Chris Anderson of Adams Capital describes the differences between personal goodwill and enterprise goodwill in this article and discusses how these distinctions can have a far-reaching impact for owners of closely held companies, from obtaining accurate valuations to making confident decisions, or segregating marital assets in a divorce.
SMRU 1940779 | Exp. 5/24/24
Without a plan, a beloved pet may be abandoned or euthanized upon the owner’s death. While many pet owners are well aware of this potential issue, few take any action and devise a plan. Read this article to learn how incorporating provisions for a pet in a will or trust, establishing a plan with a rescue organization, or creating a pet trust can help ensure that a beloved pet is well provided and cared for should it outlive its owner.
SMRU 1935430 | Exp. 4/6/24
A potentially overlooked tax provision, Internal Revenue Code Section 1202, may allow certain taxpayers who sell stock in a “qualifying small business” to exclude from taxation a percentage—50%, 75%, or even 100%—of the gains realized upon the sale of stock. This article explores some of the benefits and requirements of this possibly advantageous non-elective tax provision. New York Life and its agents do not offer legal or tax advice.
SMRU 1944796 | Exp. 7/11/24
Did you know that certain non-probate assets – such as retirement plans, life insurance proceeds, and annuities – may not be controlled by your will or trust? In this short video, Winstead PC attorney John Bergner explains how integrating non-probate assets with the assets your will does govern is an important component to controlling the disposition of your estate, avoiding your assets passing to unintended beneficiaries, and making sure your intentions will be realized.
SMRU 1866308 | Exp. 5/27/24
As a fiduciary, your role may include periodically reviewing key issues related to life insurance policies for your clients. This checklist is provided as a starting point to help you ask and answer the right questions about the insured, the policy, and the insurance provider, and can serve as a useful guide for determining if your client’s policy meets the beneficiaries’ objectives as well as your own fiduciary responsibilities.
SMRU 530172 | exp. 5/26/24
A basic understanding of how to maximize the Internal Revenue Code Section 199A pass-through business deduction is a must for any estate planner, according to well-known attorney Steve Oshins, who describes in this article from The Nautilus Group how certain taxpayers can deduct 20% of their qualified business income using what he calls the “Magical W-2 Formula.” New york Life Insurance Company and its agents do not provide tax, legal or accounting advice.
SMRU 1845375 | exp. 3/8/24
The release of the highly anticipated revised RMD tables combined with the recent passage of the original SECURE Act and the likely passage of “SECURE 2.0” has raised many questions on how the revised tables work in the context of the new retirement planning legislation. This article addresses these questions and can help identify new planning opportunities for additional tax deferral.
SMRU 1941210 | exp. 5/26/24
The 2008 economic downturn had far-reaching effects, but for Tom and his wife, Linda, who had just recovered from nearly losing everything to estate taxes after Tom’s father passed away, it was financial double jeopardy. Watch this Real Life Stories video (2:45) to learn how Nautilus Member Harvey Krautschun used the versatile power of life insurance to help protect his client’s assets.
SMRU 1782088 | exp. 1/24/24
The first generation builds it, the second manages it, and the third squanders it. This common rags-to-riches-to-rags phenomenon motivates many families to develop a generational wealth plan. But while today’s wealthy seniors are likely to die with far more assets than they’ll ever need, the ever-increasing costs of higher education, homeownership, and health care, coupled with increased spending, decreased saving, and greater longevity, could mean scant wealth remains to leave a legacy for their children and grandchildren. This article describes a solution that can provide both income replacement during one’s working years and a means for guaranteeing long-term family wealth.
All guarantees are based on the claims paying ability of the issuing company. The primary purpose of life insurance is death benefit protection.
SMRU 1938473 | exp. 5/10/23
Spousal lifetime benefit or access trusts, also known as SLATs, involve one spouse putting selected assets into a trust for the other spouse. This is a common technique in situations where parents may not be ready to completely hand over assets to their children or an individual wants the protection a trust provides but also wants to retain access to those assets. Listen to attorney Steven Novak of The Blum Firm describe SLATs and how to use them in this short video and see if this strategy could be useful for you.
SMRU 1866313 | Exp. 5/23/24
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 1940776 | Exp. 5/24/24
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.
SMRU 1866309 | Exp. 5/23/24
Limiting liability for a small business has never been more important. This article, from The Nautilus Group®, describes basic strategies business owners can consider in order to protect both their personal and their business assets, while growing the business.
SMRU 1862584 | Exp. 3/3/24
In the absence of planning, an individual’s retirement savings can easily become scattered among a multitude of retirement accounts and be forgotten. Consolidating retirement accounts can help manage assets and track progress toward retirement goals. Before consolidating your accounts, read this article to learn about factors to consider to avoid potentially costly mistakes.
SMRU 1936164 | Exp. 4/13/24
Noted CPA Robert Keebler, founder of Keebler & Associates, describes why clients with estate tax concerns might prefer to create a trust for both their children and their grandchildren. Using a generation-skipping transfer trust, Keebler says you’ll have the ability to transfer property to both generations and avoid estate tax. Watch this short video to learn more. New York Life Insurance Company and its agents do not provide tax or legal advice.
SMRU 1866311 | Exp. 5/24/24
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 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 succession planning that distinguish astute entrepreneurs.
SMRU 1872518 | Exp. 12/16/23
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.
