Rachel Pettis

Madison Eubanks

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Oct 24, 2024

A sub-trust, often created within a larger trust, is a type of estate planning tool that can allow you to customize how portions of your estate are managed and distributed to specific beneficiaries. They can add both flexibility and control to your plan, bringing peace of mind that your estate will be distributed according to your wishes and your beneficiaries will be cared for. Whether you want to set aside funds for minor children, protect a special needs beneficiary, or create tax-efficient structures, sub-trusts offer a tailored approach to address the unique needs of your family. In this blog post,...

John Costello

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Oct 24, 2024

Vanilla recognized as a leader in modernizing estate planning for wealth management  NEW YORK, October 24, 2024 – CB Insights today named Vanilla to its seventh annual Fintech 100, showcasing the 100 most promising private fintech companies in the world. “The 2024 Fintech 100 winners are high-momentum companies shaping the future of financial services,” said Laura Kennedy, Principal Analyst at CB Insights. “Unsurprisingly, this year’s cohort is deploying AI across a wide variety of solutions. But they’re also diverse in their reach in emerging and developing economies, and focus on everything from fraud prevention to financial inclusion.” "As Vanilla continues...

Wealth Management

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Oct 16, 2024

Estate-planning platform provider Vanilla announced this week that it had closed a previously announced $35 million in additional funding.   The funding round, which was previously announced in August without the exact amount, was led by returning investor Insight Partners, with contributions from Venrock, Vanguard, strategic investors Edward Jones Ventures, Nationwide and Allianz, and new investor Alumni Ventures. A note on the post said that it had been updated from August “to reflect new investors in the round” (Nationwide and Allianz were not present earlier).   As announced in August, the funding will support growth, customer adoption and continued development...

Axios

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Oct 16, 2024

Vanilla, which provides estate planning software for financial advisers and wealth management firms, has raised $35 million, CEO Gene Farrell tells Axios exclusively.   Why it matters: More than $80 trillion in assets will be handed down through the great wealth transfer, but only about a third of Americans have an estate plan.   How it works: Vanilla's platform enables financial advisers to create new estate plans for clients who don't have them, review and update existing plans, and analyze and optimize taxes for those with more complex needs. It uses AI to ingest existing client documents and extract information...

Jim Sinai

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Oct 16, 2024

this blog was originally published on 8/15/24 and updated on 10/16/24 to reflect new investors in the round Award-winning estate planning software company to accelerate investments in AI, expansion of platform, and customer adoption.  Welcomes Edward Jones, Nationwide, and Allianz as strategic investors Vanilla, the award-winning estate planning software company, today announced it has closed its latest fundraising round at $35m, led by returning investor Insight Partners, in addition to contributions from Venrock, Vanguard, and other previous investors. Vanilla also welcomes new strategic investors, Edward Jones Ventures*, Nationwide, and Allianz, and new investor Alumni Ventures. In addition to supporting its...

Rachel Pettis

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Oct 16, 2024

Vanilla, the award-winning estate planning software, is excited to announce a strategic integration with eMoney, the industry’s leading financial planning platform. This collaboration delivers a seamless, unified planning experience for financial advisors, combining sophisticated AI-powered estate planning tools with comprehensive financial data to offer a more holistic approach to client wealth management.  With this integration, Vanilla is the first estate planning solution to bring together the best of both worlds: AI-powered estate planning combined with eMoney’s industry-leading financial planning capabilities. This allows advisors to provide their clients with a truly holistic financial plan that includes not only investment strategies and...

Vanilla

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Oct 11, 2024

At Vanilla, we believe in making estate planning accessible to everyone—and that means providing advisors and financial professionals with the education and resources they need to deliver estate planning services.  On October 30th, we’re hosting Vanilla Academy Live, a free half-day estate planning summit featuring two hours of free CFP® CE credit, an estate planning tech spotlight, and an advisor-led panel discussion on streamlining the estate planning experience day-to-day.  Curious to learn more about what’s in store? Here’s a quick overview of what you can expect at Vanilla Academy Live for Fall 2024. Register to attend here. Welcome & Tech...

Rachel Pettis

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Oct 10, 2024

At Vanilla, we’re constantly innovating to help advisors and planners streamline their estate planning process, and we’re thrilled to share a preview of some powerful new tools coming soon to the Vanilla Estate Advisory Platform. These new features will enhance how you work with clients, improving everything from initial conversations to advanced estate planning. Here’s what’s coming later this month: Legacy Planning Calculators for quick, detailed insights IDGTs, a new table view, and other enhancements in Vanilla Scenarios™ The Client Portal available to all Vanilla customers My Notes Library in Vanilla Estate Builder™ Provide clients with quick, actionable insights with...

Madison Eubanks

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Oct 01, 2024

In estate planning, gifting and charitable funds can serve many purposes: not only are they a way to impart assets to beneficiaries like charities and family members, they can also be mechanisms for reducing income and estate taxes for the giver.  In this webinar with Vanilla and UI Charitable Advisors, you’ll learn approaches to charitable giving, non-charitable gifting, Donor Advised Funds, annuities and more that allow clients to meet their tax and planning goals while benefiting their chosen people and causes. Topics covered in the webinar include:  The different types of charitable strategies, and the benefits of incorporating them in...

Madison Eubanks

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Sep 24, 2024

Whether your firm embraces or resists it, artificial intelligence (AI) is here to stay in the wealth management industry.  Since the release of ChatGPT in 2022, use cases for AI in day to day processes have taken off, with nearly three quarters (73%) of US companies using AI in some aspect of their business.  Recently, Vanilla hosted a panel of three AI thought leaders to discuss how AI is being incorporated in the wealth management and financial technology spaces: Amjad Hussain, CTO, Vanilla; Parker Ence, Cofounder and CEO, Jump; and Greg Matusky, Founder and CEO, Gregory FCA Public Relations.  Here,...

Madison Eubanks

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Sep 19, 2024

Estate planning strategies are like tools in a toolbox: Different tools do different jobs. Deciding which estate planning strategies to employ depends on any number of personal factors including (but not limited to) marital status, level of wealth, whether or not someone has children, charitable inclination, liquidity, and many more. A savvy planner takes all these variables into account and chooses the most appropriate tool for a person’s situation, values, and goals. In this article, we provide fictional examples of when someone might use six different trust strategies, and illustrate how the right strategy can achieve their estate planning goals. ...

Vanilla

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Sep 17, 2024

In this webinar, hosted by Erica Ellis, Vanilla Product Counsel, advisors will learn the key components of revocable trusts. The session will focus primarily on sub-trusts and how they can be used to address the needs of a client and their particular estate planning goals. Sub-trusts can provide a range of benefits including creditor protection or protection from divorcing spouses, post-death management of assets, multi-generational legacy creation, and more. You’ll learn:  What constitutes a sub-trust, and how they work How sub-trusts can offer benefits like asset protection, tax planning, and more The practicalities of how sub-trusts function in different situations...

Today, we’re excited to announce VAI Automatic Profiles to instantly transform clients' existing plans into powerful visuals, saving hours of time wasted diagramming plans in powerpoint. You can read more about the announcement on our blog: Here are several new features for advisors and planners to help clients achieve their estate planning goals, coming in the next few weeks: Document creation now included in most subscriptions, joint trusts in several separate property states, and an Advanced Trust Package available with Vanilla Document Builder™ New Funding Options available in Vanilla Estate Builder™ A new Client Portal where your clients will be...

Vanilla

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Sep 12, 2024

With Vanilla, advisors can offer a new deliverable that both clients and prospects have never seen before. Plan Snapshot visualizes family, financial, and estate information in one easy to understand diagram to provide an intuitive and personalized overview of your client's plan.

Vanilla

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Sep 12, 2024

Now every advisor can create modern, visual reviews of every client’s estate in seconds Vanilla, the award-winning estate planning software company, announces V/AI Automatic Profiles, a new AI enabled capability that makes it easy for advisors to quickly create and share a visual summary of their clients current estate plan within minutes of uploading their estate documents.  With V/AI Automatic Profiles, Vanilla can now read estate planning documents using AI and automatically create an estate profile, including visual estate diagrams, beneficiary summaries, fiduciary summaries, and more. Advisors can edit key information such as names, dates, trust details, and other relevant...

Madison Eubanks

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Sep 10, 2024

For the ultra wealthy, a well-planned gifting strategy can be a great way to reduce the size of the taxable estate over time.  However, various tax laws mean gifting isn’t always as straightforward as it may sound. When gifting, it’s important to understand annual and lifetime exclusions, when gifts must be reported to the IRS, and how to plan for tax exposure.  Read on for a complete overview of gifting.  For a deeper dive on gifting strategies, download the Vanilla Guide to Gifting here. Introduction to gifting In the eyes of the IRS, a gift is any property or assets...

John Costello

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Sep 09, 2024

Out of 3,500+ eligible emerging B2B tech companies, Vanilla is recognized for creating a strong workplace culture where humans thrive and do great work together Vanilla, the award-winning estate planning software company, announced today it has been named to Will Reed’s Top 100, a curated list of one hundred emerging tech companies that are building values-driven cultures where employees and customers thrive.  Will Reed, a leading go-to-market executive search firm, in conjunction with PitchBook, a private market database, releases Will Reed’s Top 100 every September, this year honoring Series A and Series B B2B tech companies who are actively building...

WealthTech Today

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Aug 30, 2024

The wealth management industry faces a seismic shift. A staggering $59 trillion wealth transfer looms on the horizon, promising to reshape the landscape of estate planning. Meanwhile, technology stands ready to modernize this traditionally paper-heavy process. Enter Vanilla.   This newcomer to the estate planning software arena has just secured a significant round of funding. Their move underscores a growing appetite for innovation in a sector long dominated by conventional methods.   I recently sat down with Gene Farrell, CEO of Vanilla, to discuss the company’s latest fundraising efforts and their vision for the future. Our conversation painted a picture of...

Madison Eubanks

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Aug 28, 2024

As a financial advisor, you don’t need to be an expert on estate planning documents. However, you do need enough foundational knowledge to understand what makes quality documents, to spot red flags, and ultimately to ensure your clients’ documents serve their long-term goals.  Documents vary widely from client to client, with the complexity, density, and number of documents often increasing as wealth does. With so much nuance, how is an advisor to know what to look for in a client’s plan?  Dana Foley, Founder and Partner at Accelerant Law, outlines the four hallmarks of quality estate planning documents that advisors...

Vanilla

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Aug 26, 2024

AI is shifting how business is done in profound ways, but what does that mean for an industry that historically has placed a premium on personal one-on-one relationships? Will AI dilute the client/advisor connection? Or can it actually help advisors get even more personal and tailored with a larger book of business?  We are pleased to bring together three C-suite technology and wealth management leaders to discuss the current landscape of AI and the potential it holds to evolve the industry. They’ll discuss: The current state of AI. What’s actually possible in wealth management today–right here, right now How advisors...

Madison Eubanks

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Aug 16, 2024

Where you live (and where you own property) can have a major impact on your estate planning. Taxes, probate, documents, and other estate planning processes vary from one state to another, and a quality plan takes these factors into account to ensure a person’s family isn’t left high and dry when they pass.  The best course of action is to hire a professional planner or attorney who’s experienced with the laws in your state, but familiarizing yourself with the basics is a good place to start. Here are some of the most notable state-specific estate laws to know.  States with...

Investment News

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Aug 15, 2024

Estate planning software company Vanilla has closed a new funding round to expand its platform and accelerate adoption among financial advisors.   The fintech provider’s latest funding round, which also includes Alumni Ventures and Vanguard, will support its continued growth and AI push.   [...] Read more: Estate wealth tech platform Vanilla gets a boost from Edward Jones [Leo Almazora, Investment News]

ThinkAdvisor

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Aug 15, 2024

Vanilla has gained a new strategic investor in Edward Jones Ventures, a recently launched venture capital program aimed at finding new areas of growth for the firm via partnerships.   The estate planning platform provider has also announced new fundraising led by returning investor Insight Partners, alongside contributions from Venrock, Vanguard and other previous investors. Vanilla is also working with new investor Alumni Ventures.   In addition to supporting growth goals and customer adoption, the company will use the funding to expand its platform, including its embedded artificial intelligence capabilities. Vanilla’s core goal remains modernizing how financial advisors and estate...

