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Focus on key tasks to address potential tax changes

Americans could look to sell assets and transfer wealth before the end of this year as they anticipate the possibility of changes to capital gains taxes and the estate tax exemption. This article suggests advisors triage their workload by focusing on essential planning tasks during the latter parts of 2021….

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The foundation of a successful trust

For trusts to be effective, they need to be well-designed, writes Theresa Marx of CIBC Private Wealth. Marx covers the building blocks that make trusts successful for clients, including access, control and flexibility. Full Story: Financial Advisor

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Life insurance market expected to grow 7%-11% in 2021

LIMRA increased its 2021 life insurance sales forecast, calling for the market to grow between 7% and 11% compared with 2020. LIMRA said it expects premium growth in all product categories except fixed universal life. Full Story: InsuranceNewsNet Magazine

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These states levy estate and inheritance taxes

States bring in roughly $5 billion in estate and inheritance tax revenue annually, the Center on Budget and Policy Priorities reports. Learn which states have their own estate and inheritance taxes and what their tax rates are. Full Story: ThinkAdvisor

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Why advisors should focus marketing efforts on a niche

Establishing a niche is an overlooked growth strategy for advisors, according to Patrick Brewer of WealthSource Partners. Focusing marketing efforts on a niche allows advisors to narrow communications, set an intentional marketing budget and scale more effectively. Full Story: ThinkAdvisor 

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Long-term care: What are the options?

Many older adults will need to pay for long-term care at some point in their lives, but the intimidating nature of the costs involved can lead people to delay the planning process. Use this six-step approach to help your clients weigh their options. Full Story: Morningstar

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Advisors as behavior coaches: Focus on client needs

Clients often say they need a financial advisor to help them achieve their financial goals, but what they really need is someone to make sure they do the things necessary to be successful, writes Brendan Frazier of Wired Planning. Frazier discusses how advisors can be behavioral coaches who make sure…

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To keep clients’ kids, offer free services until age 26

Financial advisors looking to get and keep clients’ children with their company can take a page from health insurers and offer free services until age 26, writes Samantha Russell of FMG Suite. She recommends tailoring services to the children’s needs, setting parameters on free offerings and being clear about what…

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Tell clients to update beneficiaries to avoid IRA headaches

Advisors should remind clients to update their designated beneficiary details on IRAs and trusts after major life events to avoid problems, says tax expert Ed Slott. He outlines a number of inherited IRA scenarios and how distribution rules apply in each one. Full Story: ThinkAdvisor

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Retirement Income

NAIC Delayed Accelerated Underwriting Decision

Surprising? NAIC delayed Accelerated Underwriting decision on definitions. We previously reported on the NAIC’s move to define Accelerated Underwriting and it seems that regulators won the day. The new deadline is 2024. According to Insurance News Net, “Consumer advocates were disappointed by the delay and fought it until the final…

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