Clients are often unsure how frequently their estate plans may need to be reevaluated and updated. This article presents three common scenarios that should trigger a review of an estate plan and the reasons why periodic updates are critical to achieving a client’s estate planning goals.
Parents caring for those with special needs are often unaware of the substantial tax benefits available to them and could miss out on potential tax deductions and reductions in their tax liability. In this article, Thomas Brinker, Jr., LL.M., CPA, focuses on the medical expense and home equity interest expense deductions pertaining to home-related capital expenditures to help parents of individuals with special needs and their advisors be aware of some of the unusual tax code provisions that may be applicable.
For affluent individuals who are funding life insurance policies in an irrevocable trust, using the “Split Dollar” technique can be beneficial in getting around the gift tax on premiums. In this video, Matt Pate, CVP with The Nautilus Group®, a service of New York Life, describes the use of the “Split Dollar” technique, its economic benefits, and when to unwind a split dollar obligation.
SMRU 1918517 | Exp. 11/1/23
Setting up an irrevocable trust can be a long and arduous process, but even after you’ve drafted and executed the trust and finalized the funding of the trust’s assets, you still may not be done. This article looks at the IRS requirements for reporting asset transfers to various types of trusts and explores situations where it may be beneficial to report transfers even when it’s not required.
Life insurance benefits are typically free of income tax but can be subject to estate tax, which in some cases may be as high as 40%. Transferring ownership of a policy to a trust or third party is a common way to reduce that tax liability, however, the insured must live for 3 years after the transfer in order to benefit from this strategy. In this interview, Winstead PC attorney John Bergner describes ways to accomplish this tax saving strategy without being subject to this 3-year tax rule. Listen to his insights and learn how you can better protect your assets from potential estate tax.
New York Life Insurance Company and its agents do not provide tax, legal or accounting advice. Winstead PC and John Bergner are not affiliated with New York Life Insurance Company or its affiliates. SMRU: 1918520 Exp: 11/1/2023
Appointing a specialist who can control the trust-owned family business or manage the trust’s investments allows the responsibility of managing the trust assets to be shared among uniquely qualified experts.
Read this article from The Nautilus Group to see how using a directed trust can allow grantors to both enjoy the services of a professional trustee and carve out specific areas of responsibility and management over the trust’s assets.
Nautilus, New York Life Insurance Company, its employees or agents are not in the business of providing tax, legal or accounting advice. SMRU 1911595 | Exp. 9/14/23
Attorney Jeff Chadwick from Winstead PC explores how to optimize lifetime gifting strategies in this informative article, which addresses transfer tax planning in light of the current legislative uncertainty. For most people, Chadwick says, it is more appropriate to plan for income tax savings rather than transfer tax savings, which will require creative solutions designed to increase exemptions prior to 2026.
SMRU 1852183 | exp. 2/19/23
Major federal tax reform is taking shape that could have far reaching impacts for individuals and businesses. The proposed legislation could have significant effects on gifting and estate planning strategies and techniques clients and advisors have employed for years. To learn more about these potential changes and how they may alter wealth transfer planning moving forward, please read this Eye on Washington article from our partners at The Nautilus Group®.
SMRU 1897160 | Exp. 12/31/21
Creating a memorable impression when speaking publicly is not really about what you say, according to Deirdre Van Nest, creator of The Crazy Good Talks Blueprint, but more about how you structure the message and hold the audience’s attention. This video explores tools that you can use to stand out and own the room every time you speak.
SMRU 1905081 | Exp. 7/8/23
Learn important and time-sensitive details in the recently enacted CARES Act, including the 2020 rebates and enhanced qualified plan distribution and loan provisions for individual taxpayers.
SMRU 1853874 | Exp. 3/31/22
A family business could be in serious jeopardy even with plenty of liquid assets. Watch this short video (2:45) to see how, no matter what type of economic turmoil you may face, life insurance proceeds can be a reliable foundation for both business and estate planning purposes.
SMRU 1862484 | Exp. 7/9/22
If you are planning to use a traditional or Roth IRA to leave money to heirs, you’ll want to read this Eye on Washington article from The Nautilus Group®, which takes a close look at how the SECURE Act signaled the end of ‘stretch IRA’ planning for most non-spousal beneficiaries of qualified defined contribution retirement plans and IRAs.
