Monday, September 25, 2023

7 tools advisors need to give high net worth clients what they want -Dlight News

For HNW customers, the transition to the next phase of life is not a question If But you can make it to retirement How position their wealth to lower taxes and secure their inheritance. Be ready to deal with intergenerational wealth transfers, efficient income distribution and trust planning.

For trust companies, you should work with your probate attorney and accountant to ensure that:

  • The objectives of each trust depend on the selected trust vehicle

  • Target tax rates for the distribution are discussed

  • The Trusts follow best practice and applicable law in their lifetime exclusions

  • You have selected one or more suitable and independent trustees to implement the client’s objectives

The trust review process provides an opportunity to increase trustee commitment and determine if a corporate trustee is appropriate. Here you might consider:

  • Work with your law firm partner to conduct an independent trust check (if available).

  • Hiring a Personal Trust Service Provider (At Commonwealth, advisors can benefit from our relationships with firms such as BOK Financial and Fidelity Personal Trust Company)

  • Complete additional educational programs (e.g. CFP, CPWA) to expand your knowledge base

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