Rachel Pettis

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Aug 14, 2024

Summer may be winding down but we’re busier than ever at Vanilla. This month we’re eagerly anticipating several new features coming next week to the platform: Unlimited document creation through Vanilla Document Builder A customized overview of a client’s estate plan with Plan Snapshot A new eMoney import template New funding options in Vanilla Estate Builder (coming in late August) The ability to easily update documents in Vanilla Document Builder New educational videos in the Basic Trust Package questionnaire Unlimited document creation with with Vanilla Document Builder™ Last year we announced that we would begin to offer on-demand documents using...

Wealth Management

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Aug 09, 2024

As financial advisors, we’re no strangers to the roller coaster of market volatility. This week's sell-off is a stark reminder of how quickly market conditions can change and the need for proactive planning. Amidst this turbulence, estate planning is one area where advisors can truly add value. This often-overlooked aspect of financial planning becomes crucial when markets are volatile, offering unique opportunities to secure your clients’ legacies and provide them peace of mind. FOMO is real, and missing out can also be expensive. During periods of extreme market volatility, advisors should consider certain estate planning opportunities that are (almost) too...

Kiplinger

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Aug 08, 2024

The transfer of wealth across generations has long been a complex and emotionally charged topic. Parents often struggle with balancing their desire to provide financial security for their children while ensuring this wealth does not diminish their drive, values or happiness. As an adviser specializing in wealth transfer and focused on the impact of wealth, I have observed the profound effects that money can have on individuals and families. Most parents I know emphasize the importance of passing on not just financial assets but also values, principles and a sense of purpose to ensure the well-being and happiness of future...

Vanilla

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Aug 07, 2024

We are thrilled to announce that Sarah McDaniel has joined Vanilla in the newly created role of Head of Enterprise Enablement. With her extensive industry experience and strategic insight, Sarah is set to lead our efforts in expanding and enhancing advisor enablement at RIAs and enterprise wealth divisions across our customer base. Sarah brings a wealth of expertise to Vanilla. Her background in financial services and her dedication to advocating for and guiding innovative solutions for trust, tax, and estate practices make her an invaluable addition to our team. In her new role, Sarah will be instrumental in shaping the...

Daniel Brockley

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Aug 06, 2024

How to take back control with thoughtful financial and estate planning My dad has dementia. He survived stage-four esophageal cancer against every medical prediction, and then, just a couple years after his remission, his memory began to falter. It was hardly noticeable at first. Over a glass of wine, my mom confided in my brother and sister and me that she felt like something wasn’t right, that he wasn’t able to hold on to what they had just talked about or done.  We didn’t see it, not at first. We listened to my mom and nodded along, but we all...

Vanilla

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Aug 01, 2024

A new IRS ruling issued on July 18, 2024 cleared up lingering confusion around inherited individual retirement accounts (IRAs) and required minimum distributions (RMDs). Here’s a quick overview of why this long-awaited ruling was necessary and what it can mean for the beneficiaries of IRAs going forward.  Summary In short, the new IRS ruling says that non-eligible designated beneficiaries (which includes most non-spousal beneficiaries) of inherited IRAs from someone who died on or after their Required Beginning Date (RBD) do have to take the annual RMD each year after an inheritance, and that the account must be fully depleted at...

Wealth Management

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Jul 29, 2024

Estate advisory platform Vanilla announced the relaunch of education-focused Vanilla Academy on Monday.   The revamped educational platform will feature multimedia content ranging from checklists to client-facing PowerPoint presentations to free, on-demand courses approved for continuing education credits.   “One of the biggest obstacles to getting advisors into estate planning is education.” Vanilla Director of Content Marketing Dan Brockley said. “We’re trying to give advisors the information they need to engage in estate planning conversations more confidently and comfortably.”   Vanilla Academy’s content, which will initially be free with sign-up for advisors (though in the future, some courses will be...

Investment News

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Jul 29, 2024

Vanilla, the estate planning-focused fintech provider, is helping to raise the bar on estate planning across the wealth space as it revives a key advisor education initiative.   The fintech firm is doubling down on its mission to raise estate planning awareness with the relaunch of its learning program, Vanilla Academy.   [...] Read more: Vanilla boosts advisor support with education platform reboot [Leo Almazora, Investment News]

Vanilla

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Jul 29, 2024

Vanilla continues its investment in the tools and education that help advisors to empower a higher level of estate planning Vanilla, the company behind the leading estate advisory platform, announces the relaunch of Vanilla Academy, the first estate planning educational hub specifically designed for financial advisors and planners. The updated offering features free, on-demand continuing education, multimedia content, and a range of downloadable guides and resources. Several of the courses offer continuing education credit for CERTIFIED FINANCIAL PLANNER® professionals. The new educational hub highlights the company’s commitment to providing its customers and their clients not only with the technology they...

Madison Eubanks

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Jul 26, 2024

Traditional estate planning advice revolves around moving as many assets as possible out of the estate to minimize estate tax liability. However, most people’s estates will never approach taxability, meaning they need a different approach to estate planning.  At the most foundational level, planning for non-taxable estates—those valued at less than $13.61 million—means ensuring clients have appropriate documents like wills, trusts, and powers of attorney in place.  However, just because a client isn’t subject to federal estate tax doesn’t mean they can ignore tax planning. In this blog, we’ll look at tax planning strategies for non-taxable estates where the owner...

Madison Eubanks

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Jul 26, 2024

Whether or not you’re a financial planning professional, being on top of trends and facts about estate planning can help you make informed decisions with regards to finances.  In this article, we’ve rounded up 50 estate planning statistics from 2024 from Vanilla research and sources around the web that you’ll want to remember.  Why estate planning matters  Why is estate planning important, and why does it seem like more people are talking about it now?  Not having a plan can cause problems down the road Over a third (35%) of US adults say they or someone they know have experienced...

As summer heats up, so do the new features at Vanilla. This month, we’re excited to introduce several enhancements designed to streamline your estate planning processes and provide even greater value to your clients. Here’s a quick summary of what's new: V/AI for Estate Builder improvements: Estate Builder users now get automatic document summaries and can automatically import text into the client profile. Generation Skipping Transfer Tax - Direct skip calculations: We’ve expanded the power of our platform to support GSTT calculations for direct skips so that each client profile reflects comprehensive tax analysis. Additional distribution customizations: Now you can...

Financial Planning

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Jul 25, 2024

Financial Planning as published an article written by Daniel Brockley, head of content at Vanilla, on the crucial role financial advisors can play in helping clients and their families navigate the challenges of dementia.   Drawing from personal experience, Daniel writes:   "Financial planning is a game of 'what if.' We plan for fluctuations in the market, for business buying and selling, for education, for retirement — even for premature death. But one scenario we tend to overlook, maybe because it’s so utterly painful to consider, even harder than the idea of death for many, is dementia. And it’s an...

Vanilla

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Jul 23, 2024

Discover non-taxable estate planning strategies that focus on minimizing income taxes, planning for IRA-heavy estates, and leveraging capital gains strategies.

Amjad Hussain

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Jul 22, 2024

We think a lot about artificial intelligence at Vanilla. The promise of AI is enormous – arguably greater than any new technology to come along since the dawn of the internet – and yet it is in its infancy and carries some risk, especially if not approached carefully. At Vanilla, we are thrilled by the prospect of how AI can improve the everyday lives of our customers and their clients, making estate planning more efficient and delivering insights, but we are keenly aware that we operate in a sensitive space. The security of customer and client data is sacrosanct, and...

Madison Eubanks

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Jul 15, 2024

For families planning for individuals with disabilities or special needs, special considerations have to be made to ensure the person is cared for long-term. In some cases, specialized planning tools like qualified disability trusts can be used to achieve certain benefits like tax exemptions or federal aid eligibility.  At the most basic level, a qualified disability trust (also known as a QDisT or QDT) is a trust that qualifies for a federal tax exemption. It’s a financial planning tool that an individual with special needs or disabilities’ family or caregivers may use to provide for their needs.  Here, we’ll walk...

Simona Ondrejkova, CFP

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Jul 08, 2024

Clients who own a business often face an additional layer of complexity when it comes to estate planning. From determining the most effective strategy for passing on the business to minimizing taxes and maximizing wealth transfer for loved ones, navigating through countless estate planning strategies can be exhausting. The good news is that there are certain business structures, such as the family limited liability company (family LLC), that could make things easier for those who run a business that’s meant to stay in the family.  Here, we explain what a family limited liability company is, how it can help business...

Rachel Pettis

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Jun 18, 2024

Summer’s here and new features at Vanilla are hotter than New York City asphalt. This month we’re excited about: Executive Summary and an enhanced Estate Diagram for the Vanilla platform and PDF report Vanilla Essentials: key documents for your client’s loved ones Generation Skipping Transfer Tax available in Vanilla Estate Builder, Estate Diagram, and more ILITs now available as a modeling strategy in Vanilla Scenarios New fields present in Estate Builder powered by VAI for advanced trusts Give clients a personalized snapshot of their estate with Executive Summary Thanks to feedback from Vanilla customers, we have added an Executive Summary...

Madison Eubanks

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Jun 11, 2024

A beneficiary deemed owner trust (BDOT) is a specialized type of trust in which the beneficiary is considered to be the owner of the trust for income tax purposes. This structure is typically used to achieve income tax benefits.   In this article, we’ll discuss the requirements, benefits, and drawbacks of a beneficiary deemed owner trust, and when one could be a good option for clients.  What is a BDOT?  A BDOT is a sophisticated trust strategy where the beneficiary of the trust pays income taxes on the trust’s income. This is done through specific provisions in the trust document that...

Madison Eubanks

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Jun 05, 2024

For wealth management firms that want to offer their clients complete, holistic financial advice, estate planning services are an absolute must. The snag is that most firms have far more advisors than planners, and resources don’t allow central planning teams to work closely with every single client.  Because estate planning is an important part of the client experience, planners need to find ways to scale the practice to the advisor level. This doesn’t mean advisors need to become the final authority on all things related to estate planning, but rather that they need to know enough to open the door...

Wealth Management

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May 30, 2024

One of the growing trends in the financial advice industry is advisors talking (and for the most part, just that) about leveraging estate planning to both add value for current clients and to create stronger connections with their families (aka potential future clients).   In response, the past few years have seen several tech companies (largely founded by financial professionals) create products to facilitate the estate planning process for clients, advisors or both...   [...]   Steve Lockshin’s Vanilla, after unveiling its fully integrated estate advisor platform in mid-2023, then announced its own partnership with Vanguard in January of this year after a successful...

Vanilla

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May 29, 2024

For wealth management firms of all shapes and sizes, offering estate planning services for your clients is a proven way to grow your business and build long-term relationships.  Often, advisors are in the perfect position to initiate estate planning conversations, but lack the knowledge, confidence, or resources to do so.  In this on-demand webinar, planners share how they enable and empower advisors to initiate estate planning conversations with clients, including:  Providing educational resources and learning opportunities Optimizing certain internal systems for better efficiency and scalability Implementing technology that supports advisors, clients, and the entire firm

Vanilla

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May 29, 2024

Discover how central planning teams can prepare and empower advisors to have foundational yet meaningful estate planning conversations with clients.

Vanilla

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May 29, 2024

In a crowded marketplace, how can small firms stand out among the competition? Wealthstone Private Wealth Management has cracked the code.  Watch on-demand to hear from Zak Gardezy, CFP, on how he uses sophisticated estate advisory practices to delight his high net-worth client base and build lasting relationships at Wealthstone. This interview-style webinar will dive into:  Best practices for bringing estate planning to high net-worth clients The key Vanilla features Wealthstone leverages day-to-day Why offering estate planning is an effective way to differentiate your firm

Vanilla

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May 29, 2024

As a financial advisor, you don’t need to know how to draft legal documents like trusts and wills yourself – but understanding the basics of how they work and flags to look out for is important. This foundational understanding can enable you to add huge value for your clients. In this webinar, you’ll learn: the building blocks of quality estate planning documents the role templated docs can play in modern estate planning how Vanilla document builder can deliver clients top-notch, flexible trusts and more Prior to founding Accelerant Law, Dana practiced in the Trusts & Estates and Private Client Services...

Vanilla

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May 29, 2024

At the most basic level, the Generation Skipping Transfer Tax (GSTT) is a federal tax that applies to transfers of property or wealth that skip a generation. But who, exactly, does this tax apply to, and why does it exist at all? In this webinar, Jenny Raess and Patrick Carlson, members of Vanilla’s Product Counsel, host an educational, CE-eligible session on what advisors need to know about the GSTT, how it might affect clients, and to approach the tax in estate planning. They’ll be joined by Boyd Butler, Principal Product Manager, who will show how Vanilla determines GSTT liability and...

