Eight Nontraditional Estate Planning Tips for Finance Pros and Their Clients
Financial advisors have been overseeing estate planning and asset management for their clients for centuries. In recent years, however, the introduction of new asset types and the implementation of new laws has made it necessary for finance pros and their clients to expand their knowledge and stay on top of trends if they want to make the best decisions.
With technology and international law changing the game faster than ever before, finance professionals and their clients may overlook certain important considerations that weren’t on the radar just a few years ago. Below, eight experts from Forbes Finance Council detail some new considerations financial pros and their clients should remember when it comes to estate planning and asset management.
1. Plan For Estate Tax
Many people make the mistake of thinking their heirs won’t have to pay estate tax because of the $11.4 million exclusion and therefore fail to plan for it. However, this exclusion is set to revert to $5.5 million in 2025 and may go lower depending on the political leanings of Congress. Also, retirement assets are estate-taxable and income-taxable, which can result in cents on the dollar being passed to heirs. – Joe Catanzarite, Catanzarite Financial Services
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