SMRU 1905092 | Exp. 7/8/23
Electing to receive Social Security benefits prior to reaching full retirement age may not be the best decision. Read this article to learn why waiting until full retirement age (or later) can substantially increase the ultimate Social Security benefit received.
SMRU 1802458 | Exp. 9/14/23
Many people have dreams, but not all of them will take the risk necessary to make them come true.
In this story, Nautilus Member Jerry Coats recounts working with a third-generation farmer named Bill, whose son, Larry, wanted to raise cattle rather than crops.
Larry found just the right bull and happily flew off to buy him with three years’ worth of expected farm revenue in his pocket, a huge investment in his dream of expanding the family business.
Watch Jerry’s video to see how this story proves that while dreams can be risky, smart business owners – with the help of their trusted financial professionals – can mitigate that risk and chase their dreams in a responsible way.
SMRU 1862481 | exp. 7/13/22
Noted Boston estate planning attorney Patricia Annino, JD, LL.M., presented an informative webinar on the proposed changes to existing tax law and how those changes may affect estate planning going forward. In this exclusive program, she discusses:
- Outside-the-box tools and techniques using trusts,
- Impacts to retirement plan accounts under the SECURE Act,
- Maximizing the use of the annual gift exclusion and other tax-free gifting strategies, and
- The value of IRC 6166 now and post COVID.
Watch this timely webinar to see what you can do to prepare for potential changes in the tax laws.
SMRU 1899940 (exp. 12/31/2021)
When nearing retirement, it’s important to review the various savings vehicles within your portfolio to develop a tax efficient strategy that secures cash flow. Watch CPA Robert Keebler & The Nautilus Group’s Matt Pate, JD, LL.M., discuss why.
SMRU 1793869 | exp. 7/29/22
Watch this short video to learn how medical practices and other businesses can reward and retain their key employees while mitigating financial risk.
SMRU 1881949 | exp. 1/11/23
Business owners, executives and other professionals naturally want to keep building on their success, and in the expanding world of digital thought leadership, your footprint has never been more important.
In this video interview, Dean DeLisle, founder and CEO of Forward Progress and creator of the digital thought leadership development plan Social Jack, shares how to take control of your digital footprint and build a reputation as a thought leader within your industry.
SMRU 1889669 | Exp. 4/22/2023
Converting a traditional IRA to a Roth IRA can offer certain economic advantages, depending on a variety of factors. Read this article, written by noted CPA Robert Keebler of Keebler & Associates, LLC, to learn more about the issues you’ll want to consider if you’re contemplating converting your own traditional IRA.
SMRU 1809205 | Exp. 3/17/2023
Tax law repeal is likely on the horizon, but the timing and scope are still uncertain. Creating an irrevocable trust to utilize the increased lifetime gift tax exemption amounts may be a wise move, and this article shows you how you can add flexibility to the trust so you can adapt to changes as they are enacted.
SMRU 1882427 | Exp. 12/31/2021
Did you know that the Tax Cuts and Jobs Act of 2017 was one of the most significant tax legislation acts signed into law since the Tax Reform Act of 1986? This timeline illustrating the fluctuations in US estate tax laws is a great tool for understanding how – and why – the law has changed over the past 220 years. Is it time to update your estate plan?
SMRU 1889661 | Exp 3/2/2023
Watch this short video to see how a special needs trust can help you protect your family’s assets and provide lifetime financial stability for individuals with special needs.
SMRU 1840770 | exp. 3/17/22
Did you know that the way your assets are titled can either weaken or strengthen your overall asset protection? Listen to Nautilus CVP Kathryn Rodgers explain how the assets should be titled to provide a greater level of protection from creditors, forced liquidations, or ex-spouses, and then let’s talk.
SMRU 1673638 | exp. 4/29/22
Children and individuals with special needs require a different level of estate planning to ensure those needs are met for the duration of their lifetimes. Listen to Rimon PC estate planning attorney Patricia Annino list the steps you need to be aware of, and then let’s talk about how we can work together to alleviate any concerns you may have about your loved one’s future.
SMRU 1673638 | exp. 4/29/22
Watch this short video to see how a supplemental life insurance retirement plan – or SLIRP – can allow you to get money when you want to, or need to, without hassle.