Simona Ondrejkova, CFP

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May 29, 2024

If you have clients who own a business, it’s important to be familiar with the buy-sell agreement. This type of contract can act as both a business succession tool and an estate planning tool.  Putting a buy-sell agreement in place can avoid potential threats to the continuation of the business that your clients have worked so hard to build or help avoid liquidity issues to ensure their loved ones are taken care of.  If a partner in a business dies or exits the business because of a disability or other reasons, a buy-sell agreement provides the method for transferring that...

Vanilla

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May 22, 2024

Use this checklist to understand the essential documents that should be included in any estate plan and the purpose of each.

Madison Eubanks

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May 22, 2024

Typically, we think of an estate plan as an arrangement to maximize wealth transfer and minimize taxes after a person passes away. However, there are some elements of estate planning that can take effect while a person is still living—like a Medicaid trust.  In this article, you’ll learn what trusts and Medicaid have to do with one another, the advantages and disadvantages of Medicaid trusts, as well as when it may be appropriate for your clients to set one up.  What is a Medicaid asset protection trust (MAPT)?  [embed]https://justvanilla.wistia.com/medias/prx1k9xyba[/embed] A Medicaid asset protection trust—also known as a Medicaid trust or...

etf.com

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May 15, 2024

Most financial advisors are in constant pursuit of wealthy clients, but they might not fully understand what it takes to land and keep high-net-worth clients.   With that in mind, etf.com spoke with an advisor who specializes in working with wealthy families and individuals.   Steve Lockshin is a principal of Los Angeles-based AdvicePeriod, a Mariner Wealth Advisors company, and a co-founder of Vanilla, the estate advisory platform.   Jeff Benjamin: How do you gain access to high-net-worth prospects? Steve Lockshin: It's hard to break in. I would become an expert at something ultra-high-net-worth people need and want. Aviation, estate...

As we embrace the vibrant spring season, Vanilla is excited to unveil even more new features and enhancements designed to simplify complex processes, provide intuitive planning tools, and foster deeper advisor-client conversations: Get estate planning answers fast with the full launch of VAI Chat, now generally available. VAI chat offers immediate AI-driven answers and insights, enabling users to efficiently navigate the complexities of estate planning. Streamline client assessments with the Estate Health Check, a quick and effective way for advisors to gather critical insights about a client's current estate situation without the need for exhaustive document reviews. Optimize wealth transfer...

Madison Eubanks

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May 14, 2024

There are many different types of trusts that can be used in estate planning to achieve a range of various purposes and goals. One common element among all trusts is the appointment of a trustee to manage its assets.  What exactly does a trustee do? This article will cover everything you need to know about trustee responsibilities, how a trustee should be chosen, and more. What is a trustee?  [embed]https://justvanilla.wistia.com/medias/lzt8tzm231[/embed] A trustee is a person or entity that holds and administers a trust’s assets or properties for the trust’s beneficiaries. In general, a trustee is tasked with managing a trust’s...

FPA New England

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May 14, 2024

Host Brad Wright is joined by Jim Sinai. Jim is Chief Marketing Officer at Vanilla, the Estate advisory platform designed to transform how wealth advisors help their clients manage their estate and build their legacy. Jim is a seasoned cloud executive and experienced marketer, with a background in sales, business development, and a passion for new technology, telling the story and helping make complex software easy to understand. Jim is also a former college rugby player, at Brown. They discuss: Adding estate planning software to an advisor’s arsenal How it integrates with performance and tax planning software, as well as...

Vanilla

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May 10, 2024

Explore how permanent life insurance can support a holistic estate plan Insurance and estate planning go together like peanut butter and jelly. Both planning instruments require a complete view of your client’s total financial picture. And, when used together, they can help clients achieve peace of mind while also helping them preserve generational wealth.  Watch on-demand to learn:  Insurance use cases for mass affluent and high-net-worth clients How life insurance can help mitigate estate taxes.  Best practices to build and present a complete view of the estate to clients to explain different insurance strategies.  

Madison Eubanks

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May 08, 2024

As many people age, it’s common for their retirement plan to represent the largest portion of their assets. In estate planning, retirement accounts like 401(k)s and IRAs often require special attention because there are unique rules about how they can be transferred to beneficiaries.  In some cases, a retirement trust can be a helpful solution. Here, we’ll explore what a retirement trust is, the advantages and disadvantages of using one, how to set up a retirement trust account, and more.  What is a retirement trust?  A retirement trust is an estate planning strategy in which a trust is named as...

John Costello

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May 08, 2024

Vanilla for Attorneys helps trust and estate attorneys streamline estate planning and modernize client experiences. Vanilla, a leading provider of innovative estate planning software, today announced the launch of Vanilla for Attorneys. This newly tailored offering redefines estate planning, allowing attorneys to shift from transactional meetings to fostering ongoing, modern client relationships. Vanilla for Attorneys provides attorneys with a powerful, easy-to-use platform to help them onboard clients, model complex estate planning scenarios, and elevate client conversations. Designed to support the legacy building process end to end, Vanilla for Attorneys enables attorneys to provide a differentiated, holistic planning approach that results...

Kiplinger

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Apr 30, 2024

Over the years, I’ve seen many estate plans that have been well crafted and tax-optimized fail when it comes to the one thing that matters most: leaving heirs better off for their inheritance.   Contributing to this is poor or little guidance for the trustees and little thought given to the damage that sudden wealth can cause. You need not look further than the statistics of lottery winners to see the failures caused by unexpected and rapid access to money.   What do you want to achieve with what you leave behind? And how can you prepare your trustees and...

Wealth Management

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Apr 29, 2024

Len Bias was a star basketball player at the University of Maryland drafted by the Boston Celtics in 1986 and one step away from becoming a pro athlete. Unfortunately, he passed away just two days after being selected but before signing any MBS or sponsorship documents, leaving him and his family just out of reach of the riches he would have gotten due to the timing of his death.   With host David Lenok and special guest Steve Lockshin, founder of AdvicePeriod and a co-founder of Vanilla, an estate planning advisory platform, they unravel the nuances surrounding name, image and...

Madison Eubanks

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Apr 29, 2024

At Vanilla’s most recent estate advisory summit, Legacy Now Spring 2024, thought leaders from across the estate planning industry to discuss emerging trends, best practices, and informed strategies for all types of firms.  This year’s virtual event featured three expert panels, an interview with former Vanguard CEO Bill McNabb, a sneak peek at Vanilla’s product roadmap, and a conversation between NBA champion Shane Battier and his advisor, Steve Lockshin.  The 90 minutes were jam-packed with insights from experienced advisors, attorneys, and planners, all of which you can watch here in the complete recording.  Otherwise, keep reading for four must-know highlights...

Simona Ondrejkova, CFP

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Apr 29, 2024

Of the many different types of trusts out there, some are designed specifically to help married couples transfer their assets according to the wishes and needs of each individual within the marriage. These trusts can be structured to provide for the surviving spouse while also being mindful of estate tax considerations for the surviving spouse and future beneficiaries. A survivor's trust is an estate planning tool used by married couples to ensure that after one spouse passes away, the surviving spouse will have access to a portion of the assets to provide for their living needs. There are several benefits...

Vanilla

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Apr 29, 2024

Serving and scaling HNW families comes with an array of challenges. When it comes to organizing and presenting the families entire wealth with an integrated estate plan, MFOs need a better way. Join Gary Hirschberg, CEO of Aaron Wealth Advisors, and Jim Sinai, CMO of Vanilla, as they discuss how MFOs can guide clients through estate planning. Their conversation will touch best practices for handling some of the key challenges modern MFOs face, including: Organizing complex data: Bringing together various types of family, financial, and estate information and keeping it up to date Distilling information for clients: Providing a digestible summary...

Vanilla

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Apr 26, 2024

A panel discussion with Beverly Hills Private Wealth cofounder Lisa Westermark and Premier Path Wealth Partners COO Derek Wittjohann.

Vanilla

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Apr 26, 2024

A panel discussion with Baird – Private Wealth Management VP and senior estate planner Rick Holman on scaling planning at your firm.

Vanilla

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Apr 26, 2024

A conversation between 2x NBA champion, philanthropist, and investor Shane Battier and his advisor, Vanilla and AdvicePeriod founder Steve Lockshin.

Vanilla

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Apr 26, 2024

A panel discussion with The Art of Planning founder Kevin Donovan on how T&E attorneys can prepare for the coming gift tax exemption sunset.

The WealthStack Podcast

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Apr 26, 2024

Is estate planning the next frontier of wealth management? Estate planning solutions are becoming steadily more popular with advisors, especially those seeking to differentiate their services. As clients become increasingly aware of the complexities of wealth transfer, asset protection and legacy planning, they expect comprehensive guidance from their advisors. By using estate planning tools, advisors can offer a holistic approach to wealth management, addressing not only investment strategies but also the essential aspects of estate distribution and tax implications.   In this episode, Shannon Rosic, director of WealthStack content and solutions, speaks with Gene Farrell, CEO of Vanilla, about the...

Investment News

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Apr 24, 2024

Vanilla, a leading estate planning software provider, has enhanced a key piece of its platform to provide a better experience for advisor users.   At the firm’s biannual virtual event, Legacy Now, the financial advisors, attorneys, and planners in attendance became the first to know about the new features for its Vanilla Document Builder.   The expanded features within the Vanilla Estate Advisory Platform include the ability to directly get in touch with top legal experts through an attorney engagement package. That offering is being launched in partnership with Accelerant Law, who will work directly with clients to build plans...

John Costello

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Apr 24, 2024

New Vanilla Document Builder™️, announced at biannual Legacy Now event, delivers modern estate planning for all wealth levels. Vanilla, a leading provider of innovative estate planning software, today announced an expanded set of features for Vanilla Document BuilderTM, the modern document creation engine within the Vanilla Estate Advisory Platform. Financial advisors using Vanilla can now offer a compelling modern estate planning experience for clients across the wealth spectrum. New features include the ability to connect directly with legal experts, to get powers of attorney for adult children, and to tap into advanced tax planning options. These enhancements were unveiled at...

Rachel Pettis

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Apr 16, 2024

Spring (and Legacy Now) is in the air! April is showering Vanilla with multiple new features, enabling our customers to: Expedite document reviews in Vanilla Estate Builder with smart suggestions powered by VAI™ and additional customization with Advanced Distributions Show the potential future impact of layering on a SLAT or GRAT with Vanilla Scenarios™ Invite clients to engage an estate attorney in certain states when completing their documents with Vanilla Document Builder Include the cost of Vanilla Document Builder in your firm’s fee structure with a Charge Me option Add your firm’s custom compliance disclosures to the Vanilla PDF report...

Simona Ondrejkova, CFP

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Apr 15, 2024

Do you have clients who own a business or have just recently inherited one? When it comes to estate planning for business owners, understanding section 6166 of the US tax code could make a big difference in ensuring continuity of the business after the owner passes away. While there are several estate planning strategies that can help clients reduce their overall estate tax bill, those who own a business should also be aware of strategies to defer payments on estate taxes to keep their heirs from having to do a fire sale of the business just to pay taxes. So...

Financial Planning

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Apr 11, 2024

In my 30-plus years of experience as an financial advisor, I’ve delivered impactful service not by simply focusing on maximizing investment performance, but by considering approaches that improve and protect the well-being of my clients and their families on a more human level.   My most important objectives as an advisor are ensuring that my clients sleep well at night, safe in the knowledge they are in good hands; helping them to meet their financial goals; and ensuring their experience is such that they can wholeheartedly say they are glad they met us. Advisors who want to ensure that those...

Simona Ondrejkova, CFP

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Apr 04, 2024

When helping clients with their estate plan, taxes are one of the key components to take into account as part of the planning process. And while there are several estate planning strategies that can be used to minimize or eliminate estate taxes for clients, here we’ll talk specifically about taxes that an estate or a trust incurs on its income. One of the forms that clients should be familiar with if they are trustees, administrators, or beneficiaries of an estate or a trust is schedule K-1. Since there are a few different types of K-1 forms, it’s important to understand...

USA Today

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Apr 03, 2024

Fewer of us are writing wills, a new survey says, a finding that suggests Americans are worrying less about mortality as the pandemic fades.   [...]   A downturn in wills could be bad news for survivors.   [...]   Someone who dies without a will might leave big questions unanswered: Who cares for a child? Who gets the family home? Some assets are tricky to divide among multiple heirs.   “People with children should probably have a will. People with minor children should probably have a will, just to determine who will take care of them,” said Gal Wettstein, a...

Madison Eubanks

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Apr 02, 2024

Creating a last will and testament is one of the most fundamental efforts in estate planning, and a key component is naming an executor to carry out the will’s instructions. The executor is the person who will administer the estate, sees it through the probate process, and settles the decedent’s final affairs—in short, it’s a big responsibility.  Before the executor can begin administering a deceased person’s estate, though, the executor needs to obtain a Letter of Testamentary (also called letters testamentary). In this article, we’ll explain what a letter of testamentary is, why you might need one, how to get...

Simona Ondrejkova, CFP

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Mar 28, 2024

When it comes to estate planning, each individual’s needs dictate the simplicity or complexity of the solution that will best fit their goals. For those who care about avoiding probate, ease of distribution to beneficiaries, and simplicity of set-up, a transfer on death (TOD) account could be a great option.  A TOD account provides a simple way to transfer assets to beneficiaries without the need for complex legal structures like trusts. Here, we’ll explain what a TOD account is, its main benefits and drawbacks, and how it can be used as part of an estate plan to transfer wealth quickly...

Simona Ondrejkova, CFP

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Mar 26, 2024

For busy attorneys, finding ways to boost efficiency can elevate client service and free up more hours in your day—and leaning on carefully chosen tools may help you achieve that. With the emergence of artificial intelligence (AI) and its practical uses in improving efficiency across so many industries, you may be wondering how—if at all—you might use it in your law practice.  From removing tedious administrative tasks to speeding up case analysis and research, the latest AI technologies present many opportunities to help solo practitioners and large law firms maximize productivity while improving client outcomes. The use of AI in...

Simona Ondrejkova, CFP

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Mar 21, 2024

As a legal professional, incorporating specialized software for lawyers into your practice can help you save countless hours and improve productivity, all while providing better service to your clients. Finding the right legal industry software can free you from routine tasks so you can spend more time on the most essential work that only you can do. Plus, many software solutions can take some of the weight off the shoulders of your assistants and paralegals, improving efficiency and productivity in your firm. Software for law firms comes in many categories.  To help you gain a better idea of how legal...

Rachel Pettis

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Mar 19, 2024

March feature madness is in full swing here at Vanilla with new releases and an exciting launch last week! Here's what we're most excited about this month: Introducing Vanilla Scenarios™ An upgraded client Estate Profile Model the future impact of planning with Vanilla Scenarios™ Currently in the Vanilla platform, advisors, planners, and attorneys can use our recently enhanced projections feature to visualize a client’s current estate at a future point in time, like the 2026 Sunset. With Vanilla Scenarios™, rolling out over the coming months, wealth advisors will be able to model the future impact of advanced planning on top...

Vanilla

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Mar 19, 2024

This Spring’s Legacy Now packed an entire summit’s worth of thought-leadership content into just 1.5 hours — so you’ll come away with high-impact, actionable insights. For the first time, we showcased a variety of different panels with subject matter experts, highlighting key learnings in different arenas of finance and estate planning, including: Panel 1: Innovative approaches to opening doors to new and 2nd-gen clients Panel 2: Scaling estate planning to every advisor in the org Panel 3: How T&E attorneys are ramping up for the 2026 exemption sunset Keynote: Building a Legacy with 2x NBA champion Shane Battier and his...

Madison Eubanks

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Mar 19, 2024

Probate—the legal process of administering a person’s estate after their death—can be a loaded topic. Depending on the size and complexity of the decedent’s (the deceased person’s) estate, how organized their affairs were at the time of their death, the state they lived in, and many other factors, the probate process may vary widely from person to person.  Of course, the best way to deal with probate is to avoid it. A thorough estate plan that includes a revocable trust dictating where assets go can allow an estate to bypass (or mostly bypass) the oft-tedious probate process. To learn more...

Simona Ondrejkova, CFP

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Mar 14, 2024

To achieve estate planning objectives, it helps to be familiar with various types of trusts. A dynasty trust can be a great tool for clients who want to preserve their wealth or family business for several generations while minimizing estate taxes. Here, we’ll help you understand what exactly a dynasty trust is, how it works, how it differs from other trusts, how to set one up, and when it might be a good idea to use one. We’ll also discuss the tax implications of using a dynasty trust and how it can minimize a certain type of tax that specifically...

ThinkAdvisor

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Mar 13, 2024

Vanilla announced Wednesday the launch of a new estate plan visualization and evaluation tool called Vanilla Scenarios.   The tool enables advisors to visualize potential federal and state estate tax mitigation strategies in real time, according to the firm’s announcement. Advisors can layer multiple strategies onto existing plans and customize the details of each strategy, including changes to their client’s state of residency or beneficiaries.   This approach to modeling allows advisors to showcase the potential impact of each scenario, the firm explains, providing clients with actionable insight and recommendations for meaningful planning improvements.   [...] Read more: Vanilla Rolls...

Vanilla

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Mar 12, 2024

Estate planning is an essential pillar of holistic financial advice — but the complexity of it can feel daunting to many advisors. In this webinar, we take you step-by-step through how to incorporate estate planning into your practice, using top advisor Steve Lockshin’s own playbook. And we delve into new developments in 2024 you’ll want to keep an eye on as you strategize. In this webinar, you’ll also see an exclusive Q&A session with two industry leaders: Steve Lockshin, co-founder of Vanilla and AdvicePeriod, and Arielle Lederman, a senior wealth advisor, strategist, and former estate attorney.  You’ll come away with: ...

CityWire

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Mar 12, 2024

Estate planning tech firm Vanilla today launched its new planning software, making it available to clients for the first time, the firm said.   The new software, called Vanilla Scenarios, will allow advisors and estate lawyers to model different estate planning strategies for their clients to help them see the implications of those strategies in real time.   Scenarios will allow customers to layer a Grantor Retained Annuity Trust (GRAT), a Spousal Lifetime Access Trust (SLAT), an Irrevocable Life Insurance Trust (ILIT) and a Qualified Personal Residential Trust (QPRT) over a client’s existing estate plan, allowing them to make more...

Investment News

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Mar 12, 2024

Estate planning technology firm Vanilla is looking to shake up the wealth landscape with a new planning visualization tool. The platform's latest offering, Vanilla Scenarios, seeks to modernize how advisors, wealth planners, and estate lawyers plan and optimize their clients' estate strategies.   [...]   Read more: Tech provider Vanilla unveils estate planning scenarios tool [Leo Almazora, Investment News]

John Costello

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Mar 12, 2024

Vanilla Scenarios provides advisors and estate strategists with powerful planning tools to identify planning gaps, visualize future projections, and optimize plans for maximum impact. Vanilla, a leading provider of innovative estate planning software, today announced the availability of Vanilla Scenarios™, a powerful new tool designed to optimize clients' estate plans for the future. Vanilla Scenarios modernizes estate planning by providing advisors, wealth planners, and estate lawyers with unparalleled capabilities to model multiple planning scenarios dynamically and in real-time.  Advisors can effortlessly layer multiple strategies onto existing plans and customize the details of each strategy, including changes to their client’s state...

Simona Ondrejkova, CFP

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Mar 01, 2024

Whether you’re meeting with a new prospective client or doing a client review with a client you’ve had for decades, it’s important to know how to guide the conversation. Asking the right questions allows you to gain the insights you need to provide the best advice possible while fostering a deeper connection. Because when you take the time to listen to clients’ answers to these questions mindfully, It shows that you genuinely care about their goals, values, and needs. The questions you ask at the first discovery meeting with a new potential client are especially key in building a strong...

ThinkAdvisor

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Feb 23, 2024

Estate planning is moving to the forefront of the consumer’s mind,” says Steve Lockshin, the founder of the estate planning platform Vanilla.   His goal is to move it to the forefront of the financial advisor’s mind.   In a recent interview with ThinkAdvisor, the AdvicePeriod co-founder and principal argues that estate planning is “the next frontier. This is true for anybody who has any wealth at all.”   Lockshin, an early champion of high tech for advisors, discusses why he thinks estate planning will become “a staple” with financial advisors and why it is “an important family security issue.”...

Simona Ondrejkova, CFP

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Feb 23, 2024

Whether you’re putting together your estate plan, assisting your clients in the process, or figuring out how to navigate the intricacies of distributing a loved one’s estate, it’s helpful to understand the estate planning and administration process. This can save you or your beneficiaries time by planning ahead so you can reduce unnecessary stress in transferring assets to heirs. When considering estate planning strategies to maximize your legacy and transfer your assets according to your wishes, it’s also helpful to consider how your estate planning & administration can be affected by probate. So today we explain the steps involved in...

John Costello

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Feb 22, 2024

Latest award win highlights innovative estate planning technologies within Vanilla platform, including VAI and Vanilla Scenarios Vanilla, a leading provider of innovative estate planning software, has been named winner of the Financial Planning (US) category at the WealthBriefing WealthTech Americas Awards.   The annual award program is organized by WealthBriefing and its sister publications WealthBriefingAsia and Family Wealth Report, recognizing achievements across the wealth management industry. The awards are designed to showcase outstanding firms and individuals that have demonstrated innovation and excellence during the last year, as evaluated by an esteemed panel of independent judges Vanilla’s win in the Financial Planning...

Vanilla

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Feb 21, 2024

With Vanilla’s newest planning feature, Scenarios, advisors can visualize a client’s estate plan today and model future outcomes.  Join this webinar to learn how to:  Utilize the new Projections feature to create a base case showing changes in wealth at specific points in time Conduct what-if analyses and stack different planning strategies together with Scenarios to achieve client goals Visualize tax mitigation strategies and call out unwanted liability situations Have richer conversations about your clients’ futures and make meaningful planning improvements Plus, you’ll hear from Hightower why advanced planning is integral for advisors and planners to offer more value to...

Simona Ondrejkova, CFP

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Feb 20, 2024

In estate planning, there are several types of trusts especially designed to help individuals avoid or reduce estate taxes. One of these is the credit shelter trust. The credit shelter trust is often used by married couples as one of many estate planning strategies that can help them pass on more wealth to beneficiaries after both spouses pass away. Here, we explain what a credit shelter trust is, how it works, and when you or your clients should consider using it to leave a greater legacy by minimizing or even eliminating the estate tax bill. What is a credit shelter...

Simona Ondrejkova, CFP

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Feb 16, 2024

If you’re an advisor looking to deliver the highest level of client service without adding more work to your plate, the right technology stack - whether it’s  financial planning software, investment management software, or estate planning software - can be an invaluable asset to your practice.  From projecting retirement outcomes, to helping clients visualize the impact of different investment choices on their goals, to supporting clients in achieving their legacy goals, there is software out there that can fill nearly any gap. But where do you start when it comes to finding the best software for your practice? To save...

Simona Ondrejkova, CFP

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Feb 15, 2024

If you or your clients are considering an estate planning strategy that includes a trust, you may be wondering about the difference between the many types of trusts out there. Specifically, if you hear a trust referred to as a grantor trust, what does that mean? And how is this different from a non-grantor trust?  Today, we’ll explain the difference between a grantor trust and a non-grantor trust and help you understand when to use each one to achieve your estate planning goals. What is a grantor trust? A grantor trust is a type of trust in which the person...

Rachel Pettis

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Feb 12, 2024

February is a short month, but that doesn’t mean we’re short on new features. The Vanilla team has been working hard and are excited to bring three high-impact new features in February: Enhanced Projections Collaborative Onboarding Auto-calculations for Charitable Gifts Let's dive in. Visualize the future value of an estate with the new Projections Wealth advisors play a crucial role in helping their clients understand the full picture of their wealth both today and in the future. Generalized financial planning tools are helpful for understanding how assets grow and fall over time. But they fall short when it comes to...

Simona Ondrejkova, CFP

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Feb 06, 2024

Artificial intelligence (AI) is revolutionizing the way business is done in many industries. With about 42% of large-scale organizations actively using AI tools in their business, the financial services industry is no exception.  Individual use of large learning models (LLMs) like ChatGPT and Bard has also grown exponentially, including AI-powered software and AI based financial advisors.  This begs a couple of very important questions. What does the rise of AI mean for the potential future of financial advisors, their clients, and individuals seeking out financial advice? And how can advisors leverage AI in their business to maintain a competitive edge,...

Daniel Brockley

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Feb 01, 2024

Tax planning for clients with taxable estates has always been complex. The best way to explain strategies is with diagrams, not documents. That’s why we’ve put together this brandable PowerPoint presentation for client meetings with 10 diagrams to explain some of the advanced strategies and why anyone with $10M in assets should care about estate tax.

