Catering to high-net-worth estate planning needs

August 10, 2018 by Alex Noonan

about the author:

Alex Noonan

Technical writer

Joining Advicent as a partner support specialist in 2013, Alex provided high-quality support for partners within NaviPlan and Profiles. In 2015, he took that product knowledge to the learning development team as a technical writer, creating detailed documentation for partners with a practical focus on what they need to know. Alex received a BSBA from Drake University in Marketing/Advertising Creative in 2013.

As ultra-high-net-worth clients get closer to their sunset years, concerns over minimizing potential estate taxes become a very real question. NaviPlan® financial planning software can help answer those concerns with its various estate strategy and modeling options.

Estate planning is an additional module available in level-2 plans that allows for various estate strategies, quick action reports, client reports, and is accessible for alternative plans within the Scenario Manager. If greater estate strategies are needed, the advanced estate module may also be turned on. This advanced module takes the standard estate options and adds additional, more complex strategies along with additional reporting. Whichever fits your need, turning on the module is the first step to start planning.

Navigating the estate planning process

As you go through the estate planning process, it’s important that accurate assumptions are set in place.  These assumptions are unlike your regular client assumptions and focus specifically on estate needs. Additionally, you can create an estate questionnaire within the assumption page to help gain insight into what a client is already doing for their estate questions.

From assumptions, various strategies can be applied for analysis. Funded trusts, estate expenses, gifting, will inclusion, bequests, and others are all available. Depending on what has been modified, the estate graph will dynamically update as changes are made on the Estate Strategy page. This will provide a line chart of how much will be available within the estate, and separate lines breaking down where it’s all going. This line chart is a quick way to assess if the applied strategies are working towards ideal estate goals.

Once an estate plan has been created, review the numbers with the various Quick Action estate reports. These reports showcase yearly estate changes, the details of trust, end of plan amount transfers, and more with various levels of detail depending on your needs. Compared with the line chart, these reports dive deeper into where an estate plan is headed, and are great tools for understanding how the estate’s net worth is changing.

Once everything is complete and alternate strategies are applied, you’re able to deliver clients a modern, easy to read, and powerful estate client report. Choose the reports that best describe their current situation, through various graphs, charts, and informative article documents. A detailed, yet easy to read client report builds trust with clients and helps them understand how everything plays out in their estate scenario.

For more information on NaviPlan’s estate planning and other features, click here.