Summary
This white paper presents the findings of a survey conducted by Trusts & Estates Magazine, sponsored by Bank of America, focusing on the current trends in trust and estate planning as of 2024. The survey aims to identify the primary concerns of clients regarding estate planning and how financial professionals are adapting their strategies to meet these needs. Key findings indicate that interest rate changes are prompting clients to revisit their estate plans, with a significant number seeking tax mitigation and wealth preservation strategies. The paper outlines the most recommended trust provisions and effective strategies for preventing family conflicts related to estate planning. Additionally, it discusses the importance of succession planning for family business owners and the preferences of clients regarding trustees. The document serves as a resource for both individual investors and estate planning professionals, providing insights into the evolving landscape of estate planning amidst changing socio-economic factors.
