Five Estate Planning Tips that Remain Relevant Regardless of Shifting Political Winds

The much discussed legislation of the Trump administration, The Tax Cuts and Jobs Act, altered many aspects of estate planning. There are items on many agendas, though, that will remain unchanged regardless of politics.

• Schedule Routine (Estate Planning) Checkups
  • Ask clients to consider whether the individuals named in their documents are still appropriate. Think about positions including power of attorney (POA), health care agent, guardian for minor children, trustees of an irrevocable or testamentary trust, trust protectors and trustee appointers (if any)
• “Do it for the Kids”
  • Setting up a trust for a client’s children and grandchildren allows him to tap into this reliable wealth transfer mechanism without the damage of gifting assets to them outright.
• Move Assets off Your Clients’ Balance Sheets
  • A family business is typically a long-term investment, so have the client sell it into a trust, as well as other real estate, life insurance, investment accounts and more.
• Make the Switch
  • Assess the income tax benefits of holding assets inside a client’s estate versus the estate tax benefits of pushing them outside of his estate.
• Give Precedence to Giving Back
  • Use foundations and charitable trusts to make philanthropy a focus for your client’s family and to help him achieve income tax benefits.

See John O. McManus, Five Estate Planning Tips that Remain Relevant Regardless of Shifting Political Winds, Wealth Management, July 18, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.