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Perfect Storm of Estate Planning Challenges

Will you be there to help?

The looming estate planner shortage poses a significant challenge amidst the impending transfer of wealth, particularly with the aging baby boomer population and the sunset of exemption limits from the 2017 Tax Cuts & Jobs Act. As original dynasty and generation-skipping trusts come to an end, billions of dollars are set to be distributed to heirs without adequate planning, exacerbating the need for skilled estate planners. However, the profession is facing a dearth of new entrants and a lack of knowledge transfer, compounded by industry consolidation and declining interest among younger lawyers in estate planning careers.

Despite the challenges, there lies a compelling opportunity for wealth advisors and financial planners to fill the gap in advanced planning. With complexities such as trust setups, asset transfers, and tax implications, online alternatives cannot fully replace the expertise and personalized attention provided by professional advisors. As fewer Americans have wills and estate plans, there's a growing need for education and guidance in navigating the intricacies of estate planning, presenting a prime opportunity for advisors to step in and assist affluent families in updating and optimizing their estate plans.

While there may be concerns about the impact of AI and technology on estate planning, the unique circumstances and complexities of individual clients' situations suggest that automated approaches may fall short. Experienced advisors are better equipped to understand the nuanced needs and objectives of clients and tailor comprehensive plans accordingly. As the Great Wealth Transfer unfolds, seizing the opportunity to address the evolving needs of clients and leaving a lasting legacy in guiding families through this transition can define the legacy of advisors during this pivotal period.


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