Vanilla

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Feb 01, 2024

In this webinar, you’ll get an expert POV from Erin Hulse, the CEO of Deviate Consulting, which specializes in helping firms select software and implement it into their systems. She’ll take you through step-by-step how to evaluate estate planning software, including your firm’s specific needs, security, integrations, scalability, and more. You’ll also hear from Brittany Brown, senior associate at Summit Trail Advisors, who recently went through a rigorous process of estate planning software evaluation in preparation for her firm’s purchase decision. Be sure to download the Buyer’s Guide to Estate Planning Software as well, which we will be referencing throughout...

John Costello

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Jan 23, 2024

New AI assistant VAI Chat helps advisors with estate planning concepts; streamlined document creation gives clients a modern estate planning experience Vanilla, a leading provider of innovative estate planning software, today announced new additions to its platform, including VAI Chat, Collaborative Onboarding, and the expanded availability of Vanilla Document Builder™. VAI Chat is an AI-powered assistant designed to simplify the estate planning experience for wealth planners, advisors, and their clients. Currently in beta, VAI Chat offers an intuitive chat experience in the Vanilla platform, answering practical estate planning questions sourced from a curated corpus of estate planning content. Its capabilities...

Vanguard Pressroom

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Jan 18, 2024

Vanguard is introducing new and enhanced intergenerational wealth and legacy planning capabilities through a partnership with Vanilla, an innovative provider of digital estate planning tools and solutions.   The offer was successfully piloted to a small cohort of eligible advised clients in Vanguard Personal Advisor Wealth Management over the past year and will scale to provide ultra-high-net-worth Vanguard investors with a powerful visualized approach to help manage and achieve their current and future estate planning objectives.   [...] Read the full article here: Vanguard Introduces Enhanced Digital Estate Planning Tools to Investors Through Partnership with Vanilla [Pressroom, Vanguard]

John Costello

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Jan 18, 2024

Vanguard is introducing new and enhanced intergenerational wealth and legacy planning capabilities through a partnership with Vanilla, an innovative provider of digital estate planning tools and solutions. The offer was successfully piloted to a small cohort of eligible advised clients in Vanguard Personal Advisor Wealth Management over the past year and will scale to provide ultra-high-net-worth Vanguard investors with a powerful visualized approach to help manage and achieve their current and future estate planning objectives.  Launched in 2015, the Personal Advisor suite of advice offers is Vanguard’s industry-leading hybrid advice service that combines a sophisticated online experience and underlying technology...

Vanilla

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Jan 11, 2024

Vanilla adds more than 20 years of experience in financial services and fintech to C-suite Vanilla, a leading provider of estate planning software, today announced the appointment of Marc Dorfman as Chief Revenue Officer. Marc brings extensive experience in sales and customer success to Vanilla, with over two decades of driving revenue growth and leading high-performing teams in the financial services and fintech industries.  Throughout his career Marc has excelled at forging strong client relationships and navigating complex sales cycles, working with the largest asset and wealth managers in the world. In addition to guiding their investment strategies, Marc has...

Vanilla

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Jan 10, 2024

Not all estate planning software is created equal. Find out what to look for to ensure the estate planning software you’re considering meets your needs.

Daniel Brockley

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Jan 09, 2024

Ask most financial advisors how they get their best clients, and nine times out of ten, they’ll answer: referrals. Referrals are the lifeblood of new business for financial advisors, because what an advisor does requires an immense amount of trust from clients. Referrals from a friend or colleague are a shortcut to that trust. But referrals don’t have to be from other clients. Referrals from industry professionals in complementary occupations – so called “centers of influence” – can not only yield new business, but a higher level of service for your clients by integrating complementary services for a more holistic...

Vanilla

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Jan 08, 2024

Learn more about Vanilla Document Builder, now generally available, and an enhanced client onboarding experience coming soon. Plus we have an exciting update regarding VAI, our purpose built AI for estate planning. Tune in to: See how your clients can create estate plan documents on-demand Expedite client onboarding and invite clients to complete a self-guided questionnaire Work smarter thanks to the power of VAI, AI for estate planning Hear about other new and upcoming features in the Estate Advisory Platform

SHIFT with Ross Marino [Podcast]

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Jan 05, 2024

Steve Lockshin joins Ross Marino on advising high level investors on their retirement plans and preventing "trust fund monsters." [...]   Listen to the full episode here: Preventing Trust Fund Monsters with Steve Lockshin [SHIFT with Ross Marino]

Rachel Pettis

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Dec 29, 2023

Welcome to 2024! It's a new year which means higher inflation-adjusted exemptions. Accordingly, we have updated the Vanilla Estate Advisory Platform with the newest inflation-adjusted estate planning figures recently released by the IRS. This will enable advisors to accurately project the growth of clients’ estates and strategize on trust structures, gifting, tax mitigation and more. Source: IRS.gov Federal Estate Tax Exemption The federal estate tax exemption has increased from $12.92M to $13.61M per individual (or $27.22M per married couple). For advisors whose clients have taxable estates, it’s important to note that estate tax exemptions are “unified”. This means that if...

Vanilla

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Dec 19, 2023

Estate advisory is the practice of using ongoing estate planning to uncover and align your clients ultimate goals. In today’s competitive market, financial advisors need a way to stand out and deliver better service to their clients. In fact, in a study conducted by Spectrem, 93% of clients want estate planning from advisors and only 22% are getting it. Estate advisory can expand existing relationships, address client pain points, and broaden prospecting opportunities. Hear from a panel of industry peers on the benefits of offering estate advisory, how to address related challenges, and grow your business. Learn how: Estate advisory...

The Diamond Podcast for Financial Advisors

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Dec 14, 2023

Steve Lockshin, founder of Vanilla, AdvicePeriod,  and others, offers a unique perspective on how an advisor’s entrepreneurial DNA can drive their ability to serve clients and grow untethered, particularly in the independent space.   Many advisors often face an unfortunate truth: The decision-makers at a firm often know very little about being an actual financial advisor. Steve Lockshin has sat on both sides of the proverbial table, and he shares two unique vantage points: The perspective of an advisor who recognizes the limitations at his current firm and the entrepreneur and problem solver who fills those gaps with new solutions....

Simona Ondrejkova, CFP

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Dec 14, 2023

Advisors often hesitate to bring up estate planning with clients because they’re not sure where to start…or which aspects of estate planning to cover. While some estate planning strategies can be complex, advisors can still start meaningful conversations by understanding some basic estate planning tools that every client should consider. While many basic estate planning tools are simple to implement, many clients are simply unaware of their existence or importance. That’s where great advisors can come in and potentially help uncover missing pieces that could drastically affect how a clients’ wishes are carried out. Regardless of your level of estate...

Rachel Pettis

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Dec 04, 2023

If there’s one thing we all agree on here at Vanilla it’s that estate planning matters, a lot. But not every client understands just how important estate planning is. Proper estate planning ensures the preservation of wealth – and its intended purpose for clients and their families. The best planning keeps a client’s family secure, both while they’re alive and long after, whereas improper or lack of planning may expose a client to lengthy legal proceedings, unnecessary taxes, probate fees, and more.  We know from advisors that clients need ongoing education to make the most informed decisions for their estate...

Vanilla

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Nov 28, 2023

In 2024, the opportunities to land new clients for your practice through online marketing are endless. But with the rise of AI and fast-changing digital marketing trends, figuring out how to get your business in front of ideal prospects – and turn them into clients – can be confusing and overwhelming. So how should you allocate your time or budget to get the highest ROI on your digital marketing efforts? Join us as we help you navigate the sea of marketing strategies and show you how to create a strong online presence and a solid marketing plan that grows your...

Daniel Brockley

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Nov 21, 2023

The first conversations financial advisors have with clients and prospects are more than just exchanges of information. They are pivotal moments that set the stage for a lasting and fruitful relationship.  These discussions–which can sometimes span multiple initial conversations depending on the client’s financial and family complexity–go beyond numbers and portfolios. They are a chance to understand the values, goals, and family dynamics that motivate them. These conversations enable you to develop a report, which is vital if you’re to be trusted with sensitive financial and family information. And they provide an important opportunity to gain crucial information that will...

Vanilla

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Nov 16, 2023

Legal documents are the foundation of any estate plan, and it’s crucial that your clients have up to date documents that reflect the estate strategy you’ve helped them create. 23% of clients with more than $1 million in assets do not even have basic estate documents in place – and those who do often have docs with crucial outdated information they may not even be aware of. Vanilla Document Builder enables wealth advisors and clients to create wills and trusts with simple, intuitive questionnaires as a part of the end-to-end estate advisory process. Information from the estate documents flows directly...

Simona Ondrejkova, CFP

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Nov 15, 2023

An intentionally defective grantor trust (IDGT) is among the many estate planning strategies that can help your clients preserve wealth and leave a lasting legacy. It is especially effective for high net worth individuals who want to pass on highly appreciated or high-growth assets while minimizing estate taxes and potentially reducing income taxes.  Due to their more complex nature, IDGTs can sometimes be misunderstood and underutilized, causing clients to miss out on their many tax-saving benefits. So what is an intentionally defective grantor trust? What makes it “defective” and how can this feature be used to help your clients pass...

Simona Ondrejkova, CFP

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Nov 06, 2023

Digital marketing offers advisors a great opportunity to expand your client base, increase your authority in the industry, and grow your business. Because digital marketing allows you to reach a wider audience of qualified prospects faster, it’s also more scalable than simply relying on in-person networking, cold calling, or other more traditional ways of acquiring financial advisor leads. Yet when it comes to online marketing, what works in other industries doesn’t necessarily always work for financial advisors. With a basic grasp of the following digital marketing strategies for wealth management, you’ll be able to connect with qualified prospects, increase awareness...

Simona Ondrejkova, CFP

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Oct 31, 2023

How can advisors deepen client relationships, attract and retain more clients, and grow their revenues all at once? By integrating holistic financial planning into their practice. Holistic financial planning isn't just about staying competitive in a world filled with roboadvisors and AI. It's a client-centered approach that goes beyond optimizing investment portfolios. It's about stepping into the role of a Total Wealth Advisor who prioritizes holistic advice over selling products and truly helps clients achieve their life's most cherished goals and dreams. Although there’s a lot of talk about goals-based planning in the industry, it can be hard to know...

Vanilla

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Oct 30, 2023

In the last few decades, wealth management has gone through a transformation. The very expertise that used to enable firms to stand out, investment strategy, has become largely commoditized. Today, clients are looking for more from their advisors, and standing out as an advisor takes a fresh, more holistic approach. Estate advisory  is the ideal entree into new and deeper client relationships. It enables advisors not only to broach financial strategy on a more intimate level, but to help clients view their finances beyond the next few decades, and into the next few generations. In this, the advisor becomes an...

Simona Ondrejkova, CFP

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Oct 26, 2023

Great client-advisor relationships don’t just happen by accident. They’re cultivated over time and founded upon a mutual sense of trust and understanding. This starts with communication that helps clients feel safe to openly share their financial goals and challenges without fear of judgment.  In an increasingly globalized world, advisors have clients who often come from many different backgrounds, belief systems, and cultures. Perhaps some of your clients emigrated to the US from other countries or grew up with immigrant parents. As a result, their beliefs and attitudes around the topics of finance and estate planning might be completely different from...

Daniel Brockley

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Oct 24, 2023

It used to be simple. Well, relatively simple. Physical possessions and properties were documented in trusts and wills, and when someone died, the executor would collect the keys and doll the possessions out. (Okay, I’m skipping probate and a few rather essential steps here, but you get the drift). What happens, though, when there is no physical possession – when there is no key? What happens when the assets in question are non-tangible? When they exist only in the digital world? Vanilla recently held a partner webinar with Kitces.com, where Jeff Levine outlined some key considerations that advisors and clients...

Investment News

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Oct 20, 2023

Artificial intelligence is certain to change how financial advisors and wealth managers operate, with many applications streamlining and accelerating processes.   Estate planning solutions firm Vanilla is aiming to leverage the power of AI to speed up everyday tasks such as turning estate documents into diagrams, creating projections for federal and state-specific estate tax, and beneficiary summaries.   Using its own purpose-built AI model called VAI, the firm’s newly launched suite of tools will assist advisors in understanding the unique circumstances and issues for high-net-worth families. This will include identifying planning opportunities to help advisors stay ahead of the curve....

CityWire

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Oct 19, 2023

Estate planning software provider Vanilla on Thursday revealed the launch of a suite of artificial intelligence (AI)-powered resources, which the company says will save advisors time when navigating potentially complicated estate issues.   The new tools, the company says, will use AI to assess family structures and tax implications, both to provide more well rounded planning strategies and to produce graphics to help clients better understand their situation.   ‘We’re proud to introduce comprehensive, tech-forward solutions that make it easy for wealth planners and advisors to deliver proactive planning advice to clients at enterprise scale,’ stated Gene Farrell, Vanilla’s chief...

