financial advisers

Helping Clients Create Positivity with Their Estate Plan

Posted by Robert L. Arone Many scientific studies have established that there is a wide range of benefits flowing from a positive attitude and positive thinking. At a time when many are focused on worst-case scenarios and gloomy predictions, help your clients resist the pull of negativity and embrace the beneficial results of positivity. This is not just an attempt to make them (or ourselves) feel better in spite of reality, but rather to take full advantage of the proven benefits of optimism. We can develop stronger relationships with our clients by helping them to incorporate positivity into their estate planning: They can increase not only their own wellbeing but also that of their children or other beneficiaries by creating an estate plan designed to promote their loved ones’ happiness, which in turn, will enable them to live healthier and more successful lives. Fortunately for those to whom it does

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How to Help Your Client When a Loved One Dies

Posted by Robert L. Arone As your client’s trusted advisor, you may be the first person the family turns to when a family member or loved one passes away. Although it is important for your client to contact us soon to start the process of estate or trust administration, the shock and grief of losing a loved one are often overwhelming. Sometimes, family members simply need a brief respite before addressing these legal matters. However, there are several practical and legal considerations that the person named as the executor of the estate or trustee of the trust should address in the initial weeks following the death, prior to the administration of the estate or trust.  During this stressful and emotional period, your client may forget about certain tasks which may lead to problems if left undone, and there are important legal considerations your client must heed. Here is a list

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Why Does Estate Planning Matter to Your Clients?

Posted by Robert L. Arone In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by, 57% of adults in the United States have not prepared any estate planning documents such as a will or trust despite the fact that 76% viewed them as important. Many of the respondents said this was due to procrastination, but many others mistakenly believed that it was not necessary because they did not have many assets. Estate Planning Awareness Week is a great reminder of the need to explain what estate planning is to your clients and why it is crucial for them not to delay putting an estate plan in place, regardless of the size of their estate. What

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Modern Uses for Life Insurance Trusts

Posted by Robert L. Arone Since the enactment of the Tax Cut and Jobs Act of 2017, the utility of the irrevocable life insurance trust (ILIT) has been in question. The substantial increase in the federal estate tax exemption–$11.4 million for an individual and $22.8 million for a married couple in 2019—greatly reduced the need for estate planning aimed at lessening federal estate tax liability or offsetting estate taxes for many clients. As a result, your clients may be wondering if an ILIT is necessary. An ILIT Can Still Be a Helpful Planning Tool Depending upon the particular goals and circumstances of your clients, an ILIT can still be a useful planning tool. As a financial advisor, you can enhance your relationships with your clients by helping them to reassess their goals for both the present and the future, providing valuable guidance about how the ILIT may be able to

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The Revocable Living Trust: Helping Clients, Growing Your Practice

Posted by Robert L. Arone Prevention Is the Greatest Cure Your clients trust you with their financial future and the legacy they want to leave behind. They rely on you to anticipate challenges, foresee trouble, and take preventative measures. When it comes to a client’s financial wellbeing, it is up to the trusted advisor to know what problems are likely to arise and to have solutions ready to help avoid conflict in the family, waste of resources, and other common pitfalls. One crucial tool to keep assets safe and to ensure they are distributed in the way your client wants is through the use of a revocable living trust. What Is a Revocable Living Trust? A revocable living trust (RLT), sometimes called a revocable trust or living trust, is an alternative to a will. It’s a document that instructs a trustee on how to manage the client’s assets during the

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