Best estate planning stories for financial advisors in 2023

The best estate planning stories of 2023

December 23, 2023 10:00 AM

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Enjoy complimentary access to top ideas and insights — selected by our editors.

You can't take it with you, so the saying goes.

But high net worth and ultrahigh net worth investors are eager to do the next best thing: Ensure their wealth has an afterlife in line with their intentions.

These wealthy individuals, collectively, are set to pass down what industry research firm Cerulli Associates estimates to be $84 trillion of assets, the lion's share of which will go to heirs, in the coming decades.

Advisors who can prove their value with assistance on estate and legacy planning, as well as other increasingly important service areas like tax, health care and education cost planning, stand to grow much faster than peers who only focus on the traditional conversations about retirement and investment management.

Below, check out our selection of Financial Planning's 2023 coverage of estate planning. Learn how to sharpen your mind on practice areas ranging from working with couples to supporting artists and entertainers, to factoring caregiving into an estate plan.

4 estate planning tax tips for rich clients before the 2026 sunset

As 2024 approaches, financial advisors with high net worth and ultrahigh worth clients will want to make sure they don't procrastinate on one of the biggest tax breaks they could get.

It's human nature to put off things that seem far away. But there's just over two years left for individuals and families to prepare for the current lifetime estate and gift tax exemptions to be cut in half, and adjusted for inflation after the end of 2025. In-demand estate planning lawyers and knowledgeable advisors might be backed up in late 2025, so clients should start today if they stand to benefit from the current raised exemptions.

Read the full story here.

5 challenges of estate planning with couples

When love is in the air, the least romantic thing to do is consider what might happen if a client's partner or spouse might pass away, or someday divorce them.

But financial advisors can play an important role in helping clients plan for those all-important what-ifs, and ultimately help couples preserve and build their wealth together in the process. From planning in domestic partnerships to dealing with in-laws or blended families, to rethinking "I love you wills," here's how advisors can add value.

Read the full story here.

8 estate planning tips for advisors with artists and entertainer clients

Nontraditional clients like artists and entertainers can be some of the most delightful individuals an advisor might work with, but their estates often come with unique challenges to plan around.

Whether it's protecting intellectual property or educating the client — often someone new to wealth — on the basics of estate planning, or helping them with privacy concerns, experts shared several key strategies to keep in mind.

Read the full story here.

3 tips on how to connect with next-gen heirs for estate planning

Your clients who are parents can feel discomfort with the wealth they have, and fear its corrupting influence upon their heirs — making it difficult to bring up how they want that wealth to pass down. Those conversations are critical, though, and advisors can help mediate them productively.

It's also in an advisor's best interest to get to know the next generation of their clients' families, to improve their chances of retaining their business when those heirs inherit. Here's how to start early and start small, several industry experts shared, to build that future foundation.

Read the full story here.

5 tips to plan for unexpected challenges of caregiving

Caregiving can be a heartbreaking experience that touches the lives of so many American families, and it can be a scary expense to plan for.

From planning for self-care needs of caregivers themselves, to thinking through how to creatively fund caregiving expenses and provide emotional support, there are many ways that advisors can step up their game when clients need them most.

Read the full story here.