Martin M. Shenkman

Much of the latest guidance about setting up trusts is overly simplistic and can do a disservice to clients.

Only 17 states permit these trusts, which can play an important role in planning for income taxes and estate taxes.

Advisors and their clients may not yet realize how much the new regulations dramatically change their strategies.

The drastic changes are shaking up the status quo of estate planning. Here’s how financial planners need to change their approach.

Planners should help clients navigate complex transactions to ensure risk is mitigated as much as possible.

Advisors must be prepared with tax and planning strategies to help when clients fall ill.

For ultrawealthy clients who own property, an adviser's starting point should be an irrevocable trust. But you can't stop there.

Bequests, endowments and other gifts demand expertise beyond traditional tax and estate help.

There's no point in waiting on new policy to initiate preparation that is protective and vital, no matter what the ultimate law may be.

Given how dysfunctional many families are during a crisis, a lack of coordination of agents can sow even more financial confusion, and even conflict.

Either a Clinton or Trump presidency could potentially bring changes in estate tax laws, so start preparing now.

The IRS has proposed regulations that could reduce or eliminate valuation discounts for the wealthy by the end of the year.

Planners may be called on to invest assets within a client’s trust, but the ability to do so can vary greatly. What's more, the election outcome could eliminate some trusts altogether.

If a client becomes incapacitated, who will give the financial planner directions?

Examining these issues may take the guesswork out of a client's estate plan.

Revocable trusts have been used mainly to avoid probate, but they also can help with a variety of unwelcome contingencies.

Though it can be hard to give a up a home, there are significant tax advantages for the ultra-wealthy to move before — or even after — the challenges of old age set in.

Planners need to understand some of the functions that might be included in a modern trust.

Planners should know about swap powers to help clients realize their tax and asset-protection benefits.