Wealth Management and Estate Planning Roundtable
Private Wealth Services attorney Mark Powell shared insight with the Los Angeles Times, alongside five other industry professionals, about the latest wealth management trends and concerns. Recent developments in the fintech market have opened private wealth management products and services to people with less disposable income. This, along with people’s desires to better manage their finances and estates if they’re faced with another crisis, indicate just how important wealth management has become.
Mr. Powell shared advice for how individuals can best prepare their heirs to receive an inheritance, emphasizing the importance of communication. "There needs to be an open line of communication about the family wealth among generation one and generations two or three while generation one is alive and well. More importantly, these communications need to be thoughtful and ongoing over many years and include very fundamental training the beneficiaries will need," he explained.
He also described the primary reasons for creating an irrevocable trust. "Estate tax freeze and many transfer techniques use irrevocable trusts, and planners should always include appropriate tax planning for clients. Irrevocable trusts serve another, equally important purpose," he said. "They allow us to use structure to help wealth transfer between generations effectively."