For HNW clients transitioning to the next phase of life, it’s not a matter of if they can make it through retirement but how to position their assets to reduce taxes and secure their legacy. Be prepared to address generational wealth transfers, efficient income distribution, and trust planning.
For trusts, you’ll want to work alongside their estate attorney and CPA to ensure that:
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The goals for each trust align with the trust vehicle selected
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Target tax rates for distribution are discussed
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The trusts are following best practices and current law for their lifetime exclusions
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You’ve selected an appropriate and independent trustee(s) to carry out the client’s objectives
The trust review process offers a chance to strengthen trustee engagement and determine whether a corporate trustee is appropriate. Here, you might consider:
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Working with your firm partner to conduct an independent trust review (if available)
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Engaging a personal trust service provider (At Commonwealth, advisors can take advantage of our relationships with firms like BOK Financial and Fidelity Personal Trust Company)
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Completing additional education programs (e.g., CFP, CPWA) to expand your knowledge base
