Trusts – Who Needs Them?

Posted on October 8, 2012 by thecomplexestate

I love Infographics. They tell a story and drill down to the information that you want to convey in the most simplistic form when done correctly.

Infographic- Millionaire Corner

Last week Millionaire Corner shared their latest Infographic on trusts. This Infographic nicely laid out the who, what, when and why that would demonstrate to a reader some of the benefits of trust planning. It was also apparent that they did their homework on the largest personal trust companies as displayed at the bottom.

As of late, many of our attorney relationships have voiced their concerns that their clients were not taking their advice about preparing for the possible elimination of the current exemptions.  The fear was that clients would wait until the elections were over and then they would get slammed with business that they would have to turn away or that clients would not be planning at all and lose the opportunity.

When asked how they introduced the exemption opportunity to their clients, they overwhelmingly responded that they mailed letters, wrote newsletters and brought it up at annual client meetings, if they had one.  Now if you are a client and receive a letter from an attorney like the one from this firm your eyes would be glazed over in seconds.

Alternatively, you could write or borrow a white paper like this firm did and experience a similar outcome. You could also keep it very simple and hire someone to create an Infographic like the one from Millionaire Corner or simply share this one with your readers.

Clients are more concerned about holding on to what they have today than giving it away. It may be that the wealth threshold for gifting has increased to a much higher net worth or your clients simply do not understand their options. Whatever the reason, make sure your clients understand in the simplest terms possible what it is that you are trying to educate them on. Infographics are a tool that could help.

Kim Hamilton

InKnowVision, LLC

Filed under: Advanced Estate Planning, Estate Planinng, gifting | Tagged: , , , , | Leave a Comment »

Charitable Planning and Advisors In Philanthropy

Posted on April 19, 2012 by thecomplexestate

InKnowVision takes the approach that every high net worth client and their advisors should know about charitable planning and its impact on estate planning, advanced tax planning and personal planning goals.

Not every high net worth client has charitable intent, at least not in the beginning. Although through education we can change that.  When clients can see how to maximize opportunities while minimizing dangers with advanced estate planning, the results speak for themselves.

 

 

 

 

 

 

 

 

 

We are at Advisors in Philanthropy annual conference this week supporting 185 advisors and charities in meeting their goals and mission:

  • To inspire and educate advisors, helping them make philanthropic planning with their clients an integral part of their practice
  • To create a unique network of support through collegial relationships among an intentionally diverse spectrum of professionals attracted to membership in our organization
  • To promote the highest ethical standards in philanthropic planning

Isn’t it about time you helped positively impact the life of your clients and their families through charitable planning?

Hope to see you next year.

Kim Hamilton

 

 

Filed under: Advanced Estate Planning, charitable planning, Estate Planning for Art, gifting, philanthropy | Tagged: , , , | Leave a Comment »

The “Art” of Planning

Posted on March 5, 2012 by thecomplexestate

More often than not, advanced estate planning for the ultra high net worth contains assets such as fine art and fine collections such as automobiles, wine, and guns for example. Each has its own unique circumstances and emotions tied to them.

Artist Jason Brammer

Recently, one of our business owner clients disclosed a fabulous $40M collection, of which $20M was crated in the basement of their home. They were already making annual gifts to a major museum. However, at this time, they were in need of creating liquidity to meet their business transition needs and maintain their lifestyle as they prepared to leave their family owned business.

As it turned out, we were able to create a plan that provided for increased cash flow, a reduction in taxes and a peace of mind using the $20M worth of art stored in their basement. Had we not taken our client up on the offer to come to their home there was a good chance we could have missed this opportunity, as the advisory team did not have these assets listed on any of the balance sheets.

When planning for art the advanced estate planning team should include an expert art advisor and an advisory team with extensive experience in estate and tax planning for these unique assets.

Be sure to make a visit to your clients’ homes. A planning opportunity may be hanging on a wall or hiding in the basement.

Kim Hamilton

Filed under: Advanced Estate Planning, charitable planning, Estate Planning for Art, gifting, High Net Worth, Legacy Planning, philanthropy | Tagged: , , , , , , , , | Leave a Comment »

The Greatest Gift

Posted on January 9, 2012 by thecomplexestate

Advanced planning has many plusses, not to mention tax savings. If a person can afford to do complex planning then more than likely they can afford to gift.

Many of us, to the point ad nauseam, have read and spoke about the ability to gift during this opportune time. Charity is usually part of the discussion as well as using one’s annual gift tax exclusion.

Many of our Goal Achiever plans involve the use of the lifetime exemption, annual gift tax exclusion as well as charitable planning techniques. Historically annual gifting was intended for example to fund college education, down payment on a home, start a child’s or grandchild’s new business and moving highly appreciated assets out of one’s estate.

I believe “gifting” has a new intention. Survival

Today, you could be seeing it thrown as a safety net. There have never been so many college grads with so much debt, without jobs, and living at home. Never have you seen so many breadwinners out of work long-term and their family’s suffering.

The annual exclusion is now the new lifeline. Consider someone who can actually afford to make five annual gifts. That is $65,000 tax-free which in today’s society can actually help a family of five get through a rough period of long-term unemployment.  It won’t make them rich but it will put food on the table, pay the mortgage (or least some of it) and keep the heat on.

Families can create a letter of understanding stating that annual gifts made are intended to help during this difficult period, are irrevocable and should not become relied on when things turn the corner.

It can also help a young college grad begin to wipe out his/her debt so they can focus on getting a “real job” in their respective field.  Sadly, it is a waste to get a four-year degree and only become a barista at a coffee shop.  Annual gifting can be the new “post” college funding.

What can you do to get your clients to think differently about annual gifting when it means survival?

 

Kim Hamilton

Related articles

Filed under: gifting | Tagged: , , , , | Leave a Comment »

Follow

Get every new post delivered to your Inbox.

Join 239 other followers

%d bloggers like this: