Law itself is a demanding industry. It requires practitioners to constantly keep abreast with, and adapt to, legislative changes. It demands a keen eye with an attention to detail, as well as the ability to see how strategic plans fit within clients larger estate planning goals. Unlike other businesses, attorneys have strict advertising ethical guidelines to adhere to, hampering their ability to advocate for their services and compete with cheaper do-it-yourself legal solutions.
Nonprofits have always been regarded as important social safety nets, providing for individual and community needs that are not met by the US government. It’s no wonder charitable giving has been steadily increasing since the Great Recession. According to Giving USA, the combined donations of individuals, foundations, and corporations in 2016 exceeded $390 billion.
It’s highly likely your clients have already donated to charities and may wish to incorporate charitable giving into their estate planning legacy. Luckily, with some legal know-how and the proper resources, any estate planner can easily add charitable planning into their practice.
Income tax rates play an increasingly important role in estate planning strategy as the federal estate tax exemption rises. In the late 1990s, the estate tax exemption applied to many more people than it does today. Today, it applies to only 0.2 percent of estates.