7 Estate Planning Challenges to Tackle Today

With the many political, financial market and economic issues facing Americans in 2023, clients may not be thinking about the need to create or update their estate plans.

Yet there are some very pressing reasons why now is the perfect time to revisit clients’ legacy strategies, as well as their preparations for generating sustainable retirement income — and there’s no time to waste.

This was the message shared by two senior leaders from Bank of America Private Bank during a webinar called to discuss current factors and dynamics affecting estate-planning decisions.

As highlighted by lead wealth strategists Katie Carlson and Mitch Drossman, it’s unlikely that a divided government in Washington will be able to deliver meaningful changes to tax policies ahead of the next election cycle in 2024.

However, the current estate-friendly tax framework is set to expire in 2026, and this means the clock is ticking with respect to enacting various attractive estate planning opportunities that take advantage of today’s generous estate, gifting and inheritance tax structures.

At the same time, movements in the markets and rising interest rates have brought some long-overlooked estate planning strategies to the fore, while others have lost some of their luster.

Financial planners and their clients, therefore, should carve out time to review even the best-laid legacy plans.

See the slide deck for Carlon’s and Drossman’s top insights on seven time-sensitive wealth, estate and retirement planning trends that advisors should be aware of and focus on with clients today.

(Image: Adobe Stock)