Sometimes clients wait on advice and then rush to implement planning for any of a number of reasons, ranging from a potential change in tax law to a health scare (like Mr. Smaldino). This can result in numerous risks, including the failure to document each phase or failure to let things settle before initiating the next phase. Risks are heightened during a time of potential tax law changes, coinciding with when advisors typically are busier than normal. Having a thought-out, meticulous, step-by-step master document to ensure each step is done and documented in the right order should be a best practice, particularly for sophisticated planning techniques.
Author: Mark R. Parthemer, Esq., AEP, is managing director, Wealth Planning Services at TIAA, a Fortune 100 financial services firm, where he leads advisory services for ultra-high-net-worth individuals. He is an ACTEC Fellow; a frequent national lecturer and published author; chair, ABA Non-Tax Issues Affecting Estates and Trusts Committee; member, Florida and Pennsylvania Bars, Synergy Summit, and the Florida Bankers Association Executive Council, and chair, Trust Legislation Committee. He has been part of the University of Miami’s Heckerling faculty and is a former adjunct professor, Widener University School of Law. Mark often has been recognized as one of the Best Lawyers in America and a Florida Legal Eagle.
Author: Sasha A. Klein, LLM, AEP, is a partner with PwC in their Personal Financial Services group.
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