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.
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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.
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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.
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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.
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.
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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.
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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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.
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.
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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.
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.
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 best protect their families and lifestyle?
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.
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.
