How to Plan for the Unforeseen

How to Plan for the Unforeseen
Without proper instructions, those decisions “can blow up and result in siblings not ever talking to each other.”
Wealthier people tend to rely on advisers who are privy to a raft of information to help them, especially when it comes to tax planning,
which could become more urgent if President Trump’s proposal to repeal the estate and other transfer taxes is passed.
One solution for affluent people is a revocable trust, which can be used as a repository for financial assets but also documents to guide the family.
“The best way to plan for an event you can’t control is to put your own plan in place,”
said Sharon Klein, president of the New York metropolitan region for Wilmington Trust.
“We want to help people think of the unexpected,” said Abby Schneiderman, co-founder and co-chief executive of Everplans.
Adam von Poblitz, head of Citi Private Bank’s North American trust division, said the repeal of a tax
that took 40 percent of a couple’s assets above the current $11 million exemption would increase the need for creating a trust because more money would pass to heirs.
“We want to be a one-stop shop, but we also try to get people to take it a piece at a time,” she said.