Don’t Allow New Accounts to Catch Clients Unaware

Posted by Robert L. Arone As a financial advisor, what could be more important than the financial health of your clients? As you know, a comprehensive trust-centered estate plan allows your clients to provide for loved ones, affording them immense peace of mind. But, estate planning is not a one-time event since trust-centered estate plans require careful supervision and regular reviews to function properly. Accordingly, it’s crucial that you participate in the maintenance of your clients’ trusts by monitoring important financial changes and helping clients to update their plans to reflect these changes. Significant Changes in Wealth Setting your clients up for success with their trusts is not difficult. Keep an eye out for any significant changes in wealth. One such important development in a portfolio is the addition of a new account, such as an IRA or new taxable investment account. Any time a new account is opened,

How Remodeling a Client Trust Can Retain Assets Under Management while Saving Clients Money

It’s a common misconception that clients can take a set-it-and-leave-it approach to trusts. Much as houses or office buildings, even those that were originally well-built, must be remodeled or updated from time to time, a trust-centered estate plan can often benefit from a remodel or refresh. Although the principle of trust-centered estate planning has stood the test of time, there are many reasons, such as the recent tax reform, a change in family wealth or circumstances, or just a change in estate planning goals, that may necessitate a remodel for an old trust. Clients gain peace of mind while you get an opportunity to provide value. Why updating old trusts serves both you and your clients Your clients may be missing out on lucrative new opportunities, such as income tax planning opportunities to reduce the impact of the new SALT deduction limitation, or necessary protections against overly aggressive creditors unless

Dynasty Trusts – A Planning Tool for the Masses?

Posted by Robert L. Arone – Think Twice Before Ruling One Out When most people hear the term “dynasty trust,” they assume it is something for only the wealthiest of families. Dynasty trusts are not as out of reach as many people and advisors might think, and can be used by many more families of a greater wealth spectrum than currently use them. Read on to see whether this type of trust is the perfect estate planning solution for keeping your clients’ financial resources within the family from one generation to the next. Demystifying dynasty trusts Dynasty trusts keep your clients’ wealth within their family for a long time. When properly designed, they can last forever, which is a draw for many individuals and families who want to ensure lasting security. Dynasty trusts are, however, irrevocable. That means that adjustments to the plan require a great deal more work than

Three Tools Your Clients Can Use to Save For Skyrocketing College Expenses

Posted by Robert L. Arone – You and your clients have undoubtedly seen the projections about college expenses. Using an average increase of 5% per year, by 2030 the annual tuition at a four year public school could soar to $41,200, and $92,800 at a private, nonprofit school. These numbers will undoubtedly make even the well-to-do cringe. Thus, parents and grandparents are often interested in strategies to sock away money now to pay for skyrocketing college expenses. Advisors who understand the various tools used to save for college – one of the biggest concerns for clients everywhere – will add significant value to their relationships. So, rather than an exploration of Coverdell or UGMA/UTMA accounts that you’ve all heard about before, this newsletter explores a few trust-based options that can help differentiate your practice and help your clients.

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

Posted by Robert L. Arone – Estate Planning for couples in a second or later marriage can be tricky, particularly when one spouse is significantly wealthier than the other. One solution for allowing the well-to-do spouse to maintain control of his or her assets but keep the other spouse happy is the Lifetime QTIP Trust. In this issue, you will learn what a Lifetime QTIP is, the multiple benefits this special type of trust can provide to married clients with lopsided estates, and how you might alter a client’s investment strategy when using it. The Basics of Creating a Lifetime QTIP Trust In the estate planning world a “QTIP Trust” has nothing to do with those handy cotton swabs used for cleaning ears, applying cosmetics, or making children’s crafts. Instead, QTIP refers to “Qualified Terminable Interest Property Trust,” which is a fancy term for a type of trust that allows

Trusts

Don’t Allow New Accounts to Catch Clients Unaware

How Remodeling a Client Trust Can Retain Assets Under Management while Saving Clients Money

Dynasty Trusts – A Planning Tool for the Masses?

Three Tools Your Clients Can Use to Save For Skyrocketing College Expenses

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

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© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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Trusts

Don’t Allow New Accounts to Catch Clients Unaware

How Remodeling a Client Trust Can Retain Assets Under Management while Saving Clients Money

Dynasty Trusts – A Planning Tool for the Masses?

Three Tools Your Clients Can Use to Save For Skyrocketing College Expenses

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?