Everyone needs the basics of estate planning—a will, living will, and power of attorney. But most people have other things that are important to them to accomplish.
Many people give gifts to family members, charities, medical research, or educational institutions while they're still alive in order to reduce their taxable estate. These are referred to as lifetime gifts. In addition to the tax benefits, lifetime gifts can help family members when they need the money the most—to pay for college, buy a home, or start a business. A lifetime gift is also a good way to gauge how well recipients might handle money in the future.
Income Tax Strategies
Taxes can have a huge impact on the growth of your personal wealth. That's why tax planning is such an important part of both income and estate planning. Many financial professionals see income management and tax planning as the greatest challenge for high earners and business owners.
If you have a child with special needs, you’re probably worried about what will happen when you're not around. Where will your child live, who will make sure he or she is happy, and who will pay for all the required services? This is where estate planning is really important. The best way to make sure your wishes are carried out is to set up a trust and assign a trustee
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New York Life Insurance Company and its affiliates, Agents, and employees do not provide tax, legal, or accounting advice. Individuals should consult with their own tax, legal, or accounting advisors before implementing any planning strategies.