BLOG

Financial service providers play a crucial role in helping their clients achieve their estate, tax, and business succession goals, but one powerful tool that often goes underutilized is life insurance.  By incorporating life insurance into their strategies, financial professionals can provide their clients with secure estate plans, tax reduction strategies, and asset protection.  In his article, titled "IDITs: What Advisors Need to Know," Jeff Chadwick shares valuable insights into the utilization of intentionally defective irrevocable trusts to enhance estate planning and asset protection, and explains how IDITs can be used as a vehicle to transfer wealth and minimize taxes for your clients, while providing the necessary liquidity to address potential estate tax liabilities.

Financial professionals have a unique opportunity to leverage life insurance as a powerful tool in their clients' financial strategies and provide their clients with peace of mind, knowing that their estates are secure, taxes are minimized, and assets are protected.  Remember, when it comes to building effective financial strategies, it is crucial to understand the specific needs and goals of each client.  Consult with professionals and take into consideration individual circumstances before implementing any strategies.

In today’s dynamic job market, keeping top talent is crucial for business owners. The “Great Resignation” reshaped the workforce, but Robert Keebler says it’s also a “Great Upgrade” – an opportunity for employers to elevate their employee retention game.  In this article, Keebler describes various strategies, such as non-qualified deferred compensation plans, that can help business owners keep their key employees onboard.

In today's dynamic job market, employee turnover is inevitable, but a robust employee retention program can significantly reduce the loss of key personnel and help secure an organization's success and longevity.  In this article from Robert Keebler, he highlights strategies such as non-qualified deferred compensation plans that can help employers adapt to the evolving labor landscape and retain their most valuable assets – the dedicated and skilled employees that make the business successful. 

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. 

Want to keep more of your hard-earned wealth in your family's hands? Jeff Chadwick, JD, reveals the power of intentionally defective irrevocable trusts (IDITs) in this article, diving deep into the nuanced world of transfer taxes, estate taxes, and effective strategies to protect your assets. Using IDITs can not only reduce your taxes but also can ensure your wealth is secured for future generations. It's never too late to start planning your estate, but remember, professional consultation is key to tailor the best strategies for you. Learn more at NYL Advisors.

According to the Exit Planning Institute, 83% of businesses have no written transition plan and 66% are owned by Baby Boomers who will transition out in the next ten years, one way or another.  If you are considering a buy-sell agreement for your business, this article from Rimon, PC estate planning attorney Patricia Annino can help you understand the functions and benefits of this important business succession planning tool. 

The unexpected 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.

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. 

Although the SECURE Act eliminated the stretch IRA strategy for most designated beneficiaries, there is a strategy where IRA distributions may be coupled with a charitable remainder trust to duplicate the stretch IRA strategy.  Read this article from The Nautilus Group®, which is a service of New York Life Insurance Company, to learn how IRA distributions to a CRTs can effectively alter the SECURE Act’s 10-year payout for asset protection, estate planning, retirement income, and charitable planning purposes. The Nautilus Group and its Member Agents do not offer tax, legal or accounting advice. Securities are offered through Registered Representatives of NYLIFE Securities LLC, Member FINRA/SIPC, A Licensed Insurance Agency.

Most people think of insurance as a basic protection tool – pay a premium, and if the worst happens, the carrier pays out a benefit.  This article from The Nautilus Group looks at how life insurance can provide more benefits than just a one-time payout and explains the difference in term and whole life policies to help consumers understand that while term coverage offers peace of mind for a while, whole life insurance can provide peace of mind for a lifetime. 

In today’s job market, the risk of losing top performers is very real for employers.  Finding suitable replacements can cause financial stress and disruption of business which may result in lost profits.  An employer can gain a distinct advantage over companies competing for top talent by offering a non-qualified deferred compensation plan designed to motivate and retain the employees who are key to the company’s success.  Read this article from The Nautilus Group to learn how this valuable tool provides benefits for both employers and their key employees.

The Tax Cuts and Jobs Act was one of the most significant tax legislation acts signed into law since the Tax Reform Act of 1986.  This historic timeline illustrates the fluctuations in US estate tax laws and provides an understanding of the different reasons the law has changed over the past 220+ years.  

For married couples that wish to retain a greater amount of their wealth, the utilization of a CPT should be considered.  Community property states offer a distinct tax advantage for married couple’s assets.  This article discusses the benefits and regulations when establishing a community property trust with your spouse.  New York Life Insurance Company does not offer tax or legal advice.

Estate planning involves protecting your assets and ensuring a smooth transfer to loved ones. Trusts offer a valuable solution, allowing control over assets and safeguarding them from creditors. By passing assets through trusts, you can minimize tax liabilities. This article discusses creating an effective estate plan that enhances your gift to future generations. New York Life does not provide tax or legal advice.

Discover the power of the Charitable Remainder Trust (CRT) for optimizing your taxes and supporting causes you care about. Convert appreciated assets into an income stream while securing future contributions to your preferred charity. Read this article from The Nautilus Group to understand  how this tax-advantaged strategy works to offer immediate charitable deductions and provide income to the donor or another person. New York Life, its agents, and affiliates do not provide tax, legal or accounting advice.

When creating an estate plan, people are often baffled by the revocable living trust and unsure what exactly it accomplishes or why they would need one.  This informative article from The Nautilus Group explains how these trusts are different from wills and describes the benefits, misconceptions, and potential drawbacks of this popular estate planning tool.

Split-dollar arrangements are commonly used in business contexts but also can be advantageous in other situations, for example between an asset owner and a trust or between parents and their children.  This article from The Nautilus Group explains how the strategy works and the advantages it can provide when two parties share the costs and benefits of life insurance.