The 50th annual Heckerling Institute on Estate Planning that recently took place in Florida marked its celebratory golden anniversary
with a wide-ranging program that highlights just how much the estate-planning
landscape has revolutionized since the American Relief Act of 2012 (ATRA).
Two of the conference attendees, Martin Shenkman, founder of
Shenkman Law and Jonathan Blattmachr, Principal in Pioneer Wealth Partners,
supported this theme at the conference.
Shenkman argued, “we are estate counselors, as much as we are tax
planning advisors.”
Since statistics show people are living longer than ever and
federal estate tax exemption has encountered a substantial jump, renders a
change in clients’ priorities. Now, clients
are much more focused on two areas:
1.
Finding a way to make sure
their income lasts for the rest of their lives
2.
Finding a way to help them
avoid guardianship proceedings while they encounter diminished cognitive
abilities.
So these days the primary role of estate-planning teams has
moved away from reducing estate taxes and broadening this to a wider spectrum
including the above two points as well as broad trust for trustees, etc.
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