Estate Planning 

At Alan Kaye Insurance Agency, Inc. caring for our clients is our priority. We pride ourselves in being life insurance and estate planning specialists that you can count on. Alan Kaye personally has consulted with many families, business owners, and individuals in insurance and estate planning for over 45 years. We are unique in our "high touch" approach to keep clients informed and updated on what products best meet your planning needs today. Allow us to help you take your estate planning to the next level and beyond.

Estate planning

Traditional estate planning is to structure an estate to pay the least amount of tax. Our insurance-centered approach is based on the thought that the best estate plan is the one that leaves the most money to your heirs and favorite charities.

While you can leave your spouse an unlimited amount tax-free under current law, each individual is allowed to leave up to $11,700,000 in 2021 until after 2025 (indexed for inflation) tax-free to their non-spouse beneficiaries. The base exemption amount is set to drop back down to $5 million (adjusted for inflation) in 2026. The tax on the amounts over this exemption is a flat 40%!

Working with an attorney or tax adviser

If you do not want to make any mistakes in estate planning, you should work with an attorney or a tax adviser. The attorney should help you when creating fundamental estate planning documents. It could be a will, health care proxy, and durable power of attorney. A tax adviser, on the other hand, should help with any associated tax issues. While you are the sole decision-maker, an attorney or tax adviser will bring expert knowledge that should help you with some of the complex implications of each option. Likewise, they will help you maintain effective communication of your wishes, avoid mistakes and minimize taxes.

Maximizing what you leave behind

In addition to the traditional planning your tax advisers recommend, people seek us out for how the addition of life insurance to these traditional plans can:

  • Discount your estate tax costs by as much as 90%.
  • Increase the value of your pension, IRA and 401(k) accounts up to 10-fold for the benefit of your heirs.
  • Increase the amount your $15,000 annual exemption gift might grow dramatically.
  • Triple the value of your lifetime exemption.
  • Create an endowment for your favorite charities. 

Taxes

Taxes are the most significant contributor to reducing the amount you are able to leave for your loved ones. Some states levy their own estate or inheritance taxes in addition to the federal government!  Life insurance as a supplement to traditional estate planning can increase the amount you leave your heirs and charities dramatically...sometimes with just smarter use of the money you are already devoting on insurance planning.

How we can help

The most important thing you should know is that you do not have to approach estate planning alone when you can count on us. There is no cost or obligation when you meet with us to discuss your planning goals. If you are ready to take advantage, contact us to get served by a reputable professional from Alan Kaye Insurance Agency, Inc.

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