12.16.24

Life Insurance Policies for the Rich Targeted in Wyden Tax Bill

by: Zach Cohen; Chris Cioffi

Ultra-wealthy investors’ life insurance policies face new taxes under draft legislation unveiled by U.S. Senate Finance Committee Chair Ron Wyden (D-Ore.) His proposed legislative text would reclassify so-called private placement life insurance policies and similar annuities as “private placement contracts” if they meet certain criteria. Companies selling those policies have been critical of efforts to treat them differently under the tax code, pointing to existing regulations at the federal and state level aimed at preventing tax avoidance.

Read the full article on Bloomberg Law