Financial advisors can lose between 80% and 90% of their business when a client dies, according to Financial Planning news. The challenge for advisors is to develop family relationships in order to continue to work with the next generation after a client passes away. There can be obstacles, such as geographic proximity, that make it
The permanent federal estate-tax exemption levels do not mean that clients with estates of lesser value can avoid planning. Many aspects of estate-planning remain critical to a comprehensive financial plan. Here are five estate-planning strategies to review with clients. 1. Review estate-planning documents Clients with estates of all sizes need to plan for the future.
Exclusively for financial advisors, Putnam’s wealth management team leads a call on recent budget proposals and how investors can prepare for this tax season. Topics include: Post-government shutdown update: Where things stand today What’s ahead: Budget Conference Committee proposal, government funding, and debt ceiling You and your clients: Year-end wealth management planning ideas Featuring: Chris
It doesn’t matter if you’re rich and famous — even celebrities trip up when it comes to estate planning. The stories of late celebrities James Gandolfini, Sonny Bono, and Elvis Presley offer a lesson. 284625
Interest rates have reached historic lows since the Federal Reserve continued to maintain its quantitative easing program. Given the current environment, high-net-worth clients may want to explore certain strategies that may benefit from lower rates. At the same time, several estate-planning strategies are negatively affected by low rates. Advisors may want to discuss the following
Whether your client’s estate is large, small, or somewhere in between, a new law that took effect this year might warrant a closer look. The American Taxpayer Relief Act holds important provisions for investors with estate assets. The law made permanent the 2012 federal estate tax and gift tax exemption levels and included an adjustment
With escalating costs, health care has become a critical part of retirement planning. But health expenses are not limited to acute care. Many people may need long-term care, which can quickly reduce or drain household assets if you or your spouse goes to a nursing home. If clients intend to pass along their home and
The American Taxpayer Relief Act of 2012 made several estate tax provisions permanent, creating planning opportunities that advisors may review with clients seeking to lessen the tax impact. 1. New exemption amount affects all clients The now-permanent $5 million exemption may have unintended consequences for clients at lower wealth levels who feel they do not
The American Taxpayer Relief Act of 2012 made permanent changes to the federal estate tax law, including establishing a $5 million exemption, indexed for inflation. The new exemption amount means approximately 4,000 estates could still cross the threshold and be subject to estate tax, according to the Tax Policy Center. This number is fewer than
While estimates may have decreased due to the Great Recession, baby boomers are still likely to inherit trillions of dollars as wealth is transferred from the previous generation. In fact, a 2010 study by MetLife estimated the boomer generation will inherit $8.4 trillion (based on 2007 data). Indeed, on a historical basis, inheritances or gifts