NY Bankers Urge New Yorkers to Review Financial Planning

NEW YORK, NY (06/03/2008)(readMedia)-- As graduation season for college concludes and begins for high school, now is the right time for New York families to review their estate, trust and financial planning, according to Michael P. Smith, President and CEO of the New York Bankers Association (NYBA), and Melinda Sartori, NYBA Trust Marketing Committee chair and Executive Vice President of Chemung Canal Trust Company (Elmira). This is also an ideal time for the media to help educate their readers, viewers and listeners about long-term financial planning issues.

“A question that nobody likes to think about – but every parent should think about – is how much will my spouse and/or children inherit when I die? Ensuring that you have the proper plan in place to take care of your loved ones is a key piece in the financial planning puzzle,” Smith said. “Trust and estate planning is not just for the rich. In many ways, it’s more important for people of modest means.”

Smith reminded all media news outlets – television, radio, newspapers, magazines, websites and blogs – that in times of economic uncertainty, stories that remind their viewers, listeners and readers to examine their personal and family financial planning issues are an important service for their audience.

“At the federal level, the estate tax laws are set to sunset in 2010. Will they be renewed? Will they be changed? How will those decisions effect the financial planning decisions made by millions of New Yorkers? We urge people – young and old, married and single, with or without children – to think about these issues and start planning today and review those plans regularly,” Sartori said. “We also urge the media to help educate people about these issues as a public service and financial, estate and trust planning professionals at New York banks across the state are ready to assist in that effort.”

NYBA recently updated its media resource guide entitled, “Financial Planning Professionals: Leaders In Their Field.” It is a resource for members of the media who need background information and/or on-the-record analysis of issues such as trusts and estates, financial planning, retirement planning, wealth management, tax planning, and elder law.

“The individuals listed in the resource guide – from every corner of New York State – are leaders in their field,” Sartori said. “They can provide the analysis and expertise journalists seek when presenting stories on estate, tax or financial planning, trusts or other important financial issues.”

A copy of the resource guide can be found online at the New York Bankers Association website (www.nyba.com), or by clicking http://www.nyba.com/press/releases.html. Please feel free to contact the financial planning experts listed in the resource guide at your convenience.

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