Trusts are taxed differently than individuals and are subject to different tax guidelines. It is important for estate planning professionals to be mindful of the tax implications of trusts and to work to ensure that their clients’ assets receive the best available and most appropriate taxation per the IRS guidelines.

The “vision thing.” The purported lack of it helped keep President George H.W. Bush from proceeding to a second term. It’s a given that successful people have a vision – or so it seems. But if you don’t have a clear vision for your estate planning practice, and it’s gnawing at you, don’t despair.

High net-worth clients set up Grantor Retained Trusts (GRT) to ensure gifts go to specific beneficiaries and to avoid annoying taxes. GRTs are irrevocable, though, so your clients need to understand the consequences of placing assets in them.