Whereas it might be uncomfortable for purchasers to consider their very own mortality, property planning is a vital course of that helps to deliver readability and luxury to folks in any respect monetary ranges — and it’s the advisor’s job to reply purchasers’ 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 purchasers with massive legacy planning targets.
In actual fact, as Fell informed ThinkAdvisor in a latest interview, main modifications within the property planning tax framework are on the horizon, and purchasers with substantial wealth that shall be handed to charities and the subsequent technology have loads at stake.
“Given the significance of superior planning, it’s shocking what number of purchasers haven’t engaged in ample property planning,” Fell says. “One other frequent development is when purchasers have accomplished some primary property planning and gotten among the vital paperwork in place a few years in the past, however they haven’t thought of it since.”
Echoing the feelings of different property planning consultants, Fell says the legacy planning effort should be an ongoing train. Identical to the hassle to steward a posh funding portfolio, legacy planning ought to be usually revisited, she says, particularly when tax legal guidelines are in flux.
Even when massive modifications to belief and property paperwork aren’t required, Fell explains, it’s nonetheless a helpful train to revisit and evaluate the legacy plan usually, as this ensures purchasers and their households have a transparent understanding of precisely the place they stand.
See the slide deck for six massive property planning issues raised by Fell. Whereas some are evergreen issues, others are time delicate and should require speedy motion by advisors and their purchasers.
