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Regulations issued late in 2019 became necessary due to provisions of the Tax Cuts and Jobs Act of 2017 governing reportable policy sales, which are designed to tax some or all of the death benefit when a life settlement or other commercial transfer of a life insurance policy has taken place. However, the regulations take a broader approach, expanding on the transfer for value rules that have been in the Internal Revenue Code for decades.
The new rules will have a significant impact on certain business transfers and estate planning transactions. For general highlights, check out the links below. The regulations are complex, and you should consult them for more details.
Click here to view the Regulations overview. Click here to view the Regulations Q&A.
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