Estate planners and advisors have a surprising second job: family therapist.

That’s according to a new survey from TD Wealth exploring challenges impacting estate planning in 2018. The survey found that 44 percent of planning professionals identified family conflict as the biggest threat to estate planning. Only 25 percent of respondents said tax reform was the top threat, followed by 12 percent who chose market volatility.

More than half (53 percent)  said guardian and beneficiary designations are the most difficult document for clients to tackle when building an estate plan; with current wills (17 percent) and power of attorney forms (16 percent) vying for second place.

TD Wealth surveyed 109 respondents including attorneys, trust officers, accountants, charitable giving professionals, insurance advisors, elder law specialists, wealth management professionals, educators and non-profit advisors who attended the 52nd Annual Heckerling Institute on Estate Planning January 24-25.

“Losing loved ones can be difficult and talking about what happens when a loved one is gone can be even tougher. We encourage families to start the dialogue early, and make sure they have the right people around the table from the beginning. That includes financial advisors, tax advisors, lawyers, accountants and family members," said Ray Radigan, head of private trust at TD Wealth.

Tax reform, meanwhile, is getting mixed reviews from estate planners. Nearly half (49.5 percent) believe tax reform will help clients, while 34 percent aren't sure and 16 percent anticipate a negative impact.

“The Tax Cuts and Jobs Act brings about the biggest tax reform change we've seen in years, and for those planning an estate, it may introduce an opportunity to potentially reduce future transfer taxes,” Radigan continued. The message for financial advisors to convey to clients and prospects is clear: "While uncertainty may continue in the near term, it's important to review your trust and estates plans with your financial advisor and tax advisor sooner rather than later, to ensure you and your family are prepared when the time comes," Radigan said.

Advisors see wealth transfer tax changes, however, as much more beneficial for clients, TD Wealth found.  Nearly three-quarters of estate planners agreed that clients will benefit most from changes in estate, generation-skipping and gift taxes.  Thirty-six (36 percent) of advisors surveyed believe clients will see the biggest benefit from new estate tax laws, followed closely by generation-skipping tax (28 percent), and gift tax (13 percent) updates.

Planners also expect certain clients to potentially benefit from other elements of the reform, including:

• State transfer tax (11 percent)

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