With the U.S. presidential election less than 10 months away, tax uncertainty is top-of-mind among ultra-high-net-worth (UHNW) clients, according to a survey of trust and estate planning professionals conducted by Tiedemann Advisors.
In addition to worries about taxes, noted by 51% of trust and estate experts, other major concerns identified by respondents included high asset valuations (22%) and political conflicts (13%).
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In general, nearly 80% said their clients were at least somewhat worried about safeguarding their estates during the election year.
Over half of the trust and estate planning professionals surveyed (57%) reported an increase in the number of single-family offices being formed in recent years. And almost one third (31%) attributed the single-family office trend to the wide range of services that these structures provide to meet the specific needs of an UHNW family.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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