They won’t make your clients feel wicked. Still, the seven deadly sins of estate planning may leave your clients vulnerable to several unintended consequences such as probate, loss of assets in a divorce, and avoidable estate tax liability.  Financial advisors can help their clients avoid the seven most common estate planning mistakes listed below. Estate planning mistake #1: Not updating estate planning documents regularly Some clients may think that creating an estate plan is a one-and-done proposition, but you should review and update your client’s estate plan with them when they expe ..read more

SALT LAKE CITY, UTAH, UNITED STATES, February 23, 2023 /EINPresswire.com/ -- Vanilla, a leading estate advisory platform, has been named the winner of the 'Best Newcomer/Startup' category at the Second Annual WealthTech Americas Awards 2023. This prestigious award recognizes Vanilla's dedication to transforming how wealth advisors help their clients with estate planning. Estate planning has emerged as the next frontier of wealth advisory. Consistent and ongoing estate planning helps clients build their legacy, reduce family conflict at death, and minimize estate taxes. Vanilla gives advisors ..read more

In 2021, Americans gave a whopping $484.85 billion to charities, a 4% increase from 2020. And that doesn’t account for gifts to family and friends outside of official charity organizations. Simply put, gifting is a huge part of our economy.  Our guide provides a great refresher for advisors, and can also be given to clients to help educate them on their options when it comes to giving. Why consider giving? People choose to give for a variety of reasons, but there are two primary drivers that gifting has become such an important part of people’s lives (and their financial plans). The firs ..read more

Irrevocable Life Insurance Trusts (ILITs) are legal vehicles established specifically to own one or more life insurance policies and are set up during an insured’s lifetime. ILITs are created to own a life insurance policy and keep its proceeds out of the insured’s or owner’s estate to avoid increasing the size of their estate when the insured dies. When an individual owns an insurance policy (whether on his or her life or the life of another individual), the insurance policy is included in the individual’s estate at death and is therefore subject to federal estate tax (to the exten ..read more

If something should happen to your clients, regardless of their age or income, it’s crucial that they have a plan for their financial assets. As their financial advisor, you’re in the best position to keep your clients on task so they can reach their goals and ensure their families are taken care of. But between a myriad of documents, individual state requirements, and shifting federal estate tax laws, it’s no wonder the estate planning process can be overwhelming for financial advisors and their clients. That’s why we’ve created this easy-to-follow estate planning checklist. We’ll give you c ..read more

I am not an expert in estate planning. That may be a strange thing to admit for someone who runs a company focused on estate planning. What I do well (and what I find enormously rewarding) is identifying difficult problems, and – with the collaboration of great teams – use technology to solve them. When it comes to identifying which challenges to take on, I am drawn to areas where solving the problem can create real impact for individuals, families, and society. Estate planning is exactly this type of problem because it touches almost everyone. Helping individuals and families define their le ..read more

Trusts come up a lot in estate planning, and for good reason. They can be incredibly effective in helping fund education, provide for heirs, donate to charities and more. For high net worth individuals, trusts are also an important strategy to reduce taxable estates. The basics: What are trusts? Trusts are legal entities, much like corporations, which are considered distinct from the various parties involved. Trusts come in many forms, but in essence they are fiduciary arrangements in which, as the IRS states, one person (the trustee) holds title to property or assets…for the benefit of anoth ..read more

Curiosity – genuine curiosity – is one of the most important traits a financial advisor can have. Sure, this means curiosity about the different levers and pulleys of the economic machine, but it also means curiosity about clients. Not just about their risk tolerance, but about what makes them tick. Their goals, their fears. What gets them out of bed in the morning. A deeper understanding of clients as people, not just portfolios, enables you to bring the kind of value that goes far beyond index funds. There are certain times in life that lend themselves to these clarifying conversations–when ..read more

A Last Will and Testament (also known as a Will) is a legal document that outlines your instructions in the event of your death. It provides direction to your family, chosen representatives, and the court regarding how your assets should pass, as well as who should take care of your minor children (or pets!). Without a Will that expressly explains your wishes, the court will identify who gets your assets (generally your next of kin), based on applicable laws. And as for your kids? Well, without a Will, the court will make those decisions, too. In the United States, Wills are drafted based on ..read more

It’s brutal out there. After riding the sugar high of the pandemic, client portfolios – and probably your own portfolio as well – have found themselves in miserable hangover territory. The S&P recently hit a two year low and the Dow, not to be outdone, touched a yearly bottom as well. Instead of celebrating portfolio windfalls with your clients, you’re likely having some difficult conversations. But as challenging as these times are, there’s opportunity here. The current climate is the perfect chance to show the value you can bring beyond managing your client’s stocks, bonds and funds. It ..read more