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
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
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
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
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
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
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
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
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
“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