NEW
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AMG
Insurance & Financial
Monthly
December 2023
Producer Newsletter
Feature Articles
NEWSLETTER
HIGHLIGHTS
A More Practical Way for the High Net Worth to Fund Long-Term Care
David Smitherman, Nationwide
When it comes to long-term care (LTC), many affluent people feel they can afford to “self-insure” for potential LTC expenses. However, it is impossible to “self-insure”; because insurance is defined as immediate leveraging of dollars, and one cannot immediately leverage their own money. A person could self-fund, but is self-funding the most efficient
use of assets? Two of the potential challenges with self-funding are:
- you can’t predict timing or returns, and
- for the high net worth, a primary goal of estate planning is preserving wealth - and not only can LTC expenses can put a large dent in an estate when not properly planned for, poor planning can result in excessive estate taxation.
What to Expect When You’re Expecting: 1099's
Angela Brown, AMG Insurance & Financial
It’s that time of year again – the end of the year! And what a year it has been. In January, a lot of us will receive 1099 forms reflecting the past year’s success. Here is what you can expect to see from AMG.
In 2020, the IRS separated the 1099-MISC into two information returns: 1099-MISC and 1099-NEC. The type of “income” received will determine which form or both that you and or your agency will receive. The difference between the two is that income reported in Box 3 of the 1099-MISC is not subject to self-employment taxes while income reported in Box 1 of the 1099-NEC is subject to self-employment taxes.
Upcoming office closure dates for this holiday season:
Monday, December 25, 2023
Monday, January 1, 2024