Slick TV ads often make financial planning and wealth management sound simple, but it’s usually not.  Managing wealth requires knowing a lot about highly technical topics, like taxes, government regulations, and finance as well as history, psychology and how to communicate with loved ones about sensitive issues. This article highlights some of the knowledge needed to manage wealth and why it’s often so daunting without the help of an independent personal financial advisor who is familiar with your situation.

Estate tax is in flux. The $12 million personal exemption from estate tax is set to revert to $5 million on January 1, 2026.  However, this could change, depending on Congress and financial, economic, and political events. For families with more than $5 million in taxable assets, strategic estate planning can save thousands — or tens of thousands — on estate taxes. Coordinating legal, tax, and investment advice is the job of a dedicated financial professional.