It's difficult to predict with certainty what trends will emerge in estate planning for 2023, as this will depend on a variety of factors such as changes in the law, economic conditions, and societal trends. However, here are a few potential trends that may emerge in estate planning for 2023:
Continued focus on asset protection: Estate planning is often focused on protecting assets and minimizing potential risks, such as the risk of financial loss or the risk of disputes. As a result, asset protection is likely to remain a key focus in estate planning for 2023.
Increased use of trusts: Trusts are legal tools that can be used to manage and distribute assets in a flexible and tax-efficient manner. Trusts are likely to continue to be a popular choice in estate planning for 2023, particularly for high net worth individuals and families who are looking to manage their assets in a more sophisticated manner.
Greater focus on digital assets: As more and more people use digital platforms and technologies to manage their financial affairs, the management of digital assets (such as online accounts, cryptocurrencies, and digital assets) is likely to become a more important consideration in estate planning for 2023.
Continued use of advanced planning techniques: Estate planners are likely to continue to use advanced planning techniques such as charitable giving, family limited partnerships, and irrevocable life insurance trusts to help clients minimize taxes and other expenses, and to achieve their goals in a more efficient manner.
Increased use of technology: Estate planners are likely to continue to adopt new technologies and tools, such as online estate planning platforms and secure client portals, to streamline the estate planning process and make it more convenient and efficient for clients.
Overall, while it's difficult to predict exactly what trends will emerge in estate planning for 2023, it's likely that estate planners will continue to focus on asset protection, the use of trusts and advanced planning techniques, and the management of digital assets, and will adopt new technologies to streamline the estate planning process.