Category: Estate Planning
Simona Ondrejkova, CFP
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Sep 05, 2023
What is a pot trust and how could it benefit your clients?
Do your clients struggle to structure their estate plan in a way that aligns with their wishes while providing for their heirs in times of need? They may want to consider an estate planning strategy that offers flexibility in distributing assets based on individual needs. This approach allows the trustee to manage the assets as a single pool, with the discretion to distribute them to beneficiaries as needed. It’s particularly useful for clients who want to ensure that each beneficiary receives support based on their unique circumstances, rather than an equal share. While many advisors recommend this strategy for its...
Daniel Brockley
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Aug 24, 2023
Estate planning for pets: Making sure the kibble keeps flowing when you’re gone
We are a nation obsessed with our pets. In the US alone, we spend $123.6 billion on our furry (and scaly) friends every year. It feels like my household alone must account for a sizable chunk of that for our derpy golden retriever Alfie, between healthcare, food, grooming, toys, the occasional boarding, more toys. You get the idea. When it comes to our dog, we are stupid in love and spare no expense. So, what happens if we’re no longer around to take care of our pets? Just as we make arrangements for our kids in the event something should...
Daniel Brockley
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Aug 22, 2023
What is an advanced directive?
Life is unpredictable. Even if you’re at the pinnacle of health, running marathons and doing one-handed pushups, you could find yourself injured in a car wreck tomorrow. That’s why an advanced directive is so important. An advanced directive is a legal document that gives specific instructions regarding your healthcare wishes if you are incapacitated. There are any number of reasons you might not be able to communicate, including being under anesthesia, in a coma, or simply not well enough to speak coherently. In these instances, medical professionals will look to your advanced directive to guide them on how you want...
Jennifer Raess JD, CFP®, CLU®
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Aug 07, 2023
What is estate planning, and why is it important?
What do you think of when you hear the term “estate planning?” If you’re like two-thirds of Americans over the age of 18, you may assume it’s something you can do another time. In fact, the majority of U.S. adults don’t have a will and have not done anything to plan for their estate. However, you don’t have to own a mansion or business to make estate planning work in your favor. For those with any amount of net worth, estate planning alleviates the family strife of having to make important life and financial choices on your behalf. It also...
Jim Sinai
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Aug 02, 2023
How rising interest rates affect estate planning strategies
What changes in estate planning when rates go up? Over the past two years, interest rates have moved from near zero to 5.25%. Most clients are probably worried about how rising rates will affect their investment and retirement accounts. But advisors working with high net worth clients should also consider how a 500+ basis point shift in rates affects advanced estate planning strategies. Some strategies become more attractive as interest rates rise, while others become less attractive. Advanced estate planning strategies There are a number of advanced estate planning strategies that can be used to reduce a client’s taxable estate...
Daniel Brockley
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Aug 01, 2023
How to approach estate planning for non-taxable clients
Vanilla recently hosted Jeff Levine, the lead financial planning nerd for Kitces.com, home of the popular Nerd’s Eye View blog, for a webinar covering key considerations when planning for non-taxable estates. While it’s impossible to pack all the great info Jeff covered in a short blog post (including a rather spectacular metaphor involving the Red Hot Chili Peppers), we’ll give you a few highlights. What are the boundaries of advice financial advisors should give in estate planning? Financial advisors often grapple with the question of where the line lies between estate planning discussions and offering unqualified legal advice. Jeff weighed...
Simona Ondrejkova, CFP
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Jun 29, 2023
What to do when your client dies: A guide for financial advisors
While it’s inevitable, it’s a call every advisor dreads: your client’s spouse or family member calling to notify you that your client has passed away. During these challenging moments, advisors must be ready to navigate both the emotional and financial implications of a client’s death. But how can advisors best prepare so they can be a source of comfort for clients’ survivors while ensuring all administrative and financial tasks are taken care of as needed? To answer this, we’ve compiled a guide to help you support the surviving spouse or beneficiaries while fulfilling your duties as an advisor. Here, you’ll...
Gene Farrell
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May 17, 2023
The future of estate advisory: A new way to think about estate planning
[Watch Legacy Now on demand, to learn more about Vanilla’s vision for estate advisory.] I believe that technology – when used thoughtfully – can be truly transformative. And this week at our Legacy Now event, with the help of Vanilla co-founder Steve Lockshin, I had the opportunity to share how Vanilla plans to transform not just estate planning, but financial advising as a whole, with the new Vanilla Estate Advisory Software. The technology itself is only a part of the picture. It’s a tool. It’s the enabler that, when paired with exceptional advisors, will allow for a new kind...
Vanilla
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May 11, 2023
What is a power of attorney – and how does it work?
Life is unpredictable. And as a financial advisor, one of the essential parts of your job is to help prepare clients for that unpredictability – whether that comes in the form of balancing a portfolio so that it’s not over reliant on a single company or sector or ensuring they have the right documents in place in case of an accident or health scare. One of these key documents is a power of attorney. A power of attorney (POA) is a legal document that authorizes an individual, known as the agent or attorney-in-fact, to act on behalf of another person,...
