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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplandocument extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
Advisor-focused AI meeting note solution Jump has completed a $20 million funding round, which reinforces its status as the emerging market leader in the crowded AI meeting note category – a status that may only increase from here if AI meeting notes, like most established AdvisorTech categories, evolves into a "winner-take-all" market where (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
Your personal preferences and the potential good your bequests can do are factors to think about in your estateplanning. What Is Estate Equalization? Basically, estate equalization is the process of helping ensure fairness in your estateplan, whether that means leaving all your primary heirs the same bequests or not.
Which means that on any given workday, advisors might find themselves reviewing one client’s portfolio and another’s estateplan in the morning, and having a meeting with a third client later in the afternoon. With this approach, the advisor can focus on particular planning areas (e.g.,
A medical POA can help ensure that healthcare decisions are based on your choices and preferences, even if you cant communicate them yourself. Act for you as the trustee of a trust, unless you have provided specific instructions within the trust document identifying the duties the power of attorney is authorized to perform.
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
That occasion marked an agreement with the IRS on a $156 million value on Prince’s real estate and recordings for the artist who died in April 2016—without a will. What can we learn from celebrity estateplanning disasters like this? Such cautionary tales prove the value of proper planning. It turns out, plenty.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? the better path lies in improving family communication and financial education. EstatePlan Basics. Executors and Trustees.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estateplanningdocuments located? Get death certificates.
The Imperative of EstatePlanning: Not Just for the Affluent Often, there’s a prevailing misconception that estateplanning is a luxury reserved for the wealthy elite. Real estateplanning is a crucial undertaking that every adult and family should prioritize.
There were hard feelings — a lot of wondering why her parents had skipped her in their estateplanning. . Not talking to your family about your estateplan has the potential to create chaos and make your family feel unprepared. . Your EstatePlan and Picking Powers of Attorney. At the minimum, share: .
If you’ve prompted your clients to think ahead about evacuation planning, a home inventory, and a plan for documents, then they’ll be more likely to get out of harm’s way when necessary. 1 A Virtual Go-Bag and More to Guard Documents. Sometimes you need the physical, notarized copy of a document.
Second opinion If a prospect doesn’t seem receptive at first because they believe they have everything taken care of as far as estateplanning or business succession planning, ask them if they would be willing for you to give them a second opinion for free.
While a financial plan focuses on managing your finances during your lifetime, an estateplan is essential for determining the fate of your assets after you pass away. Estateplanning involves the transfer of your assets to your heirs in the event of your passing.
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Are You in the Process of Building Your EstatePlan? Let’s take a look at the tax impact and other considerations of each. .
Navigating the complexities of estateplanning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes. Broadridge Investor Communication Solutions, Inc.
Proposed Tax Law Changes Prompt EstatePlanning Review achen Mon, 09/12/2016 - 06:00 A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. They are intended for the sole use of the addressee.
Proposed Tax Law Changes Prompt EstatePlanning Review. A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. Adopting a program of planning early, and monitoring that program, often brings the best results.
How a Family Trust Functions A family trust is a legally binding document that covers an individual’s assets during one’s lifetime and specifies the terms of dispersing those assets after one’s death or incapacity. Types of Family Trusts To make estateplanning a bit more confusing , there are different types of revocable trusts.
Financial advisors can also help the elderly understand the best practices in terms of sharing personal or financial information, maintaining privacy, and keeping their financial and legal documents safe. Help the elderly with estateplanningEstateplanning is an integral component of financial advice for seniors.
Aside from the legalities of estateplanning, this exercise is perhaps the single most loving and considerate document you can create for your family that they will forever be grateful for. Review this document annually and share it with your executor so that everything is crystal clear.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estateplanningdocuments located? Get death certificates.
An essential step in estateplanning is making sure beneficiaries know all the responsibilities and challenges that accompany the management of increasing wealth. When an aging parent with an air-tight estateplan fails to prepare heirs for an inheritance, an act of kindness runs a high risk of backfire.
