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
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
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
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
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
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
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
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
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
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
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
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
How can business owners best protect their families and lifestyle?
SMRU 1907019 | exp. 7/20/23