6 reasons to contact clients about legacy planning before the end of the year.

It may be uncomfortable for clients to think about their mortality, but inheritance planning is a necessary process that helps bring clarity and peace of mind to people at all levels of financial well-being.

The advisor's job is to answer clients' questions and address their concerns. In the experience of Courtney Fell, wealth and wealth management strategist at Morgan Stanley, the second half of 2023 represents a period of significant challenges and opportunities for clients with large legacy planning goals. In fact, as Fell told the ThinkAdvisor website in a recent interview, major changes to the legacy planning tax system are on the horizon, and clients with significant wealth,''that will transition to charitable giving and the next generation face big challenges.

"Given the importance of pre-planning, it's surprising how many clients don't do proper legacy planning," says Fell. "Another common trend is that clients did some basic estate planning and drafted some important documents years ago, but haven't given it much thought since then.

Echoing the sentiments of other inheritance planning experts, Fell says that legacy planning efforts should be an ongoing endeavor. Like managing a complex investment portfolio, legacy planning should be regularly reviewed, especially when legal rules''taxation changes. Even if no major changes to trust and inheritance documents are required, Fell explains that it is still beneficial to regularly review and go through a legacy plan, as this ensures that clients and their families have a clear understanding of their situation.

See the presentation for an overview of the six important legacy planning issues raised by Fell.

Some are perennial issues, while others are timely and may require immediate action by advisors and their clients.