SMRU 1866312 | Exp. 5/23/24
Did you know that depending on where you live, you may be subject to state-level estate or inheritance tax? Seventeen states and the District of Columbia currently impose some type of state-level estate tax or inheritance tax which can affect both residents and nonresidents. Read this article to learn six surprising facts about state estate taxes that could impact your financial future.
SMRU 1940777 | Exp. 5/25/24
It’s a whole new world for estate planning – from an all-time high estate tax exemption that may soon be cut in half (without further action by Congress), to the prospect of higher taxes, larger inheritances, complicated family dynamics, rising rates of divorce and litigation, and electronic data – the list goes on and on. In this environment of uncertainty, estate planning attorney Marvin Blum provides these 10 questions that clients and their planners can explore to identify clients’ most pressing needs in this rapidly changing estate planning environment.
SMRU 1928493 | Exp. 2/4/24
How can married, high net worth couples incorporate “tax-wise” strategies into their estate planning documents? Read this article from The Nautilus Group to learn about three basic strategies that can help to eliminate or minimize estate and transfer taxes and the key benefits and disadvantages of each.
SMRU 1928494 | Exp. 2/4/24
Many business owners seem to think they’re going to live forever and thus have done no succession planning, despite the COVID-19 pandemic illustrating more than ever the need to be prepared for probable, or inevitable, events or setbacks. Planning to work forever is not a business succession plan, and without one, when adverse events occur, the results can be devastating. This article looks at three critical elements business owners should consider to create a successful transition plan that can help maximize the business’s value for themselves or their families and increase the firm’s longevity.
SMRU 1928490 | Exp. 2/4/24
One notable tax benefit of life insurance is that death proceeds are generally received by a beneficiary free of any income taxation. However, this benefit may be lost if a policy is transferred in a manner that the “transfer-for-value” rule is triggered, creating a “trap” for ordinary individuals who may transfer policies for estate or business planning purposes without recognizing that consideration is being provided for that transferred policy.
The information in this article describes why planners, tax advisors, and policyholders should be vigilant to ensure that no consideration exists or that the transfer falls within one of the exceptions to the transfer-for-value rule and can help to both avoid unexpected tax outcomes and ensure that the policy’s death benefit may remain income-tax free. Please note that New York Life Insurance Company and its agents do not provide tax or legal advice.
SMRU 1928496 | Exp. 2/4/24
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.
SMRU 1916711 | Exp. 10/8/23
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.
SMRU 1916711 | Exp. 10/8/23
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.
SMRU 1916711 | Exp. 10/8/23
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
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
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. 6/24/24
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. 6/27/24
Watch this short video to learn how medical practices and other businesses can reward and retain their key employees while mitigating financial risk.
SMRU 5042274 | exp. 11/29/24
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. 12/8/22
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
Families that care for individuals with special needs can work with a qualified professional to create a special needs trust to help protect their assets and provide lifetime financial stability for their loved one. Watch this one-minute video to learn more.
SMRU 1840770 | exp. 3/17/24
Did you know that the way your assets are titled can either weaken or strengthen your overall asset protection? In this short video, Nautilus CVP Kathryn Rodgers explains how assets should be titled to provide a greater level of protection from creditors, forced liquidations, and ex-spouses.
SMRU 1673638 | exp. 4/29/24
Children and individuals with special needs require a different level of estate planning to help ensure those needs are met for the duration of their lifetimes. In this short video, you’ll hear Rimon PC estate planning attorney Patricia Annino list the steps you need to be aware of to address planning for individuals with special needs and help secure your loved one’s future.
SMRU 1673638 | exp. 4/29/24
Watch this 2-minute video to learn 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 1831107 | exp. 9/27/23
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. 7/20/2023
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. 7/9/23
Do you know how a buy-sell agreement works? If you co-own a business, you can’t afford not to.
SMRU 1779960 | exp. 12/16/23
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.
SMRU 1862488 | Exp. 6/24/24
“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.
SMRU 1862486 | exp. 6/27/24
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. 11/1/23
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.
SMRU 1858976 | Exp. 6/6/24
There are three types of income buckets – taxable, tax-deferred, and tax-free. What’s in your bucket?
SMRU 1859097 | exp. 4/4/24
How do employers retain top talent? Watch this video to learn more about a key employee retention strategy.
SMRU 1854308 | exp. 4/4/24
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 your favorite charities.
SMRU 1854309 | exp. 2/7/24
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?
SMRU 1907018 | exp. 7/20/23
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.
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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.
SMRU 1790046 | exp. 7/15/23
How can business owners cope with the loss of a business partner? Listen now to learn how.
SMRU 1907017 | exp. 7/20/23
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.
SMRU 1810764 | exp. 7/9/23
“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.
SMRU 1693683 | exp. 4/20/23
How can business owners build wealth for their own retirement while trying to reduce their income taxes? Watch this video.
SMRU 1779963 | exp. 5/11/2022
“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.
SMRU 1693683 | exp. 4/20/23
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.
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“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.
SMRU 1693683 | exp. 4/20/23
How can business owners best protect their families and lifestyle?
SMRU 1907019 | exp. 7/20/23
“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?
SMRU 1693683 | exp. 4/20/23
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.
SMRU 1936110 | exp. 4/8/24
“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.
SMRU 1693683 | exp. 4/20/23
Hear what happened when Nautilus Member Ralph Sklar answered his client’s call about the life insurance coverage her husband purchased.
SMRU 1693683 | exp. 4/20/23