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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplan document 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 (..)
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 (..)
Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?).
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
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.
As a Christian, your estateplan should represent your dedication to financial stewardship according to Scripture. W hat important factors should Christians consider when estateplanning? W hat important factors should Christians consider when estateplanning?
(papers.ssrn.com) How 529 plan accounts are treated in a divorce. marketwatch.com) EstateplanningEstateplanning is about showing our love for our families. wealthfoundme.com) More families are at risk from estatetaxes looking out into 2025 and beyond.
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.,
Understand the basics first, and then create an estateplan. Wills and trusts are both important estateplanning tools with important differences. If you don’t, these assets will likely be paid to your probate estate, possibly triggering income tax. Communicate, Communicate, Communicate.
Podcasts Rick Ferri talks estateplanning with Ryan Barrett and Mike Piper. riabiz.com) Communication Having a public presence can be scary for advisers. advisorperspectives.com) IRAs Why asset location matters from a tax-perspective. bloomberg.com) Charitable giving strategies are as varied as the client.
For example, an advisor may think of "risk management" in terms of life and property insurance coverage, whereas HNW clients may instead think of tax and estate-planning strategies as asset protection measures – particularly for the future wealth of their heirs.
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
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.
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.
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. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estatetaxes).
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. Caregiving.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
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.
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. Many trusts funded that year have grown outside of the grantor’s estate by 35% or more.
Charitable Contributions: Donating appreciated stock to charity while reducing capital gains tax. But if you’re looking to reduce capital gains tax, this strategy won’t help. or putting shares in trust to maintain some control while removing the value from your estate.
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. However, there are nuances to consider.
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.
Checklist for executors of their parent’s estate Get organized Where are the original estateplanning documents located? Who is the attorney who drafted the estateplan? Inform them of your parents passing and discuss options for support in settling the estate.
While there are certainly ways to do estateplanning without a lawyer, for most people hiring an estateplanning attorney makes the most sense. Estateplans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
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.
Types of Family Trusts To make estateplanning a bit more confusing , there are different types of revocable trusts. Limitation of exposure to estatetaxes , as part of a proper estateplanning process. FYI- the initial trustee is almost always (99.99%) the grantor/settlor of that trust.
In our 101st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges advisors face in setting fees commensurate to their service offerings and the importance of charging sustainable fees to help businesses flourish. tax and estateplanning) to differentiate themselves.
An estimated 90% of wealthy families lose their wealth by the third generation, so if you are planning on leaving behind assets to your family, knowing the unique risks to the affluent investor and considering strategies to maintain your wealth within your family can be very beneficial. [1]
However, given the high value of wealth, it becomes all the more critical for high-net-worth individuals to plan their finances optimally. Estateplanning is one of the key components of financial planning these individuals need to focus on. Business succession: Many high-net-worth individuals are business owners.
“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. Take an inventory of how your practice spends time Reflect on how your own tax practice spends the bulk of its time.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
Financial professionals can help by opening the lines of communication with clients and their families. Without early and frequent communication, your clients’ children could find themselves overwhelmed and underprepared when they receive their inheritance.
A deep discussion of these strategies is outside the scope of this overview, and because every situation is so different, be sure to discuss your situation with your tax and financial advisor. Taxes should always be a component of any investment decision — but not the main driver.
After all, if your services include coordination with their estateplanning, insurance, and more, you need to have a secure way they can share that data with you. This means knowing your clients and the risks they face and communicating when there’s an active threat. 3 Calming Nerves with Proactive Outreach. Sources: 1.
Help the elderly with estateplanningEstateplanning is an integral component of financial advice for seniors. can take advantage of a situation and misuse the client’s estate. However, proper estateplanning can help in these situations. Children, grandchildren, spouses, ex-spouses, etc.,
Tax advisors, and other tax professionals , offer services from preparing and filing annual tax returns to comprehensive tax strategies that help minimize taxes and preserve wealth over time. In this guide, we’ll explore the average fees of tax advisors in the US for 2024.
Checklist for executors of their parent’s estate Get organized Where are the original estateplanning documents located? Who is the attorney who drafted the estateplan? Inform them of your parents passing and discuss options for support in settling the estate.
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.
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.
Financial Planning Needs: Retirement planning Education and family planning Obtaining appropriate insurance coverage Business and taxplanning Significant asset purchases Strategies for Serving Clients in This Stage: Clients at this stage are experiencing life events — both large and small — that will impact their financial planning needs.
Financial and Tax Benefits of Charitable Giving From a financial perspective, charitable giving offers significant tax benefits. Donations to qualified organizations are tax-deductible, reducing your taxable income and potentially lowering your tax bill. Broadridge Investor Communication Solutions, Inc.
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