Estate planning has taken some major turns due to recent tax law shifts. If you thought it’s all about tax exemptions, think again. Even with the evolving landscape, there’s a lot to address for effective estate and succession planning. Talk with your financial professional to help ensure you are up to date. New York Life Insurance Company and its agents do not provide tax or legal advice.
- Balance bequests: Larger exemptions might lead to unintended overfunding of specific bequests or trusts, altering your estate’s intended division.
- Income tax strategy: Don’t overlook income tax implications upon a surviving spouse’s passing. Tailored trust arrangements can help optimize tax efficiency.
- Protecting wealth: Trust planning still matters – potentially shielding your wealth from creditors, mismanagement, and other potential risks.
- Adapting to changes: Laws can change. Ensure your plan is flexible enough to navigate evolving tax regulations.
- State tax awareness: State inheritance and estate taxes differ, and they can pack a punch. Consider these when crafting your plan.
- Review appointments: Regularly update fiduciary appointments to ensure the right individuals or entities are in charge.
SMRU 5934995 | Exp. 9/30/2025
Business entities come in all shapes and sizes, but no matter the type, each one should have a buy-sell agreement in place. This important tool helps business owners effect a smooth transition in the event of death, disability, retirement, or other circumstance that triggers a change in ownership. In this article by Rimon, PC estate planning attorney Patricia Annino, you’ll learn about the benefits and pitfalls of buy-sell agreements and how you can help your clients better protect their businesses.
SMRU 5699558 | Exp. 5/31/2025
The sudden death of a business founder or key executive can have lasting consequences across the entire enterprise, and include legal, financial, tax, business operation, and psychological ramifications. In this article, Rimon, PC estate planning attorney Patricia Annino describes the impacts of those consequences and urges all family business founders and key executives – and their advisors – to plan now for a smooth operational transition and consider the seven key components she provides for an effective business succession plan.
SMRU 1946779 | Exp. 7/28/2024
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
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
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
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
SMRU 1907015 | exp. 7/20/23