A Legacy That Endures…….
By: Jay Scheiner
Partner, Agent Support Group

Legacy 2Often, as financial advisors and insurance professionals, we get so caught up in the minutia of the products we offer that we lose sight of how our products can be structured to make a difference to our clients and their heirs.  Here’s a story and a planning idea that you can discuss with your older successful clients and put a smile on their faces

My former boss at the broker-dealer I worked at, Lee, was a wise and giving man.  Lee was also an astute financial planner blessed with the gift of good timing.  After all — like George Steinbrenner — Lee died in 2010, the sunset year of the estate tax, which allowed him to pass-on assets to his children free of federal estate tax.  Ever the planner, he left a unique gift to his three daughters, which enables them to remember him in a very special way each May, around the time of his birthday.  Every year each daughter receives an insurance company check for approximately $10,000 from their father – a sweet legacy from a man who would have just turned 96 this year.  These distributions will continue for at least 20 more years.  Lee set up this plan deliberately, reasoning that the impact of an extended bequest would be a legacy that endures vs. a lump-sum that would have faded into a memory.  I keep in touch with the daughters and each has commented what a special gift it was that their father created for them.

Agent Support Group can help you set up a similar plan for your clients.  New York Life’s annuities are well suited for this.  The have the flexibility to carry out your client’s desire to leave funds after they are gone to one, two or more beneficiaries.  Just as important, they have strong financial ratings so your clients can feel comfortable making a multi-decade bequest backed by the strength of New York Life.  *Note – New York Life is available to our approved producers only.

·        Attached (NY Life PDF) is another example of this concept:  Grandpa, age 85, purchases a $500,000 income annuity today with income payments to begin just prior to the holidays – December 15th.  Each year while alive Grandpa receives $25,995 with most of this coming tax-free.  Upon his death his heirs (it can be one or many more than one) will receive the $25,995 payment for the balance of thirty-years – until December 15, 2046!  It will be the ultimate Christmas or Hanukah present funding device – and Grandpa will be remembered for this long after he is gone!

To structure a creative annuity legacy plan for your client please contact me or one of my ASG partners or our annuity specialist, David Tornabene david@asglife.com 212.292.7934.

Wishing you a wonderful Summer 2017!   ~Jay

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