SMRU 1839806 | exp. 3/20/22
Everything in life happens twice, first in your mind, and then in the external world. Watch this video to learn about this creative process of imagining and seeing the unseen, featuring Paul Karasik, one of America’s leading sales and management consultants
SMRU 1787286 | Exp. 4/12/21
It is very hard to hold the line in a world that is constantly upping the ante, in which there is ever-growing pressure to be constantly improving, upgrading, keeping up with the Joneses, being in tip top physical shape, raising smart children, and surpassing your peers. Watch this interview with attorney Patricia Annino from Rimon PC, a nationally recognized authority on estate planning and taxation, to learn what you can do to help manage the stress of parenting.
SMRU 1786849 | Exp. 4/11/2021
Watch this short video to learn what employees are concerned about when considering retirement, and how medical practice owners can address those concerns.
SMRU 1881946 | Exp. 7/31/21
The SECURE Act changed the rules for distributions from most non-spousal inherited IRAs and eliminated the “stretch IRA” that allowed some beneficiaries to spread distributions out over their lifetimes. This article reviews suggested strategies that owners of large IRAs might use under the SECURE Act to maximize the wealth that can be accumulated from their IRAs for their families, including CRTs, multi-generational accumulation trusts, IRC Section 678 trusts, ING trusts, life insurance and Roth IRA conversions.
SMRU 1872522 | Exp 12/31/2021
Did you know that depending on where you live, you may be subject to state-level estate or inheritance tax? Read this article to learn six surprising facts about state estate taxes, then let’s talk about how this can impact your financial future.
SMRU 1874951 | exp 12/31/2021
Many business owners fall into the trap of focusing on the urgent, short-term operational demands of their business, but neglect or delay the important directional and protective planning critical to its ultimate longevity and long-term value extraction.
This article provides an overview of key issues to consider when creating a business succession plan and the critical components of such that distinguish astute entrepreneurs.
SMRU 1874953 | exp 12/31/2021
Many of the common income tax deductions taxpayers were used to taking have been permanently eliminated, suspended, or limited until 2026, due to the Tax Cuts and Jobs Act of 2017.
These changes, coupled with the increased applicable exclusion amount, have shifted planning strategies from a focus on reducing estate taxes to a focus on reducing income taxes.
Have a look at this article that describes how non-grantor trusts can reduce income tax through enhanced deductions, then let’s explore how this technique can work for you.
Please note, we don’t provide tax or legal advice.
SMRU 1872116 | Exp 8/11/2022
Do you know how a buy-sell agreement works? If you co-own a business, you can’t afford not to.
As important as estate planning is, the proper titling of property can be even more important. If done correctly, it has the ability to perfectly complement your estate plan; if not, the plan may not work as you intended. This article provides a helpful guide on potential pitfalls to avoid and topics to consider when titling your property to help make sure your estate plan meets your goals.
SMRU 1837643 | exp. 11.25.21
Growing up on a farm in a place called Paradise Hill sounds like heaven for anyone, but at 6 years old, Nautilus Member Tyson Vines watched as his family’s dairy business was sold off, piece by piece, just days after losing his grandfather.
“Vines View Farms was no more.”
Years later, Tyson got a call from his father that made him wonder if history was going to repeat itself. Watch Tyson’s story (2:55) to learn how his father created a new legacy for the Vines family.
“What do you do when you’re full of life, and you learn there’s a fast-growing cancer inside of you?”
Nautilus Member Bill Lyon shares the story of his client, Noelle, a free spirit who would rather spend her time helping others than think about herself.
Watch Bill’s story (3:01) to see how this remarkable woman reacted to the news that she would not watch her daughters get married, after all.
When considering a charitable bequest, it’s sometimes difficult to make a choice between assets. Which should I leave to the charity and which should I leave to my heirs? In this video, Heather Davis, CVP with The Nautilus Group®, a service of New York Life, explains the tax implications of your choices, and how to make an informed decision that can minimize tax exposure while maximizing your legacy. After you’ve listened to Heather, let’s talk about how we can achieve your charitable goals and your family’s financial strategies.
