Changing Nature of Estate Planning

The business of estate planning is continually changing. Client perceptions and needs are molded by family dynamics and the changing society around them. Laws change. Techniques come and go. The IRS issues rulings and regulations designed to clarify the Code and rebut both legitimate and questionable tax avoidance - and occasionally tax evasion. In response, practitioners develop new strategies to offset IRS positions.

While the business is continually fluid, there are times when more dramatic changes occur. For example, during the Reagan administration Congress enacted significant tax changes that drastically changed how we approached both estate and income tax planning. It is the author's belief that we are in the midst of a similar transition. The changes are fundamental and broad based, applying not just to the millionaire next door, but also to the less wealthy. These ongoing transformations will change not only how we plan, but also the manner in which we provide planning services.

The following is a series of four articles discussing The Changing Nature of Estate Planning. The series will discuss why estate planning is changing, how it is changing, and some of the results of the changes. We will attempt to provide additional research sources and provide some insights into areas which have not received much scrutiny. Concepts which have received significant attention will not be discussed in much detail.