Are there surprises lurking in your plan?
In a time of great uncertainty, there is so much that is out of our control. But one thing that is – or at least should be – in your control is your estate plan.
However, estate plans can become outdated, which can and lead to unpleasant surprises for heirs. In a new report, we identify common problem areas that, unfortunately, our experts see all too often, including:
Parents who are surprised by the amount of wealth going outright to their children, particularly when they might not be prepared to manage it
Trust provisions that do not align with more contemporary goals like supporting entrepreneurship or environmental/social investment objectives
Unforeseen complications with passion assets, such as vacation homes or art collections, which are difficult to value, hard to sell and expensive to maintain
Unused lifetime gift tax exclusions or generation-skipping transfer (GST) tax exemptions
Closely held businesses, private equity investments and real estate accompanied by hard-to-pay estate tax bills
Stress Test Your Plan
Northern Trust’s proprietary approach to stress testing estate plans will give you a clear picture of how your plan will unfold to ensure your lifetime, family and philanthropic goals will be fulfilled.
This process is intended to complement your estate planning process, in close coordination with your attorney, to ensure your plan will play out as intended.
Estate Plan Flowchart and Considerations
By identifying any surprises ahead of time, we can work with you to ensure your lifetime, family and philanthropic goals will be fulfilled.
In the News
The New York Times
Read “Charting a Path for Planning Your Estate,” featuring Northern Trust.
A Stress Test For Your Estate Plan
Request the full report to uncover surprises lurking in your plan.
Perfect Your Plan
Learn how we stress test estate plans and how to improve yours.