Estate Planning Priorities: Where to Start, How to Evolve
Estate planning does not always begin with advanced strategies and complex trust structures. It often starts with simpler priorities and evolves over time.
Estate planning often sounds complex and is intimidating to begin. For many individuals and families, the most productive place to start is not with the most advanced strategy, but simply with simple priorities.
That may mean getting beneficiary designations in order, thinking more intentionally about gifting, or understanding whether state estate tax is part of the picture. Over time, as wealth and complexity grow, the planning may become more sophisticated. But it usually does not start there.
Begin with the foundation
For many people, the right place to start is foundational planning. That encompasses 3 key areas:
- Key Documents: Having a will, power of attorneys, and often revocable trusts in place outlining your wishes and key people to execute your plan.
- Titling: Ensuring your assets and accounts are titled correctly so your wishes can be executed. This alignment work is easy to overlook but often carries real consequences. Estate documents may say one thing, but many assets pass according to beneficiary forms and account registration. A good plan accounts for both.
- Estate Tax Exposure: Even if a family is not currently exposed to federal estate tax, state-level estate tax may still apply. State rules can differ sharply from federal rules, with lower exemption levels and different portability treatment.
Use simple transfer strategies well
Once the basics are in order, many families can make meaningful progress aligning goals and managing income and estate tax through relatively straightforward strategies:
- Annual exclusion gifts allow assets to move out of an estate incrementally each year without triggering gift tax.
- Direct tuition payments made to an educational institution can transfer wealth outside the gift tax system entirely.
- Charitable planning, whether through donor advised funds or direct giving, can serve legacy and tax goals at the same time.
- 529 plans offer a flexible, tax-advantaged way to support education across generations.
These are not exotic strategies, but they can be effective and practical ways to move assets intentionally over time. They also reflect an important principle: not every estate plan needs to begin with an irrevocable trust.
Why Roth conversions can help
Roth conversions can play a role earlier than some people expect. For families with meaningful retirement assets, a conversion may help address future embedded income-tax exposure and potentially leave more tax-efficient assets for heirs, depending on the situation.
That is one reason Roth conversions often belong in broader estate and wealth transfer conversations, not only retirement-income planning.
When more advanced strategies may be appropriate
As wealth grows, foundational steps may need to be supplemented. That is when more advanced irrevocable trust planning may come into the conversation. Examples include spousal lifetime access trusts, gift trusts for children, grantor retained annuity trusts, and irrevocable life insurance trusts.
Typically managing estate tax requires introducing additional complexity. Regardless of wealth, that complexity is not a fit for everyone.
The right strategy at one stage of life may look very different ten years later. A family that begins with beneficiary clean-up, gifting, and charitable planning may eventually need to think more seriously about trusts, state estate tax, or freezing future appreciation. The planning evolves because the situation does.
At Corient, we believe good estate planning starts with fit. That means matching the right strategy to your wealth, your family, and your goals.
ABOUT THE AUTHOR
Neil Teubel
Neil is a Partner and Head of Wealth Planning at Corient. He oversees the entire team of planning experts across the country. He designs and manages the firm’s wealth planning vision and strategy with the goal of ensuring clients receive comprehensive expertise and have a unique experience. Neil believes in the critical importance of having an integrated wealth experience and finds it rewarding to help clients navigate the complexities of wealth to achieve their goals. Prior to Corient, Neil’s experience includes positions with legacy firm Balasa Diverno Foltz (BDF). He holds bachelor’s and master’s degrees in financial planning and is a CERTIFIED FINANCIAL PLANNER® professional. Neil and his wife, Jenny, have three young kids and when he’s not in the office, you can find him golfing, hiking, renovating houses, or running after Sienna, Cole and Ford.
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