Whereas it might be uncomfortable for shoppers to consider their very own mortality, property planning is a vital course of that helps to carry readability and luxury to folks in any respect monetary ranges — and it’s the advisor’s job to reply shoppers’ questions and put them relaxed.
Within the expertise of Courtney Fell, a wealth and property planning strategist at Morgan Stanley, the second half of 2023 represents a time of serious challenges and alternatives for shoppers with huge legacy planning objectives.
The truth is, as Fell advised ThinkAdvisor in a current interview, major changes in the estate planning tax framework are on the horizon, and shoppers with substantial wealth that will likely be handed to charities and the next generation have quite a bit at stake.
“Given the significance of superior planning, it’s stunning what number of shoppers haven’t engaged in enough property planning,” Fell says. “One other frequent pattern is when shoppers have achieved some primary property planning and gotten a number of the necessary paperwork in place a few years in the past, however they haven’t thought of it since.”
Echoing the emotions of different property planning specialists, Fell says the legacy planning effort should be an ongoing train. Identical to the hassle to steward a posh funding portfolio, legacy planning must be commonly revisited, she says, particularly when tax legal guidelines are in flux.
Even when huge adjustments to belief and property paperwork aren’t required, Fell explains, it’s nonetheless a helpful train to revisit and evaluation the legacy plan commonly, as this ensures shoppers and their households have a transparent understanding of precisely the place they stand.
See the slide deck for six huge property planning concerns raised by Fell. Whereas some are evergreen issues, others are time delicate and should require quick motion by advisors and their shoppers.