Closely held business owners know that retaining and rewarding key employees can be essential to their business’s continued success. In this video, Matt Pate, CVP with The Nautilus Group®, a service of New York Life, talks about ways business owners can ensure their employees stay motivated and happy and their businesses stay profitable. After you’ve heard Matt, let’s talk about how you can use this information to keep your key people on board and your business on track.
Learn why blended families have a unique advantage when it comes to estate planning in this interview with attorney Patricia Annino.
Clients often expend significant time and financial resources to put a will and overall estate plan in place. Despite these efforts, a small percentage of wills may be contested.
An experienced estate planning team can help recognize risks for a will contest, implement strategies to minimize incentives for potential challengers, and reduce a challenger’s likelihood of success.
Read this article to learn about strategies people can consider to help avoid a successful will contest.
SMRU 1862636 exp. 10/11/2021
Kristen E. Simmons, an attorney with Oshins & Associates, provides her insight on how decanting an irrevocable trust can be a useful way to address concerns clients may have that can delay completion of their estate or insurance planning. Simmons looks at the common reasons client will decant a trust and provides a checklist for advisors to use when determining whether a trust can be decanted.
Selecting a business entity or organization form can be intimidating and confusing, yet it is an important decision for business owners and one that can have far-reaching consequences. This article looks at the different tax implications, characteristics and administrative requirements for common business types and provides an overview of how the owner’s selection may complement or detract from the business’s ultimate objectives.
Much has been written about the CARES Act and its effects on business owners. This article, part 1 of a 2-part overview, looks at the individual tax benefits under the CARES Act, including changes involving tax-advantaged health accounts and charitable deductions, a refundable tax credit, and suspension of required minimum distributions.
There are three types of income buckets – taxable, tax-deferred, and tax-free. What’s in your bucket?
How do employers retain top talent? Watch this video to learn more about a key employee retention strategy.
Deena and Dave have loved their local dinosaur museum for many, many years. So much so, that they donate to the dinosaur museum every year. But when it came time to figuring out the best tax strategies for charitable giving, they thought it would be as confusing as spelling brachiosaurus. Watch this video to learn about the three places your money can go when you pass away – your beneficiaries, the government, or to your favorite charities.
There are a lot of issues to consider with a revocable trust—like remaining unfunded, assets, and trustees. Funding your revocable trust is the only way to ensure that it accomplishes your goals.
With the overwhelming amount of information we share online, there are things you may want to do to help secure your privacy for years to come.
Over the past decade, we have seen an increasing volume of documents—from contracts to tax returns to books and photos—being created and stored only in electronic form. So, are electronically executed and stored estate planning documents on the way? This article discusses some of the issues surrounding electronic wills and legislation in the area.
Every state has legislation authorizing the use of some form of advance health care directive—a power of attorney, a living will, or both. This article reviews the ways a person can make his or her desires known to family, medical professionals, and others regarding his or her medical care, and avoid time consuming probate or being subject to arbitrary statutes imposed by the state.
An ABLE account is a tax advantaged savings account designed to assist and accommodate people with disabilities. Could this be an option for your loved one?
The sudden death of a business owner can have a substantial impact on its customers, employees, lenders, and suppliers. How should business owners prepare now?
Life can often change at the drop of a hat. Have you considered your family’s financial well-being? Find out if an Irrevocable Life Insurance Trust is the right choice for you.
The Tax Cuts and Jobs Act of 2017 was the most pervasive tax legislation signed into law since the Tax Reform Act of 1986. What led up to that moment? In an easily accessible two-page timeline, we explore 220 years of groundbreaking estate tax history.
When it comes to owning a life insurance policy, we know what you’re thinking. “I don’t need to worry about that right now. What’s the worst that could happen?” Watch this animated video to see three different outcomes a family could experience in the event of an untimely death and see why ILITs can be the best option to protect your family’s future.
Learn how you can achieve success in almost any endeavor by harnessing the power of entrainment in this interview with Paul Karasik, one of America’s leading sales and management consultants.
Exp. 4/26/2023
Parents, are you wondering if now is the right time to tell your children about their expected inheritance? Watch this video to learn attorney and estate planning authority Patricia Annino’s recommendation.
The bigger the “why” in your personal life, the more motivated you will be. Listen to Paul Karasik go in-depth on the dynamics and power of why.
How can business owners cope with the loss of a business partner? Listen now to learn how.
