New York Life Premier Services

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. https://bit.ly/3L03GyC *All guarantees are based on the claims paying ability of the issuing company. The primary purpose of life insurance is death benefit protection.

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. https://bit.ly/3W7qm6J

Many estate plans incorporate trusts to facilitate asset management, avoid probate, reduce estate taxes, protect assets from creditors, or provide for a family member with special needs, so the selection of a trustee is very important. Should a family member (or friend) serve, or should a corporate trustee be selected? Read this article to learn what to consider when selecting a trustee. New York Life Insurance Company and its agents do not provide tax or legal advice. https://bit.ly/3L3MgB6

Families that care for individuals with special needs can work with a qualified professional to create a special needs trust to help protect their assets and provide lifetime financial stability for their loved one. Watch this one-minute video to learn more. New York Life Insurance Company, its agents and affiliates do not provide tax, legal or accounting advice.

Art appraisal is an inexact science yet the preservation of your art collection's legacy relies on a strategic plan. Developing an estate plan that addresses the nuances of the unique restrictions and tax implications of art is crucial. Initiating early communication and engaging in candid discussions with intended family beneficiaries, as well as any museums or charitable organizations you're considering as recipients, are essential steps. Working together with a variety of financial, legal, accounting, and life insurance professionals is essential to help guarantee consistency with your estate plan goals. Learn more in this article which outlines the legislation and tax issues you should be aware of when planning for your art collection. New York Life Insurance Company, its agents and affiliates do not provide tax, legal or accounting advice.

“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 this experience, early in his career, made an impact on how he views his role and the value of life insurance.

Ensuring that your estate plan is aligned with the changes in your life is crucial. Key events such as births, marriages, or shifts in wealth can make your plan outdated. Plus, laws evolve, impacting how your documents function. Periodic review of your estate planning documents with the guidance of your qualified professional are essential to protecting your assets and loved ones. This article explains the significance of these reviews and their importance to your estate plan over time. New York Life Insurance Company and its agents do not provide tax, legal or accounting advice.

There are three types of income buckets - taxable, tax-deferred, and tax-free. What's in your bucket?

Although advancements in medicine have extended our average life expectancy, it is vital to prepare for the possibility of disability or impairment. For example, even people in their 30’s may experience significant periods or even lifelong disability issues. Failing to plan for such scenarios can lead to costly consequences. This article discusses how making the proactive decisions now could help in the future when you plan for incapacity or disability.

Incorporating an irrevocable trust into your estate plan can entail a lengthy and challenging process, from crafting a strategic blueprint aligned with your unique financial objectives to navigating the maze of IRS reporting protocols. Gift tax reporting of transfers to trusts can be complicated and may have considerable tax penalties. Read this article to learn how to navigate the trust creation and funding process to be aligned with IRS reporting requirements and whether you should consider working with a valuation professional. New York Life Insurance Company and its agents do not provide tax, legal or accounting advice.