Determine whether a trustee IRA arrangement makes sense – Provide education on creditor protection and the risks of an inherited IRA after the recent court ruling.
Discuss the possible benefits of a Roth IRA – Get the NextGen to fund it and come in for a meeting.
Avoid taxes – Shift income through giving. Consider gifts of appreciated securities, especially where the independent children with little income might have zero capital gains expense.
Do the estate planning basics – Make sure clients have a will, power of attorney, healthcare directives and more.
Discuss umbrella insurance – Talk about having more than a $1 million policy, as net worth is only half of the equation. Future wages need to be considered.
Look into family loans – Explain when a "family bank" might make sense.
Advisors can no longer ignore the next generation. If they use some of these ideas for reaching out to their clients and the clients’ families, they can connect both down and up generations. They will be helping their clients with the important topic of wealth transition, while also retaining assets and winning new clients.