You might have a webinar about planning for retirement, easy investments for beginners, or key estateplanning tips. Including video marketing in your plan can improve communication with clients. They have unique needs and ways of communication. Promote your webinars and workshops in different ways.
Having proper estateplanningdocuments can help ensure your assets pass where, when, and how you want them to. Financial planners study and practice cash flow planning, credit planning, saving for a big purchase, retirement planning, estateplanning, wealth management and insurance techniques.
How a Marketing Agency Can Help: A marketing agency can facilitate soliciting feedback through email communication and social posts. Communicate Regularly and Effectively One of the most impactful client retention strategies for financial advisors is regular and effective communication.
Such protection can be a cornerstone for sound estateplanning. A discretionary trust can provide a means of multigenerational estateplanning by establishing how assets are passed on and reduce future generations’ potential estate-tax liability. Family limited partnership (FLP). Shielding Assets.
EstatePlan: The prenuptial agreement also addresses each spouse’s disposition of assets on death and sets the “floor” of what each spouse must leave the other. It’s important to understand—and communicate to your child—that wanting to protect their wealth isn’t only about money or completely cutting off the divorced spouse.
It also encompasses intended lifestyle, charitable giving, retirement and estateplanning, and liabilities, including anticipated costs for health care. During times of market volatility, such long-term planning enables clients to shake off an impulse to sell. Ensuring Legacies Last. By Joe Ferlise, Strategic Advisor.
The goal is to treat each child fairly, and communication and transparency are crucial. EstatePlanning When creating an estateplan for a blended family, it’s best to get rid of old documents and start fresh.
Credit planning. Retirement planning. Estateplanning. Financial advisors also spend years developing strong listening and communication skills to help you talk through your goals, uncover hidden risks and plot a course to work towards success. Saving for big purchases. Wealth management.
Updating the EstatePlan: The prenuptial agreement also addresses each spouse’s disposition of assets on death and sets the “floor” of what each spouse must leave the other. Developing these documents provides a process for reaching agreement on the family’s core values and creates a shared vision among all family members.
Through her will, former first lady Jacqueline Kennedy Onassis left behind a sizeable inheritance for her children while incorporating an innovative estateplanning tool aimed at meeting her philanthropic goals. Its potential benefits show that innovative estateplanning never goes out of style. .
Technology can also enhance client engagement by using tools like client portals and e-signature software to streamline communications. How Harness Helps Automate Your Work To start, the Harness Client Portal is our proprietary platform for client communication and engagement management.
For clients whose net worth falls below the federal exemption limit, we still recommend that they review their existing estateplanningdocuments with us and their other advisors, to determine if any of the new tax formulas are poised to create undesirable results. RISING INTEREST RATES.
When it comes time for Kelley and his clients to work together, the Harness client portal makes it easy for them to collaborate, upload documents, and provide tax questionnaire information in one central location. Gabe helps facilitate client communications, set up introduction calls, and manage tax engagements through the client portal.
Terms like “estateplanning” and “wealth transfer” provide little shelter from a painful reality—a large portion of what we do as advisors focuses on the issues associated with our clients’ mortality. This communication and any accompanying documents are confidential and privileged. Thu, 06/02/2016 - 13:56.
Yesterday it was early retirement projections for a corporate executive, tomorrow it’s a call with a planner to review a client’s estateplan. We spend about 12 hours reviewing and updating an established client’s plan each year, but I’m only responsible for about 4.5 hours of it.
The rules for annual exclusion gifts let you gift up to $14,000 each year to an unlimited number of beneficiaries without gift tax liability and without chipping away at your estate tax exemption. These gifts should therefore be a cornerstone of your estateplan if your estate exceeds the applicable estate tax exemption (currently $5.45
These documents provide a clear view of your income sources and expenses, and then offer essential pieces of the financial puzzle. Involving your children in family budgeting fosters financial literacy and open communication about money matters from an early age. These goals are all about securing your future.
The outcome of the tax reform debate is likely to impact how we advise clients on tax planning, estateplanning and a host of other topics. We can dedicate time to reviewing any and all of your existing trusts and trust documents to verify that they are fully aligned with your evolving goals. Since last year’s U.S.
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