How can medical practices manage the cost of high employee turnover and the negative effect it has on revenues? Learn more by watching this short video.
“Last year, I was meeting a friend for lunch, and he tells me, ‘Well, I have some good news and some bad news. Good news is, my wife’s expecting a baby.’” Watch Nautilus Member Agent Rich Maus describe his most memorable moment as an agent.
Converting a traditional IRA to a Roth IRA can offer certain economic advantages, depending on a variety of factors. Read this article to learn more about the issues you’ll want to consider if you’re contemplating converting your own traditional IRA.
In this ever-changing tax environment, preserving flexibility should be a key component of any estate plan. Read this article to understand how traditional estate planning strategies can still provide a simple yet flexible way to protect and preserve assets for future generations.
How can business owners build wealth for their own retirement while trying to reduce their income taxes? Watch this video.
“The first life insurance death claim I delivered was to my mom, for a policy I wrote on my dad’s life.” Listen to Nautilus Member Gib Surles share his personal story about how life insurance made a difference for him.
Co-owners of closely held businesses often focus on the day-to-day operations, while neglecting important long-term planning. Learn what every business owner needs to understand about buy-sell agreements, and why it’s important to have them in place.
The most successful business owners know when and how to use tools, such as the Marketability Assessment, to increase the return on the investment in their business.
In this short video, we introduce Mario and Maria. Both own successful businesses and have decisions to make when it comes to determining the value and marketability of their businesses as they consider their exits.
Many dream of their part-time gig or hobby growing into a full-time business. However, without the right liability protection, it can quickly become a nightmare. Read this article to learn some of the basic steps business owners can take to protect both their business and personal assets.
“My brothers and I always felt that we had the perfect childhood, until an oncoming vehicle crossed the center line and changed everything.”
Listen to Nautilus Member Braden Draggoo share how life insurance personally made a difference for him.
How can business owners best protect their families and lifestyle?
“My client’s wife, Cheryl, was a CPA, and she did not like life insurance.” How did Nautilus Member Tim FitzGerald end up having an impact on Cheryl’s financial security?
Get to know The Nautilus Group, an exclusive resource for insurance and financial services professionals that provides state-of-the-art planning strategies for their high net worth clients.
Maximizing your potential and changing your life requires focus, commitment, and energy. It also requires proven strategies. Read this article featuring Paul Karasik, one of America’s leading sales and management consultants.
The bigger the “why” in your personal life, the more motivated you will be. Read this article featuring Paul Karasik, one of America’s leading sales and management consultants.
The challenges of parenthood are vast when there is ever-growing pressure to be constantly improving, upgrading, keeping up with the Joneses, being in tip-top physical shape, raising smart children, and surpassing your peers. Read what attorney Patricia Annino has to say when it comes to managing the stress of parenting.
“Mike was a good friend from college. I told myself that Mike could buy insurance through his brokerage firm and was taking care of his insurance himself.”
Listen to Nautilus Member Carrie Hall share her story.
Blended families have a unique advantage when it comes to estate planning. To learn why the experience of becoming a blended family makes it easier to have discussions about planning, read this article featuring attorney Patricia Annino.
The most powerful strategy to ensure your success is “entrainment.” Read this article featuring Paul Karasik to learn how you can achieve success in almost any endeavor by harnessing it.
Attorney Patricia Annino explains crucial teaching methods that will prevent your children from growing up entitled as well as the importance of feeling connected to a much bigger community.
Everything in life happens twice, first in your mind and then in the external world. To learn about this creative process of imagining and seeing the unseen, read this article featuring Paul Karasik, one of America’s leading sales and management consultants.
Consolidating retirement accounts is one way to better manage assets and track progress toward retirement goals. Know what issues to evaluate before you get started, to help avoid costly mistakes.
Hear what happened when Nautilus Member Ralph Sklar answered his client’s call about the life insurance coverage her husband purchased.
Learn what The Nautilus Group does for its Members to help their clients’ futures become more secure.
When it comes to owning a life insurance policy, we know what you’re thinking. “I don’t need to worry about that right now. What’s the worst that could happen?” Watch this animated video to see three different outcomes a family could experience in the event of an untimely death and see why ILITs can be the best option to protect your family’s future.