Robert Klein Proposes Tax Credit Longevity Annuity Plan
"With momentum building for tax reform, concerns about the long-term sustainability of
Similar to a qualifying longevity annuity contract, or QLAC, which was enacted in 2014, the Tax Credit Longevity Annuity Plan, or TCLAP, would use one or more deferred income annuities, or DIAs, offered by life insurance companies as its chassis. If enacted, it would expand upon, and overcome, various shortcomings associated with QLACs. The most distinguishing feature would be that only nonretirement, or nonqualified, funds could be used to fund the plan, enabling exclusion of approximately 25% to 65% of each income payment from taxation.
In addition to favorable back-end taxation, TCLAP investors would also receive a tax credit on initial and subsequent premiums without any income restriction. The proposed lifetime investment limit of
When questioned about his TCLAP proposal, Bob said, "The proposed Tax Cuts and Jobs Act introduced by
ABOUT ROBERT KLEIN AND RETIREMENT INCOME CENTER:
Read the full story at http://www.prweb.com/releases/2017/11/prweb14887096.htm
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