Amjad Hussain

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Oct 19, 2023

When we launched the Vanilla Estate Advisory Platform just over a year ago, we did so because we saw a problem without a solution. There was a deep need for a tool that enabled wealth advisors to help clients with their estate strategy as part of their holistic financial planning. Over the past year, our customers have not only used the Vanilla platform to grow their business and bring value to clients – they have helped us grow, too. We have worked hand in hand with our customers, from small RIAs to the largest enterprise firms to innovate and bring...

Vanilla

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Oct 19, 2023

New AI features to accelerate how financial advisors and wealth advisors can serve high-net-worth clients at scale SALT LAKE CITY, UT – Vanilla, a leading provider of estate planning solutions today announced several new cutting-edge tools for advisors powered by VAI™, a proprietary AI model purpose-built by Vanilla to enhance the estate planning experience. At launch, VAI will power new features like Vanilla Estate Builder™ that will reduce the time it takes to turn estate documents into powerful diagrams, federal and state-specific estate tax projections, and beneficiary summaries. The new Vanilla Scenarios™ will leverage VAI to understand the client's family structure, proactively...

Vanilla

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Oct 19, 2023

Updated 10/19/23 Wealth advisors can now give clients a modern estate planning experience–starting with document creation, to estate plan visualizations and ongoing advisory At Vanilla, we believe it’s every wealth advisor's job to ensure that their clients have an estate plan that matches their values and goals. The foundation of a plan is its document, but more often than not, clients have out-of-date estate planning documents or none at all. In fact, according to Vanilla’s State of Estate Planning, 23% of clients with more than $1 million in assets do not have basic estate documents. The consequences of dying intestate,...

Simona Ondrejkova, CFP

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Oct 09, 2023

Estate planning for clients who have adults or children with special needs in their lives can be complex. Unlike traditional estate planning, special needs estate planning requires paying careful attention to the individual with special needs’ eligibility for government benefits. This is in addition to skillfully leveraging assets to most effectively attend to their unique health and wellness needs. Imagine that one of your clients is a family with three adult children, all living in different states. The two younger brothers have established their own families and are financially comfortable. But their oldest sister is living with muscular dystrophy and...

Simona Ondrejkova, CFP

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Sep 29, 2023

While everyone can benefit from a properly structured estate plan, it becomes even more critical for those with higher levels of wealth. High net worth and ultra-high net worth families often face unique challenges that may demand more sophisticated approaches to preserve and protect their wealth. Estate planning for high net worth individuals often starts with the same foundation as for smaller estates. But because larger estates are more likely to be exposed to estate taxes, creditors, and family or business conflicts, additional planning is required to mitigate these and other risks. Before offering several strategies that advisors and clients...

Gene Farrell

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Sep 28, 2023

Vanilla Strengthens Its Leadership Team with Two Exceptional Hires Los Angeles, CA,  – Vanilla, the industry-leading Estate Advisory Platform, is thrilled to announce the latest additions to its leadership team. Nathan Hunt joins Vanilla as Head of Finance and Doug Rybacki is joining as Vanilla’s Chief Product Officer. "We are excited to welcome Nathan and Doug to the Vanilla family. Their impressive backgrounds and strong functional leadership will help accelerate our mission of building the complete estate planning platform.” - Gene Farrell, CEO Nathan Hunt We are excited to introduce Nathan Hunt as our Head of Finance. Nathan brings a...

Simona Ondrejkova, CFP

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Sep 26, 2023

Beyond helping clients reduce capital gains taxes or income taxes, advisors are uniquely positioned to help clients preserve more of their wealth through proper estate tax planning. Imagine that just a few months after the unfortunate death of one of your clients, their surviving spouse or children find out they have to pay a large unexpected estate tax bill. What if this tax bill could’ve been avoided?  Taking advantage of estate tax planning tools like gifting, trusts, and the marital deduction can help clients achieve their unique goals, maximize tax savings, and reduce survivors’ financial stress. Here, you’ll learn how...

Vanilla

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Sep 26, 2023

Welcome back to Legacy Now. On Oct 19th we shared the latest innovation and enhancements to the Vanilla Estate Advisory Platform. Together with our customers, we are redefining how financial advisors, wealth planners, attorneys and their clients approach one of the most important parts of each clients’ lives: their legacy. In this virtual launch event: Vanilla CEO Gene Farrell shares our view on the future of estate planning and advisory. We discussed the role technology and AI will play in transforming estate planning. Special guests discussed how they are preparing for the 2026 Exemption Sunset. Product experts presented the new...

Vanilla

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Sep 26, 2023

Whether they're a new client, or a client with whom you haven't discussed estate planning with in the past, this checklist will take you through some important questions to ask to ensure you help meet their goals. This checklist is broken down by net worth and includes the important documents you'll want to make sure you gather.  

Forbes

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Sep 18, 2023

You’re not your grandfather’s financial advisor. The remit of advisors has been forced to adapt to a changing world and new client needs. This seismic shift, from a laser focus on assets directly under an advisor’s management to a holistic approach to monitoring wealth, is one that has benefited everyone, client and advisor alike. For the clients, the appeal is clear. They stand to gain more and feel safer when their wealth as a whole is being monitored and balanced by skilled professionals. And for advisors, the new approach allows them to serve their clients better and to develop deeper...

Jim Sinai

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Sep 15, 2023

Introducing Vanilla’s first-ever State of Estate Planning report Advisors are at a crossroads. Technology is shaking things up, economic policies are evolving, and new generations of clients are knocking on the door. Finding ways to future-proof your business in the face of change and uncertainty can be daunting, so we decided to shine a light on clients' ever-changing needs and help advisors anticipate where the industry might be headed. This summer, we surveyed more than 1,000 Americans to capture the pulse of public opinion on a wide spectrum of estate planning issues.  Today, we are thrilled to share the result...

Financial Planning

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Sep 07, 2023

While most Americans worry about having enough to leave behind, a new study finds that the ultrarich fear leaving too much behind and feeding "trust fund monsters."   Estate planning wealthtech firm Vanilla, which is backed by investors including Michael Jordan, published a report on Thursday that dives into the motivations and fears driving Americans at all wealth levels in legacy planning. The report examines attitudes and behaviors in Americans with less affluence, reporting under $1 million of household net worth, as well as those in the high net worth and ultrahigh net worth spheres.   Overall, respondents said they...

WealthTech Today [Podcast]

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Sep 07, 2023

You’re listening to Episode 201 of the WealthTech Today podcast. I’m your host, Craig Iskowitz, founder of Ezra Group Consulting. This podcast features interviews, news and analysis on the trends and best practices, all about wealth management technology.   My guest for this episode is one of the most well known leaders in the industry, Steve Lockshin. Steve is a serial entrepreneur in the wealth advisory industry. He’s a principal of RIA AdvicePeriod and co founder of Vanilla, a software platform for estate advisory and that’s what we’ll be talking about today, the estate planning software provider called Vanilla that...

Vanilla

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Sep 06, 2023

The 2023 State of Estate Planning, based on a survey of 1049 consumers, dives deeply into the psychology of generational wealth planning.

Vanilla

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Sep 06, 2023

Join three leaders in finance, technology and law as they uncover insights from a new research report on where finance and estate planning stand today – and where they are going in the future. They’ll explore how advisors can future-proof their business by embracing estate advisory. This webinar will unpack the research data, including client opinions, values, and biases related to a range of estate planning topics. Attendees will hear panelists share their expert perspectives on:  Why estate advice requires intimate, difficult conversations and presents unique opportunities to deliver differentiated advice. How advisors can use estate planning to foster trust...

Simona Ondrejkova, CFP

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Sep 05, 2023

Do your clients struggle to structure their estate plan in a way that aligns with their wishes while providing for their heirs in cases of need? They might want to consider a pot trust. A pot trust is a type of trust that puts clients’ assets into a single pool for a certain group of beneficiaries. It gives the trustee the flexibility to distribute the assets as needed to benefit any given beneficiary. While some advisors highly recommend pot trusts because of their unique benefit of allowing for equitable, but not necessarily equal distribution, others view pot trusts differently. No...

Rethinking65

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Aug 31, 2023

At a recent conference, the speaker asked the audience of advisors, “Who in the room thinks they are smarter or a better investor than the people they are sitting next to?” A few bold people put their hands up, but most did not. Why? Because everyone in the room knows that beating the market consistently over a long period of time comes down to just luck.   While clients would love to receive market-beating advice, no self-respecting advisor would try to win over clients by claiming to be exceptionally lucky. So, if investing and beating the market is not the...

Daniel Brockley

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Aug 24, 2023

We are a nation obsessed with our pets. In the US alone, we spend $123.6 billion on our furry (and scaly) friends every year. It feels like my household alone must account for a sizable chunk of that for our derpy golden retriever Alfie, between healthcare, food, grooming, toys, the occasional boarding, more toys. You get the idea. When it comes to our dog, we are stupid in love and spare no expense.  So, what happens if we’re no longer around to take care of our pets? Just as we make arrangements for our kids in the event something should...

Daniel Brockley

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Aug 22, 2023

Life is unpredictable. Even if you’re at the pinnacle of health, running marathons and doing one-handed pushups, you could find yourself injured in a car wreck tomorrow. That’s why an advanced directive is so important.  An advanced directive is a legal document that gives specific instructions regarding your healthcare wishes if you are incapacitated. There are any number of reasons you might not be able to communicate, including being under anesthesia, in a coma, or simply not well enough to speak coherently. In these instances, medical professionals will look to your advanced directive to guide them on how you want...

Simona Ondrejkova, CFP

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Aug 18, 2023

Knowing how to generate leads as a financial advisor is key to expanding your book of business and achieving sustainable growth. That’s why it’s important to have several financial advisor prospecting tools you can lean on anytime to bring potential clients into your pipeline. While lead generation for financial advisors has usually relied on traditional channels such as networking events, cold calls, or referrals, embracing innovative marketing strategies could help advisors tap into new pools of prospects faster. This article is a comprehensive guide on how to generate leads for financial advisors who want to establish themselves as trusted experts,...

Rachel Pettis

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Aug 17, 2023

Today, we are launching a refreshed Balance Sheet Builder to help advisors bring client financial information into Vanilla more quickly. The new ownership-driven balance sheet makes it easier to enter client accounts and data.  Instead of creating individual assets, entering a client’s information now begins at the account level through one centralized drop-down menu. New dynamic fly-outs for each account or asset type require minimal information to get set up which allows for a faster and more intuitive data entry process. Or if you’re using one of our integration partners, your client’s data will be reflected in the balance sheet...

Vanilla

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Aug 10, 2023

Trusts are an important component of financial and estate planning, but there are many types of trusts – each with unique pros and cons. This guide helps financial advisors and clients sort through the many different types of trusts to better understand what they might want to employ for their own estate strategies.

Rachel Pettis

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Aug 08, 2023

Today, Vanilla is excited to release a new feature available during the document abstraction process. Advisors who use the Vanilla Document Abstraction Services will now receive in-app messages and e-mail notifications after submitting their client’s estate planning documents, if additional information is required. Additionally, advisors will receive a status update in Vanilla with detailed notes indicating exactly what is needed to finalize the abstraction submission. With more direct feedback between an advisor and Vanilla during the document review, advisors can onboard their clients onto the Vanilla platform faster, enhance communication, and speed up the document abstraction process for them and...

Jennifer Raess

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Aug 07, 2023

What do you think of when you hear the term “estate planning?” If you’re like two-thirds of Americans over the age of 18, you may assume it’s something you can do another time. In fact, the majority of U.S. adults don’t have a will and have not done anything to plan for their estate.  However, you don’t have to own a mansion or business to make estate planning work in your favor. For those with any amount of net worth, estate planning alleviates the family strife of having to make important life and financial choices on your behalf. It also...

Jim Sinai

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Aug 02, 2023

What changes in estate planning when rates go up? Over the past two years, interest rates have moved from near zero to 5.25%. Most clients are probably worried about how rising rates will affect their investment and retirement accounts. But advisors working with high net worth clients should also consider how a 500+ basis point shift in rates affects advanced estate planning strategies. Some strategies become more attractive as interest rates rise, while others become less attractive. Advanced estate planning strategies  There are a number of advanced estate planning strategies that can be used to reduce a client’s taxable estate...

