Whether you own many assets or just a few, almost everyone will need estate planning. Estate planning can entail a few documents to many documents, depending on the number and type of assets you have and to whom you’d like them to be distributed. If no estate plan is in place at the time of your death, the inheritance laws of your state will determine how your assets are to be distributed. If you have children, you can set up guardians and trusts to ensure they’re cared for, no matter what the future holds. An estate plan, which is typically prepared with an estate attorney can outline your personal wishes for medical care, help you reduce your tax burden, and set out other plans for the future. Connect with an agent to learn more about the ways we can help you with your planning needs.
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ESTATE PLANNING Protect and share your assets with estate planning
An effective estate plan helps ensure that everything you own—such as your home, car, and savings—will someday be distributed as you wish. Whether you are working with your financial advisor for a complex plan or just starting, we can provide guidance to help you protect your family and your businesses, if you own any.
How we help you with estate planning
Most people are not aware that they may need estate planning. And even if you already have a will, it may not be enough. Estate planning and financial strategies go hand in hand. We’re here to guide you through the important things to consider.
We work with your team
We’ll coordinate with your other advisors to help identify your needs and provide guidance as you plan and execute your estate and legacy
We specialize in you
We have experience helping people with a wide range of financial needs, and the tools to optimize your estate planning for your family’s future
We check in regularly
We know that situations change, so we like to check in quarterly or annually to see if you’d like to update any parts of your planning
Every estate plan is unique but may include certain features
Last will & testament
Allows you to control and direct how your assets should be distributed and identifies guardians for minor children
Power of attorney
Gives a person authority to make decisions on your behalf, including financial (durable power of attorney) and medical (medical power of attorney) decisions
Trusts
A form of property and asset transfer that can reduce your estate tax liability, name a trustee, and hold assets for the beneficiaries you name
Lifetime gifts
Includes gifts for family, charity, education, or medical needs that you give during your lifetime to reduce estate taxes after death
Taxes*
Strategies to manage the taxation of income and asset growth to preserve the value of your estate
Special provisions
Ensuring a loved one with special needs is adequately provided for or that an unmarried partner is provided for as you intend
Common questions about estate planning
When we work with you on an estate plan, our goal is to help you to make a number of important life decisions in advance, before they become emergencies. One objective is to protect your property and assets, and then pass them on according to your wishes. Another goal is to ensure that your instructions for medical care are followed if you become terminally ill or incapacitated. Your agent can tell you more about how we can help you meet your long-term goals through estate planning.
Wills and trusts play two different but important roles in an estate plan. It’s common to have both. A will is a document that contains an individual's wishes concerning the disposal of his or her property (estate) at death. A trust is a financial agreement in which you allow someone else to manage your assets on behalf of your loved ones (beneficiaries). Wills only control the disposition of assets upon your death whereas a trust can control the disposition of assets while you are alive and upon your death.
A will is a document containing a person’s instructions specifying how his or her property (estate) should be handled when they die. Among other things, a will establishes who should carry out your instructions (the executor) and what powers they should have, how your assets should be distributed and to whom, and name legal guardians for your minor children. Additionally, a will can form a trust or a will can assign all assets of your estate into an already established trust (a pour-over will).
All are important components of an estate plan, each with a different purpose. A will outlines how your property and assets should be distributed after death. A living will may sound similar, but it actually specifies the medical treatment you do or do not want to receive if you’re terminally ill or incapacitated. A power of attorney gives another person the legal authority to make decisions on your behalf about your finances, property, or medical care. Connect with an agent to learn more about the elements of an estate plan.
Learn more about estate planning
*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.