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Survey of estate planning pros shows election year concerns

On Behalf of | Jan 23, 2020 | Wills & Trusts

With so much at stake in this year’s election, including the White House, control of the U.S. Senate and House of Representatives, as well as seats in Florida’s Senate and House, it promises to be a boisterous, bruising electoral season.

According to a recent survey of tax and estate planning pros, a majority of their ultra-high-net-worth clients say uncertainty about taxes is a top election concern. The trust and estate planning professionals say that 80 percent of their clients are at least somewhat worried about how to safeguard their estates during and after the election year.

According to a news report, the survey was conducted at a recent estate planning conference in Orlando.

The managing director of a financial advisory firm said that no matter who wins in November’s election, “the reality of the growing budget deficit is that tax revenues will need to increase” and that his company is advising wealthy clients “to implement tax planning strategies sooner rather than later to mitigate any potential negative effects on their estates.”

He says that “robust and thorough estate plans” not only protect assets now but serve also as protection against tax law changes that will come after the election results are final.

Results from the survey of estate planning professionals include the following:

  • 51 percent of their ultra-high-worth clients are concerned about tax implications of the election
  • 23 percent of the pros said those clients want more control over their financial future
  • 78 percent of the pros say their clients are interested in sustainable investment strategies

It is not difficult to plan today to protect assets tomorrow. The first step is to contact your Brevard County estate planning attorney.


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