The reconciliation package now being considered by Congress includes dramatic changes to grantor trusts which are of significant concern to many NAIFA members and their clients, especially proposed changes to Irrevocable Life Insurance Trusts and the weak, ineffective “grandfather” provisions included in the reconciliation proposal. ILITs have been used for decades to help families of all sizes – not just the rich – address the expenses, income taxes, estate taxes, and gift taxes due at death. Life insurance policies inside these trusts provide the necessary liquidity to family heirs without the death proceeds themselves being included in the deceased’s taxable estate.
Recent posts by NAIFA
1 min read
NAIFA Opposes Changes to Grantor Trusts in Legislative Proposal
Topics: Retirement Planning Federal Advocacy Congress Opposed Legislation Tax Reform
1 min read
NAIFA Opposes IRS Reporting Proposal That Raises Cost and Privacy Concerns
NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.
Topics: Federal Advocacy IRS Privacy Data Security
1 min read
NAIFA Members Get Together With California Lawmakers
NAIFA-CA members, including National President Tom Michel, LACP, and Past President John Davidson, LUTCF, FSS, attended a meeting earlier this week with California state and federal lawmakers. During the event, NAIFA members were able to connect with several state officials.
Topics: State Advocacy Grassroots California Legislative Day
1 min read
SEC Chair Gensler Says He Is Committed to Reg BI
NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.
Topics: Standard of Care & Consumer Protection SEC Federal Advocacy Insurance & Financial Advisor Regulation Regulation Best Interest
2 min read
NAIFA Article on NAIC Model Featured in NCOIL Publication
The monthly newsletter of the National Council of Insurance Legislators (NCOIL) features a front-page article contributed by NAIFA State Chapters Director Julie Harrison on the best interest standard incorporated into the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation.
Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC NCOIL
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Terry Headley Lifetime Defender Award Nominations Due
The inaugural Terry Headley Lifetime Defender Award will recognize a current NAIFA member who shows exemplary service to their profession, colleagues, and clients through their political advocacy and contributions to IFAPAC.
The deadline to nominate a NAIFA member for the award is Sept. 30.
Topics: IFAPAC
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Kim Durcho Joins NAIFA’s Government Relations Team as Grassroots Director
NAIFA is pleased to welcome Kim Durcho as a Grassroots Director. Durcho joins NAIFA’s Government Relations team and reports to Senior Vice President for Government Relations Diane Boyle.
As Grassroots Director, Durcho will develop and execute a comprehensive advocacy program to foster member participation in grassroots efforts at the national and state level.
Topics: Grassroots
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NAIFA Joins Main Street Employers Urging Congress to Reconsider Tax Proposals
In advance of the Ways and Means Committee mark-up, NAIFA signed a letter with more than 100 other organizations representing Main Street employers asking Congress to reject proposed tax increases that would harm these businesses and the consumers they serve.
Topics: Retirement Planning Federal Advocacy Congress Tax Reform
2 min read
NAIFA-Dallas Hosts Legislative Luncheon
NAIFA’s Dallas chapter recently held its annual legislative luncheon. During the event, NAIFA members met with federal and state legislators and their staff and shared key NAIFA advocacy messages. NAIFA-TX lobbyist Elizabeth Hadley and NAIFA’s national Government Relations Director Mike Hedge joined the event and gave a legislative update via Zoom.
Topics: State Advocacy NAIFA-Dallas Grassroots Legislative Day Texas
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