Daniel Brockley

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Aug 01, 2023

Vanilla recently hosted Jeff Levine, the lead financial planning nerd for Kitces.com, home of the popular Nerd’s Eye View blog, for a webinar covering key considerations when planning for non-taxable estates. While it’s impossible to pack all the great info Jeff covered in a short blog post (including a rather spectacular metaphor involving the Red Hot Chili Peppers), we’ll give you a few highlights. What are the boundaries of advice financial advisors should give in estate planning? Financial advisors often grapple with the question of where the line lies between estate planning discussions and offering unqualified legal advice. Jeff weighed...

Rachel Pettis

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Jul 27, 2023

Build a more comprehensive balance sheet with new partner integration features Today, we are excited to announce several upgrades to our integrations with Black Diamond, Orion, and Addepar that enable advisors to import client financial data faster onto the Vanilla Estate Advisory Platform. With these new enhancements, an advisor can bring in more data from portfolio management systems to their client’s balance sheet for a more accurate representation of their estate. Advisors can select any number of clients in an estate to sync to a single Vanilla client profile when building out the balance sheet in the WealthCenter. Multiple clients'...

Daniel Brockley

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Jul 20, 2023

For Mariner Wealth Advisors paraplanner Gillian Cassidy and team, estate planning is always part of the conversation with a new client. In their onboarding process, the Mariner Wealth Advisors team inquires about existing estate plans and any life changes that may have happened since their estate documents were drawn up. They upload existing docs into Vanilla and walk through where it stands as well as potential opportunities to improve the strategy with the client.  So, when a new couple came to Gillian and team, they naturally asked about their current estate plan. What they found surprised and saddened them.  Gillian...

Vanilla

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Jul 18, 2023

Vanilla’s product experts are back with another installment of the What’s New in Vanilla webinar series. Learn about the latest feature releases and enhancements in the Vanilla Estate Advisory platform. Watch on demand to: See how advisors can expedite client onboarding and minimize financial data entry with new upgrades to the Balance Sheet Builder. Learn how our new integrations features help save time importing financial information for multiple clients and organize data. Hear about upcoming upgrades to the document abstraction process for Wealth and Estate Strategists users in Estate Builder and customizable options in the Vanilla PDF report.

Vanilla

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Jul 14, 2023

Win new clients by downloading this brandable PowerPoint presentation for client meetings. It can help them understand why estate planning matters and how you, as their trusted advisor, can make the process as simple as possible by using Vanilla.

Daniel Brockley

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Jul 13, 2023

We want the best for our kids–for them to be happy, healthy, and love one another. And after a lifetime of working hard and weathering the ups and downs of the market, it can be heartening to know that the toils of your labor might help set up your children for success along their own paths. But money often serves as a magnifying glass, enhancing opportunities when things go well or fraying family relationships when jealousy or greed creep in. And as you consider how to leave your estate to your children, you may have a nagging feeling you can’t...

Rachel Pettis

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Jul 05, 2023

Today, we are excited to announce the latest feature to go live on the Vanilla Estate Advisory Platform, Class Distributions designations for advisors and wealth and estate planning strategists. Class Distributions designations What this means for Advisors Our newest feature, Class Distributions, allows advisors to visualize how their client’s assets flow to future generations when a beneficiary predeceases the client.  The addition of this new fact pattern allows the advisor and client to have a more holistic view of the entire estate.  Within Vanilla, advisors can align their clients’ Family Tree with the Balance Sheet by selecting per stirpes (deceased...

Simona Ondrejkova, CFP

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Jun 29, 2023

While it’s inevitable, it’s a call every advisor dreads: your client’s spouse or family member calling to notify you that your client has passed away. During these challenging moments, advisors must be ready to navigate both the emotional and financial implications of a client’s death. But how can advisors best prepare so they can be a source of comfort for clients’ survivors while ensuring all administrative and financial tasks are taken care of as needed? To answer this, we’ve compiled a guide to help you support the surviving spouse or beneficiaries while fulfilling your duties as an advisor. Here, you’ll...

Vanilla

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Jun 26, 2023

How much life insurance does your client need? This guide breaks it down.

Daniel Brockley

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Jun 20, 2023

For the past few years, most US tax residents haven’t needed to worry too much about estate tax. In 2018, the estate tax exemption was raised to an historical high of $11.18 million ($22.35 million per married couple), which has been raised yearly to adjust for inflation and put it out of sight for most estates. But the same law that raised the exemption, The Tax Cuts and Jobs Act (TCJA), is set to expire in 2026, bringing the estate tax exemption back down to an estimated $6-8 million per person or $12-16 million per couple (adjusting for inflation) –...

Rachel Pettis

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Jun 09, 2023

At Vanilla, we are continually iterating to expand our product features and support more complex estate planning scenarios.  First-to-Pass analysis We are excited to announce our newest feature, First-to-Pass. First-to-Pass allows advisors to have deeper conversations with their clients with the Vanilla Estate Advisory Platform. Now, advisors can dynamically switch between death pattern sequences, allowing advisors to provide a holistic view of the client’s estate plan. The advisor can also decide which death sequence they want to add to the PDF report before sending it to their client.  And if the advisor chooses, they can send out two reports with...

Vanilla

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Jun 07, 2023

This latest installment of the What’s New with Vanilla webinar series covers several new features and enhancements recently launched in the Vanilla Estate Advisory Platform: First-to-Pass analysis: See how the First-to-Pass analysis helps advisors and wealth and estate strategists visualize and gain a more holistic view of the client’s estate. Class Distributions: Learn how the Class Distributions feature will allow advisors and wealth and estate strategists to designate how their client’s assets flow to future generations when a beneficiary predeceases the client. Hear about the latest upgrades to the Vanilla PDF report including new entity tables, a display name editor,...

Vanilla

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May 31, 2023

If your client has an estate that has not been previously taxable due to the historically high exemption – but may find themselves with a taxable estate when that exemption sunsets at the end of 2025 – this guide is a helpful resource.

Rachel Pettis

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May 25, 2023

Creating a complete estate profile for a client requires blending family, estate plan, and financial information together in one place. Today, we’re happy to announce a new partnership and integration between Addepar and Vanilla to simplify bringing financial data into the Client Profile. Addepar is one of the leading portfolio management systems for wealth advisors, and by bringing the account data from Addepar into the Vanilla Estate Advisory Platform, we will help advisors create a more comprehensive picture of their client’s estate plans. During the onboarding process, advisors can save time and avoid unnecessary manual data entry by connecting their...

Vanilla

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May 24, 2023

For the past few years, most US tax residents haven’t needed to worry too much about estate tax. But that’s all about to change. At the end of 2025, the historically high estate exemption of $12.92M ($25.84 million per married couple) will sunset back down to an estimated $6-8 million per person or $12-16 million per couple (adjusting for inflation) – suddenly making the estate tax an important consideration for many more households. And the time to act is now. In this webinar, you’ll learn: How the estate tax exemption sunset will impact your clients Key strategies including SLATS, gifting,...

ThinkAdvisor

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May 22, 2023

Clients with sufficient wealth to leave them exposed to future estate tax burdens need to understand that the time to act on the generous estate tax exemption established in 2017 by the Tax Cuts and Jobs Act is now — not when the expanded exemption sunsets the end of 2025.   In fact, according to Steve Lockshin, an experienced financial advisor and the founder of AdvicePeriod and Vanilla, it is already becoming more and more difficult to timely source the capabilities of specialist tax planning experts and estate attorneys who understand the rapidly evolving needs of high-net-worth and ultra-high-net-worth clients....

Rachel Pettis

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May 18, 2023

With the launch of taxable and non-taxable sample profiles, advisors can now review an example of a completed client account in Vanilla. Their clients can see how the complete picture of their estate and financial plan would be represented on the platform before onboarding their own family, financial, and estate information.  During client and prospect conversations, advisors can share the completed sample profile or download the taxable or non-taxable estate PDF report. The Taylor Family is an example of a high-net worth family living in Florida with a taxable estate of $117,050,000. Their estate plan includes revocable trusts, an irrevocable...

Gene Farrell

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May 17, 2023

  [Watch Legacy Now on demand, to learn more about Vanilla’s vision for estate advisory.] I believe that technology – when used thoughtfully – can be truly transformative. And this week at our Legacy Now event, with the help of Vanilla co-founder Steve Lockshin, I had the opportunity to share how Vanilla plans to transform not just estate planning, but financial advising as a whole, with the new Vanilla Estate Advisory Software.  The technology itself is only a part of the picture. It’s a tool. It’s the enabler that, when paired with exceptional advisors, will allow for a new kind...

Vanilla

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May 16, 2023

At our recent Legacy Now event, Hightower CEO Bob Oros and Vanilla cofounder Steve Lockshin sat down with Vanilla CEO Gene Farrell to discuss the changing roles of advisors in estate planning. Learn more about: Why advisors are leaning into Estate Advisory How to use Estate Advisory to connect with clients in a whole new way How technology is helping advisors and wealth planners serve their clients needs around estate planning You can watch the full event here.

Wealth Management

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May 15, 2023

Move over estate planners, it’s time for "estate advisors" to take the lead. At least that's what Steve Lockshin and Vanilla hope.   Estate planning tech leader Vanilla announced Tuesday the launch of what it calls the first fully integrated estate planning platform—The Vanilla Estate Advisory Platform.   The product purports to offer advisors visualizations of the estate, beneficiary summary and projections, estate tax projections, a dynamic balance sheet integrated with the leading personal finance management tools and an on-demand report builder. Vanilla also offers estate-planning educational resources for both clients and advisors as part of its "Vanilla Academy."  ...

Vanilla

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May 11, 2023

Life is unpredictable. And as a financial advisor, one of the essential parts of your job is to help prepare clients for that unpredictability – whether that comes in the form of balancing a portfolio so that it’s not over reliant on a single company or sector or ensuring they have the right documents in place in case of an accident or health scare. One of these key documents is a power of attorney.  A power of attorney (POA) is a legal document that authorizes an individual, known as the agent or attorney-in-fact, to act on behalf of another person,...

Vanilla

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May 08, 2023

Hear from the teams at Addepar and Vanilla where they’ll discuss how their partnership will bring efficiency to the estate planning process. See how the integration of Addepar into Vanilla can create a comprehensive picture of your clients’ family and financial information in their estate profile. You’ll learn how to: Ensure your clients’ estate plans and balance sheets are up-to-date Save time during the onboarding process Integrate your Addepar accounts into Vanilla

Vanilla

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May 03, 2023

  Many clients (and some financial advisors as well) tend to reduce estate planning to two simple categories: taxable estates and non-taxable estates. While it’s true that there are important differences in these asset levels, estate planning is not binary. It takes a nuanced approach, one that requires understanding a client’s situation and goals deeply.  However, even with the understanding that a good advisor will always tailor their approach to each individual client’s needs, it can be helpful to think of client needs according to a few different distinct buckets of asset classes – beyond just taxable and non-taxable. We’ve...

Vanilla

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Apr 25, 2023

Today, advisors use Vanilla to deepen client relationships, increase share of wallet and win new clients. Learn the latest innovations and product announcements on the Vanilla Estate Advisory Platform as of April 25, 2023. Our product experts will provide a deep dive into: How advisors can show their clients simple projections of their estate to help make informed planning decisions about future scenarios The new redesigned PDF estate report which enables advisors to show up with their clients in a whole new way

Vanilla

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Apr 25, 2023

A living trust (also called a revocable trust) is a legal document created by a person during their lifetime that directs how their assets are managed during their life, and how they are to be distributed after their death. It can also help bypass or minimize the sometimes expensive and time consuming probate process required by a traditional will.  A living trust is typically used in conjunction with a short will that directs all assets held in the individual’s name to “pour over” to the revocable trust on death (referred to as a “pour-over will”).  This living trust estate planning...

Daniel Brockley

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Apr 19, 2023

In a recent report by Spectrem Group, a full 93% of respondents said they want estate planning advice from their advisors, but only 22% of clients are actually receiving that advice. Vanilla aims to change that. Clients crave help from their advisors on estate planning because they recognize that their advisors are in the perfect place to provide real insights. Although clients need attorneys to draft legal documents, those attorneys don’t have the same holistic view of clients’ financial pictures–their assets, their hopes, their dreams–or their family feuds–as their financial advisors have. Not only do financial advisors have more perspective...

Vanilla

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Apr 18, 2023

  SALT LAKE CITY, UT - APRIL 18, 2023  Vanilla, a leading provider of estate planning solutions, today announced the launch of its new Estate Advisory Platform, the first fully integrated model of an estate, bringing together family, financial, and estate planning data into one place.  The Vanilla Estate Advisory Platform The Vanilla Estate Advisory Platform offers dynamic visualizations of the estate, beneficiary summary and projections, estate tax projections, a dynamic balance sheet integrated with the leading personal finance management tools, and an on-demand report builder. With these features, financial advisors can deliver differentiated advice, expand client relationships, win new...

