Leslie Wallace, Licensed Agent with New York Life

Most inheritances won’t trigger a federal income tax bill. But what you inherit and what happens afterward mean other tax rules may come into play.

How Your Inheritance Actually Gets Taxed: From Stepped-Up Basis to IRA Rules Most inheritances won’t trigger a federal income tax bill. But what you inherit and what happens afterward mean other tax rules could come into play.

A financial professional looks beyond a single product. Your goals, income, debt, savings, family responsibilities and future plans all help shape the right protection strategy. Life insurance works best when it is considered as part of the whole financial picture.

Schedule time to review how protection fits into your broader plan.

I recently had the realization that I moved to Florida 25 years ago this month and I've been in Tampa for 10 now! (I don't know how that's possible, because I'm not that old😆) How long have you lived here?

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Last week I was honored to celebrate with our office's July top producers.

Thank you to all of my clients who continue to put their trust in me. I’m incredibly grateful for the opportunity to help you protect what matters most and plan for the future.

Looking to repeat in August!

Completed my civic duty!

This weekend was heavy on the job side, but it reminded me exactly why I do what I do.

I received two phone calls from two sons, just days apart.

The first call was from the son of one of my clients. His mom had passed away peacefully in her sleep at 85.

I was her life insurance agent, and when the time came, he knew exactly who to call because we had already had that conversation. I make it a point to connect with my clients' beneficiaries so they know what to do when that day comes.

She had a small life insurance policy. Nothing extravagant. But it was enough to cover her final expenses and leave a little something for her three children.

Within three days, they had the check.

A few days later, I received another call.

This time, it was from a 22-year-old client of mine. He's already been checking off some of those important "adulting" boxes and planning for his future with his own life insurance and investment account.

But he wasn't calling about himself. His father passed away unexpectedly.

They discovered that his dad didn't have life insurance. He also hadn't named a beneficiary on his bank account.

Now, instead of having money readily available to help with funeral expenses, his family may have to rely on a GoFundMe. His assets will likely have to go through probate, which could mean waiting months before anything is distributed. This potentially leaves my client having to use his savings, money that he had been putting away for his own future, to cover the funeral costs.

The only help I could provide was connecting them with an estate planning attorney who I work with in their state.

Two sons.

Two phone calls.

Two completely different situations.

None of us knows when our last day will be. We tell ourselves we'll take care of these things "later."

But what if later never comes?

If you don't have life insurance outside of your job, let's have the conversation. And if you don't get it through me, that's okay, just get the box checked.

Make sure your beneficiaries are up to date. Make sure your family knows what you have and who to call.

Planning isn't just about what you leave behind.

It's about what you don't leave for your family to figure out. ❤️

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