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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 (..)
Historically, estateplanning centered on tangible documentation – wills, account access, and critical information stored in safes or files, with clear instructions for heirs. As a result, integrating digital assets into estateplans has become a crucial part of an advisor's process.
With this in mind, many financial advisors offer estateplanning guidance to clients. However, because few advisors are also legal professionals (who can offer more detailed guidance and draft legal documents), many often collaborate with estateplanning attorneys to ensure their clients' estateplanning needs are met.
Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including: Datalign Advisory, a data-driven advisor lead generation platform, has raised $5 million, with the announcement underscoring the reality that despite the many complaints from advisors about the cost and quality of paid (..)
Traditionally, people tend to think of their estate as comprising one big 'pot' of assets, focusing on the sum of all the assets rather than on each individual asset itself.
This month's edition kicks off with the news that digital estateplanning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
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.
This month's edition kicks off with the news that estateplanning platform Wealth.com has launched Ester, an AI-driven 'legal assistant' that uses machine learning to help advisors quickly review and extract the key information from clients' estateplanningdocuments, as it joins FP Alpha in the competition to become 'Holistiplan for estateplanning (..)
Review Your EstatePlanningDocuments Take some time to review the key documents in your estateplan, such as your will, power of attorney, and property deeds. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600.
beehiiv.com) A round-up of the past month's advisor-tech news including Vanilla's new "estate advisory" platform. kitces.com) Estateplanning Four things to consider in anticipation of 2026. financial-planning.com) Wealth.com's Ester will help you read estateplanningdocuments. (matts-newsletter-7a3f46.beehiiv.com)
Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including: FP Alpha unbundles its EstatePlanning Lab solution for automatically reading and summarizing clients' estateplanningdocuments available as a stand-alone option, and rolls out a new P&C Insurance Snapshot tool, (..)
One of the most important decisions you’ll make when designing your estateplan is who to name in the various fiduciary roles: trustee, personal representative, executor and agent. The post Choosing the Right Trustee for Your EstatePlan appeared first on Carson Wealth.
An estateplan is a legal document that outlines a person’s wishes for the distribution of their assets and property after their death. It is essential to create an estateplan to ensure that your family and loved ones are taken care of in the event of your passing. Contact us today to get started!
Basic estateplanning is something that everyone should do, regardless of your age, marital status, the value of your assets, and if you’re a parent or not. This statistic illustrates that more Americans should consider estateplanning to help ensure their assets transfer quickly to their heirs. Gallop, May 2021.
Also in industry news this week: The SEC this week released its list of priorities for 2025 examinations, which include advisers' use of Artificial Intelligence tools, adviser recommendations of complex investment products, and broker-dealers' compliance with Regulation Best Interest CFP Board has introduced a refreshed ad campaign encouraging students (..)
Moreover, even if durability is established, it's important to distinguish between an immediate POA, which is effective as soon as the document is signed, and a springing POA, which won't be effective until the grantor becomes incapacitated, and that incapacitation has been certified by a doctor as well! Unfortunately, nearly half of all U.S.
Moreover, even if durability is established, it's important to distinguish between an immediate POA, which is effective as soon as the document is signed, and a springing POA, which won't be effective until the grantor becomes incapacitated, and that incapacitation has been certified by a doctor as well! Unfortunately, nearly half of all U.S.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
Many people believe, incorrectly, that estateplanning is for older, ultra-wealthy people. But the simple truth is: If you have property, you need an estateplan. Your estateplan is the key to ensuring your wishes are carried out after you die or you’ve become incapacitated and can’t make decisions on your own. .
Optional estateplanningdocuments are generally not legally binding documents. . Their purpose has little or nothing to do with the transfer of assets and do not effect estate tax. Optional estatedocuments focus on values, lessons, and legacy issues. 1) Organ donor. 2) “What I want you to know.”.
A special needs trust document helps with these situations in managing the assets over their lifetime. Unmarried couples need to execute the right agreements and other documents, because many states do not provide the protection you likely want. Consult with an estateplanning attorney in your state for specific guidance.
And in the coming month, we’ll be rolling out our newest course on “How To Spot Planning Opportunities when Reviewing EstatePlanningDocuments” Because, the reality is, while we may learn about tax and estateplanning in our CFP classes, there’s remarkably little to show us as advisors how best to navigate the reams of tax (..)
Join Anna Sergunina, CFP® and Vida Jaulis, CFP®, and guest estateplanning expert Barry W. Finkelstein, as they provide insights into establishing a meaningful estateplan to ensure a smooth transfer of assets through trusts, wills, and essential directives. Topics we’ll cover include: 1. About Barry W.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: All-in-one software platform Blueleaf has launched a new “aggregation-as-a-service” solution, promising better client data aggregation capabilities than existing solutions by automating the process of weaving multiple (..)
This month's edition kicks off with the news that VRGL (pronounced “Virgil”) has raised a $15M Series A round to scale up its tool that can scan investment account statements and automatically extract the available information about their holdings to analyze the prospect’s performance, risk, diversification, fees, and taxes, with (..)
The foundation of your estateplan is a Last Will and Testament. Planning can tackle everything from beneficiary designations and estate tax to life insurance and planning for potential probate. It’s important to find an attorney who specializes in estateplanning. What Is a Will?
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.
Estateplanning touches two critical aspects of our lives: It can direct the distribution of property while providing a structure of guardianship and care for ourselves as well as those we love and care for. But many people feel like estateplanning happens when you’re older, and that’s a misconception.
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? To start the conversation with clients preparing to transfer wealth, you can simply say: “Tell me about who in the family was involved in the development of your estateplan.”
advisorperspectives.com) Vanilla is rolling out more AI tools for estateplanning. investmentnews.com) Compliance How to conduct and document an annual compliance review. (riabiz.com) AI Is AI an existential threat to the business of financial advice?
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.
EstatePlanning isn’t fun to think about. But estateplanning is so much more than terminal actions – it helps set a stage for a rich life while protecting against unnecessary taxes and family feuds. . Who needs estateplanning? EstatePlanning in Your 20s . Craig Lemoine, Ph.D.,
Information you’ll want to document includes: Bank accounts Investments Retirement accounts Estateplanningdocuments (wills, trusts, etc.) But note, in order for a power of attorney (POA) document to be valid, it must be signed by your parents while they are still mentally competent.
Estateplanning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estateplanning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estateplan in place.
However, unless you named a co-agent or alternate agent in the same POA document or are still competent to appoint someone else to act on your behalf, a power of attorney cannot choose who takes over their duties. Ready to get started on your estateplan? We are here to support you every step of the way.
In this episode, we take a high-level look at estateplanning. We cover wills, living wills, powers of attorney and the other most important documents should be put in place, the importance of trusts, the estate tax, intergenerational planning and a lot more.
The decisions you choose to make and those you ignore or overlook for your estateplan will have long-lasting and permanent ramifications. Don’t let the significance of estateplanning prevent you from getting started. When it comes to your estateplan, just jump in and get started. Of course not!
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.
ESTATES Family EstatePlanning: The 6 Essentials Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. According to one survey, 67% of Americans have no estateplan, which may reflect an aversion to thinking about dying or getting gravely ill. Navigate Family EstatePlanning with Park Place Financial .
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