisor Can Help You: 1. Take an inventory of your current assets, which will allow for an approximation of your net worth, and more importantly, the approximate size of your taxable estate. 2. Review your intentions with regard to the disposition of your assets: when, to whom and in what manner. 3. Review the steps you have already taken, including documentation and financial vehicles that may be in place to facilitate those actions. 4. Estimate current estate tax liability and, if that anticipated tax liability is insured against with current life coverage, review the existing coverage to ensure it is adequate. 5. Review additional planning strategies with your legal and tax advisors to further minimize taxes and still meet your planning objectives. Producer Guide 4

5 How Planning Properly Might Help You Dealing with Anticipated Estate Tax Liability Usually Takes Two Common Forms 1. Transferring Property Removing property from your taxable estate frees it from estate taxation so long as the transfer does not incur a gift tax in the process. This is why it is important, if possible, to take advantage of all or part of the current lifetime exemption. But giving up property can cause an understandable amount of separation anxiety that can result in donor s remorse after the transfer has taken place. There are several planning devices which we recommend you discuss with your legal and tax advisors that may, depending on your circumstances: A. Allow ongoing access to the property B. Allow use of the property C. Allow control of the property 2. Transferring The Cost Of The Tax On Property That Is Not Transferred You can t give away everything and may not want to give away much. In some situations, it may be feasible to insure against the anticipated tax by buying Life Insurance outside of your estate, where the policy proceeds will be available to heirs to pay the tax on the property you still own at your passing. The contrast between the cost of insuring against the cost of the anticipated tax versus the actual payment of the tax can be easily illustrated, especially in a case where an estate is large enough to incur a 50% tax. Actual Payment of Tax v.s Cost Of Insuring Against Anticipated Tax 50% IRS 50% HEIRS INSURANCE PREMIUMS HEIRS Producer Guide 5

6 About CPS Integrated & Insurance Marketing Providing solutions that fit your ever changing needs. CPS IMIS is the nation s leading independent marketer of products to successful financial and insurance professionals. Copyright 2012 CPS Integrated & Insurance Marketing, All rights reserved. Pursuant to IRS Circular 230, CPS IMIS is providing you with the following notification: The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. This document supports the promotion and marketing of insurance products. You should seek advice based on your particular circumstances from an independent tax advisor. CPS IMIS, its agents and representatives may not give legal or tax advice. Any discussion of taxes herein or related to this document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. Clients should consult with and rely on their own independent legal and tax advisors regarding their particular set of facts and circumstances. CPS Integrated Marketing & Insurance Services 8447 Miramar Mall San Diego, California 92121

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