A few weeks ago I received an email from an attorney asking whether I would recommend transitioning a practice to estate planning. He was concerned about whether there is enough business in the current estate tax environment.
Indeed, according to a recent survey by Trusts & Estates magzine, 62 percent of attorneys said that "minimizing estate taxes" is the top reason clients engage in planning. But, according to the New York Times: "Almost no one will have to worry about paying the estate tax under the tax legislation just approved by Congress. By one estimate, from Alan Rothschild, the chairman of the American Bar Association's real property, trust and estate law section, less than one half of one percent of people who die in 2011 will be hit by the estate tax. In contrast, 10.5 percent paid the estate tax in 1977."
To tell the truth, building a trusts and estates practice today requires significantly more marketing savvy than it did back when the estate tax exemption was $650,000, that exemption was not portable to your spouse, and basic A-B trust planning was a no-brainer for those of even modest means.
Today, in this economy and this tax environment, you have to be very marketing savvy. Target your markets, define your ideal clients, and design marketing strategies to reach them.
This week, we're going to take an in-depth look at five of the top markets we suggest you consider for your own practice development plans.
- Blended Families
- Baby Boomers
- Family Business Owners
- The LGBT Community