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
An increasing number of stock market investors are seeing huge losses in their taxable brokerage accounts. In this informative article from The Nautilus Group, you’ll learn how tax strategies with respect to these losses can diminish their true economic cost as well as ways to avoid common traps and pitfalls.
SMRU 1946859 | Exp. 7/28/2024