One topic that often comes up when I speak with estate-planning practitioners is the great wealth transfer that’s underway in the United States, as Baby Boomers die and leave their substantial wealth to the next generation. The amounts that will be passed along have been estimated to be in the trillions. What’s the younger generation doing with such new-found wealth? Some are entrepreneurs, who started businesses that have become successful and created even more wealth. But, according to Paulina Mejia and Michael S. Arlein in their article, “Playbook for Advising Young High-Net-Worth Entrepreneurs,”
p. 32, these professionals often aren’t prioritizing income and estate tax planning. Estate planners and financial advisors can work together to help guide these entrepreneurial clients. The article goes on to provide four planning strategies to add value to the financial lives of high growth entrepreneurs.
Financial advisors and estate-planning professionals often collaborate in other ways to meet their clients’ needs. For the best outcome, it helps if the financial advisors have some basic knowledge and understanding of common estate-planning strategies. To that end, we’ve created a new “Financial Advisors” Committee. You’ll find the names and affiliations of these new members listed on our Editorial Advisory Board page at the front of the issue. In their articles, the members will identify the information financial advisors need to successfully collaborate with their estate-planning colleagues.