Patrick Collins, a 62-year-old retiree of the Chicago police force who lives in Sharon, Wis.

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Patrick Collins, a former federal prosecutor and the head of the IRC, is trying to close as many loopholes as he can.

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For retired couples concerned with having enough income to last over their joint life spans, the decision about whether to hold life insurance should be made in tandem with the decision about how to invest other assets, adds Patrick Collins, a principal of Schultz Collins Lawson Chambers, an independent investment-counsel firm.

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