In her feature story in the March 2017 issue of Investment Advisor, Nancy Hermann writes that for advisors, the beginning of the year is a good time to follow up with clients and help them revisit the basics of estate planning as well as to flag new trends and legislation.
This year is no exception. New presidents are often accompanied by new policies, and with tax season on the horizon, the next few months are a great time to review and possibly revise current plans.
There are four estate-planning best practices that are worth addressing with clients regularly, the US Bank Wealth Management expert argues, including
1) Clarify the intent of estate planning
2) Insist on reviewing asset titling
3) Make a contingency plan for disability
4) Choose the right fiduciaries
President Trump has promised far-reaching tax reform. And while it is most likely that the destiny of the estate tax, the stretch IRA and any other proposed tax law changes will be part of a broader-reaching tax reform package, and the final outcome is known only to those who have an ability to foresee the future.
So what can advisors do now to help clients protect their assets and the people they care about?
Make sure assets are protected. There are many reasons to plan other than estate taxes. There will always be irresponsible children, spendthrifts, lawsuits, divorce and other life issues that raise asset protection concerns that can be addressed by proper estate planning. Life happens, so it pays to plan now and address the future as it becomes more certain.