The passage of President Donald Trump’s major tax and spending legislation in Washington has put estate planning firmly in the spotlight.
Among the bill's provisions, the current $15 million estate and gift exemption that applies per taxpayer was made permanent. For married couples, the combined exemption is $30 million.
As a result, experts say, taxpayers can engage in long-term estate and gift tax planning strategies with greater certainty. Likewise, estate planning discussions may grow from focusing on tax minimization to incorporating such goals as philanthropic initiatives, succession planning for business owners, and values-based legacy building.
As the tax law was being debated, Trust & Will conducted an online survey of financial advisors, asking them to assess the effects the proffering of estate planning services has had on their practices' growth. The findings, summarized in a new report by the digital estate planning platform, suggest that advisors have derived substantial benefits by engaging in the topic.
The research also offers insight into why some advisors have not yet embraced estate planning as a core service offering for clients. Often, it’s a perceived lack of expertise that prevents advisors from working in this area rather than a genuine disinterest in estate planning services.
The accompanying slideshow addresses six key findings from the recent survey, made all the more relevant by the tax package.
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