Category: Estate Planning

Madison Eubanks

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Mar 19, 2024

Probate—the legal process of administering a person’s estate after their death—can be a loaded topic. Depending on the size and complexity of the decedent’s (the deceased person’s) estate, how organized their affairs were at the time of their death, the state they lived in, and many other factors, the probate process may vary widely from person to person.  Of course, the best way to deal with probate is to avoid it. A thorough estate plan that includes a revocable trust dictating where assets go can allow an estate to bypass (or mostly bypass) the oft-tedious probate process. To learn more...

Simona Ondrejkova, CFP

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Mar 14, 2024

To achieve estate planning objectives, it helps to be familiar with various types of trusts. A dynasty trust can be a great tool for clients who want to preserve their wealth or family business for several generations while minimizing estate taxes. Here, we’ll help you understand what exactly a dynasty trust is, how it works, how it differs from other trusts, how to set one up, and when it might be a good idea to use one. We’ll also discuss the tax implications of using a dynasty trust and how it can minimize a certain type of tax that specifically...

Simona Ondrejkova, CFP

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Mar 01, 2024

Whether you’re meeting with a new prospective client or doing a client review with a client you’ve had for decades, it’s important to know how to guide the conversation. Asking the right questions allows you to gain the insights you need to provide the best advice possible while fostering a deeper connection. Because when you take the time to listen to clients’ answers to these questions mindfully, It shows that you genuinely care about their goals, values, and needs. The questions you ask at the first discovery meeting with a new potential client are especially key in building a strong...

Simona Ondrejkova, CFP

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Feb 23, 2024

Whether you’re putting together your estate plan, assisting your clients in the process, or figuring out how to navigate the intricacies of distributing a loved one’s estate, it’s helpful to understand the estate planning and administration process. This can save you or your beneficiaries time by planning ahead so you can reduce unnecessary stress in transferring assets to heirs. When considering estate planning strategies to maximize your legacy and transfer your assets according to your wishes, it’s also helpful to consider how your estate planning & administration can be affected by probate. So today we explain the steps involved in...

Simona Ondrejkova, CFP

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Feb 15, 2024

If you or your clients are considering an estate planning strategy that includes a trust, you may be wondering about the difference between the many types of trusts out there. Specifically, if you hear a trust referred to as a grantor trust, what does that mean? And how is this different from a non-grantor trust?  Today, we’ll explain the difference between a grantor trust and a non-grantor trust and help you understand when to use each one to achieve your estate planning goals. What is a grantor trust? A grantor trust is a type of trust in which the person...

Simona Ondrejkova, CFP

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Dec 14, 2023

Advisors often hesitate to bring up estate planning with clients because they’re not sure where to start…or which aspects of estate planning to cover. While some estate planning strategies can be complex, advisors can still start meaningful conversations by understanding some basic estate planning tools that every client should consider. While many basic estate planning tools are simple to implement, many clients are simply unaware of their existence or importance. That’s where great advisors can come in and potentially help uncover missing pieces that could drastically affect how a clients’ wishes are carried out. Regardless of your level of estate...

Daniel Brockley

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Nov 21, 2023

The first conversations financial advisors have with clients and prospects are more than just exchanges of information. They are pivotal moments that set the stage for a lasting and fruitful relationship.  These discussions–which can sometimes span multiple initial conversations depending on the client’s financial and family complexity–go beyond numbers and portfolios. They are a chance to understand the values, goals, and family dynamics that motivate them. These conversations enable you to develop a report, which is vital if you’re to be trusted with sensitive financial and family information. And they provide an important opportunity to gain crucial information that will...

Simona Ondrejkova, CFP

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Nov 15, 2023

An intentionally defective grantor trust (IDGT) is among the many estate planning strategies that can help your clients preserve wealth and leave a lasting legacy. It is especially effective for high net worth individuals who want to pass on highly appreciated or high-growth assets while minimizing estate taxes and potentially reducing income taxes.  Due to their more complex nature, IDGTs can sometimes be misunderstood and underutilized, causing clients to miss out on their many tax-saving benefits. So what is an intentionally defective grantor trust? What makes it “defective” and how can this feature be used to help your clients pass...

Simona Ondrejkova, CFP

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Oct 26, 2023

Great client-advisor relationships don’t just happen by accident. They’re cultivated over time and founded upon a mutual sense of trust and understanding. This starts with communication that helps clients feel safe to openly share their financial goals and challenges without fear of judgment.  In an increasingly globalized world, advisors have clients who often come from many different backgrounds, belief systems, and cultures. Perhaps some of your clients emigrated to the US from other countries or grew up with immigrant parents. As a result, their beliefs and attitudes around the topics of finance and estate planning might be completely different from...