Vanilla

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Apr 17, 2023

With your help, we are about to completely reshape how estate planning is done. On May 16th we unveiled Vanilla’s new Estate Advisory Platform, which reimagines how financial advisors, attorneys and their clients approach one of the most important parts of their lives: their legacy.  In this live, virtual launch event: Vanilla CEO Gene Farrell will outline a new vision for estate planning and the role technology will play Hightower Chairman and CEO Bob Oros will speak with Vanilla Co-Founder Steve Lockshin on the changing role of advisors in estate planning Product experts will showcase the new Vanilla platform and...

Amjad Hussain

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Apr 13, 2023

We’ve been hearing a lot about AI recently, and for good reason. The innovation happening with Large Language Models (LLMs) and Generative AI are remarkable, have sparked our imagination, and beg the question: What does the future hold? Of course I can’t predict the future, but I do have some thoughts about what it will mean for our industry. When it comes to estate planning, machine learning has the potential to reshape things in some important ways. This evolution may be more subtle in the present and near future – with AI playing a role in the background – but...

Jim Sinai

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Apr 11, 2023

Many clients today don’t have taxable estates.  But they might once the current exemption levels automatically expire on January 1, 2026,  reverting back to ~$6.8 million per person (adjusted for inflation).  Therefore, it becomes increasingly important for advisors to explain to their clients how their estates will look in the future so that they can make the right planning decisions. With the release of Projections, advisors can now demonstrate how estates will behave at various levels of wealth and show their clients simple projections of their estate at a future date.  Projected values flow through the Estate Tax Detail, Waterfall,...

Vanilla

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Apr 07, 2023

When it comes to estate planning, there’s no substitute for having the right core legal documents drafted, and ensuring they align with your clients’ wishes. But no matter how carefully estate planning documents are drafted, it’s impossible to anticipate every eventuality – and, the truth is, life often moves faster than clients do when it comes to updating their documents. One great way to bolster an estate plan against the unexpected, and to help trustees make decisions in accord with client expectations, is through letters of wishes. What is a letter of wishes? A letter of wishes is simply a...

Vanilla

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Apr 06, 2023

Making lifetime gifts is one of the most common, tried-and-true strategies to reduce estate tax liability. We’ll walk you through the major types of charitable and non-charitable gifts that you might want to consider, as this year draws to an end.

Vanilla

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Apr 04, 2023

With Vanilla, advisors can create a new type of deliverable that both clients and prospects have never seen before. Not only does Vanilla help advisors increase the depth of their service offerings, but it also helps an advisor’s client actually understand the full picture of their wealth and legacy. Download a sample report below.

Vanilla

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Apr 04, 2023

With Vanilla, advisors can create a new type of deliverable that both clients and prospects have never seen before. Not only does Vanilla help advisors increase the depth of their service offerings, but it also helps an advisor’s client actually understand the full picture of their wealth and legacy. Download a sample report below.

Jim Sinai

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Apr 03, 2023

One of the reasons advisors love Vanilla is the on-demand PDF estate report, which enables them to show up with their clients in a whole new way.  Now, our custom branded reports have received a major refresh to coincide with the launch of our new brand. Based on feedback from our existing customers, we have made the client PDF deliverables easier to digest and share with updates to the visualizations, diagrams, notes, and balance sheet.  The balance sheet now contains different sections for all assets and accounts that are inside and outside the estate. And the detailed estate notes now...

Jim Sinai

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Apr 03, 2023

  Today, we’re excited to introduce a new look and feel to Vanilla. Vanilla was started with the point of view that thoughtful design can help make the daunting process of estate planning more accessible. Our straightforward design approach reinforces a core concept of our brand - we are making estate planning simple. After rapidly scaling the company over the last few years, we realized it was time to take a step back, redefine our voice, and reintroduce the brand to the world. A modern new look for Vanilla Vanilla’s goal is to make estate planning easy and to standardize...

Daniel Brockley

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Mar 15, 2023

  Creating a truly remarkable product is rarely one person’s doing. It takes a team of smart, talented, dedicated folks to make it happen – a diversity of experience and perspectives. At Vanilla, we have a crack team of product designers and engineers who have brought our platform to life and continue to evolve it and make it better. But in addition to dialing in our tech, we need to always keep tethered to the realities of the finance industry – to the needs of advisors and attorneys – and their clients. That means that we all spend a lot...

Vanilla

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Mar 08, 2023

These common estate planning mistakes could leave your clients vulnerable to unintended consequences such as probate, loss of assets in a divorce, and avoidable estate tax liability. Financial advisors can help their clients avoid the 11 most common estate planning mistakes listed below. #1 Not updating estate planning documents regularly Some clients may think that creating an estate plan is a one-and-done proposition, but you should review and update your client’s estate plan with them when they experience any of the following: Major life events: Your client’s estate planning documents should reflect significant milestones, such as having a child, getting...

Daniel Brockley

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Mar 02, 2023

  Part I in a series of 3 on The Vanilla Estate Planning Playbook. Talk to any financial advisor out there, and you’ll hear a common refrain: Sure, we do estate planning. The thing is, what advisors mean when they say they do estate planning varies wildly. For many, doing estate planning simply means asking clients if they have basic documents in place, such as a Will, trust(s), healthcare directive and power of attorney. If the client has docs, the financial advisor moves on to other matters like investments. If they don’t, they refer the client to an estate attorney...

Vanilla

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Feb 28, 2023

Once a client has their last will and testament (“will”) and revocable trust created, their financial situation doesn’t just stand still. More often than not, a client’s financial situation will fluctuate throughout their life. A pour-over will brings added security to an estate plan–making room for all of those potential life changes–by allowing for new and unaccounted assets to automatically transfer to a previously set up revocable trust. This helps keep up with asset changes between times when your client updates their will and trust. What is a pour-over will? A pour-over will is a last will and testament that...

Vanilla

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Feb 23, 2023

SALT LAKE CITY, UTAH, UNITED STATES, February 23, 2023 /EINPresswire.com/ -- Vanilla, a leading estate advisory platform, has been named the winner of the 'Best Newcomer/Startup' category at the Second Annual WealthTech Americas Awards 2023. This prestigious award recognizes Vanilla's dedication to transforming how wealth advisors help their clients with estate planning. Estate planning has emerged as the next frontier of wealth advisory. Consistent and ongoing estate planning helps clients build their legacy, reduce family conflict at death, and minimize estate taxes. Vanilla gives advisors and clients an interactive, visual platform of the complete estate plan so clients can make...

Vanilla

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Feb 22, 2023

Steve Lockshin unveils his step-by-step approach to building estate planning into your practice in a more meaningful way. How can financial advisors move upmarket and bring more value to clients? With the right approach to estate planning. There’s no better way to differentiate your offering and deepen client relationships. The webinar will give insights into: How to use estate planning to differentiate with UHNW clients How to engage new clients in estate planning, including specific questions to ask A yearly maintenance checklist for existing clients Commonly overlooked issues and ways to protect your clients Download the estate planning playbook here.

Vanilla

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Feb 16, 2023

A step-by-step checklist to guide your client conversations, updated for 2024. This playbook is inspired by the guide used by Steve Lockshin and his firm AdvicePeriod, based on Lockshin’s 30+ years of financial advice and estate planning for some of the most successful ultra-high net worth clients in the world.

Vanilla

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Feb 14, 2023

A Spousal Lifetime Access Trust (“SLAT”) is an irrevocable trust set up by an individual (the “donor”) during his or her lifetime for the benefit of the individual’s spouse and if, desired, other family members.   How does the SLAT Work? A SLAT is created under a trust agreement, which contains the terms of the trust and the name of the individuals or entity that will act as trustee (typically a trusted friend or advisor). A SLAT is funded by way of a gift from the donor to the SLAT. During the donor’s lifetime, the trustee can make distributions to...

Vanilla

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Feb 10, 2023

Win new clients by downloading and sending this presentation to potential clients and prospects alike. It can help them understand why estate planning matters and how you, as their trusted advisor, can make the process as simple as possible by using Vanilla.

Vanilla

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Feb 09, 2023

When it comes to estate planning, “probate” is a term that looms large. You might hear talk of the complexity of probate, or strategies for avoiding probate — but what exactly is it? Put plainly, probate is the legal process that occurs after a person’s death. In probate, the court recognizes the validity of a Last Will and Testament (a “Will”) and appoints a personal representative for the decedent’s estate. The representative – also known as an executor or administrator – pays the decedent’s debts and then distributes the remaining assets to the beneficiaries. Though probate is simple to define...

Daniel Brockley

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Feb 02, 2023

In 2021, Americans gave a whopping $484.85 billion to charities, a 4% increase from 2020. And that doesn’t account for gifts to family and friends outside of official charity organizations. Simply put, gifting is a huge part of our economy. Our guide provides a great refresher for advisors, and can also be given to clients to help educate them on their options when it comes to giving. Why consider giving? People choose to give for a variety of reasons, but there are two primary drivers that gifting has become such an important part of people’s lives (and their financial plans)....

Vanilla

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Jan 26, 2023

Irrevocable Life Insurance Trusts (ILITs) are legal vehicles established specifically to own one or more life insurance policies and are set up during an insured’s lifetime. ILITs are created to own a life insurance policy and keep its proceeds out of the insured’s or owner’s estate to avoid increasing the size of their estate when the insured dies. When an individual owns an insurance policy (whether on his or her life or the life of another individual), the insurance policy is included in the individual’s estate at death and is therefore subject to federal estate tax (to the extent the...

Vanilla

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Jan 24, 2023

If something should happen to your clients, regardless of their age or income, it’s crucial that they have a plan for their financial assets. As their financial advisor, you’re in the best position to keep your clients on task so they can reach their goals and ensure their families are taken care of. But between a myriad of documents, individual state requirements, and shifting federal estate tax laws, it’s no wonder the estate planning process can be overwhelming for financial advisors and their clients. That’s why we’ve created this easy-to-follow estate planning checklist. We’ll give you clear insights into a...

Vanilla

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Jan 17, 2023

In a grantor retained annuity trust (GRAT) , a grantor transfers a particular asset(s) into an irrevocable trust and retains an annuity stream from the trust for a specified term of years. The annuity amount is calculated based on an IRS interest rate (referred to as the “hurdle rate”).  At the end of the trust’s term, if the grantor survives the term of the trust, any assets remaining in the GRAT (the appreciation above the hurdle rate) will pass transfer-tax-free to the named “remainder beneficiary”, generally a trust for family members. How does a GRAT work? Grantor retained annuity trusts...

Vanilla

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Jan 10, 2023

Many people have charitable intentions that they would like to consider as part of their estate planning. However, donating assets outright during their lifetime may not meet their financial goals. A more advanced strategy, such as a charitable remainder trust, may provide the flexibility to meet their personal financial needs while guaranteeing that a charity or charities end up with the remaining asset at the end of the term or when the settlor/donor is no longer living. When to use a Charitable Remainder Trust (CRT): When you are charitably inclined; and, You have highly appreciated securities you would like to...

Jim Sinai

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Dec 22, 2022

Gifting to your children is an excellent way to reduce estate tax liabilities, but sometimes it makes more sense to give directly to grandchildren, rather than to your children. Because these gifts “skip” a generation, they are referred to as generation-skipping transfers (GST) and have special tax treatment. There are a few important things to keep in mind when considering a generation-skipping transfer gift, including the generation-skipping transfer tax. We’ll break the tax down for you and give you a few more important pointers to pay attention to. What is the generation-skipping transfer tax? The generation-skipping transfer tax (or “GSTT”)...

AdvisorHub

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Dec 15, 2022

Steve Lockshin knew early on in his career as an advisor that he was, what he now terms “a Cassandra.” He saw future trends in the financial services industry before they happened, which is, in part, a definition for the metaphor originating from Greek mythology.   Lockshin started creating businesses two decades ago, which he typically would sell to the highest bidder before going back to the drawing board to create another company. As an advisor who happens to be a serial entrepreneur, Lockshin might still be following the same successful pattern had he not created a startup that ultimately...

Vanilla

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Dec 09, 2022

Learn how FMB Wealth Management tackles the inevitable for clients – death and taxes – in a way that’s not only more efficient, but achieves greater outcomes. And, watch high-level demos of Holistiplan and Vanilla. Grant Blindbury details how he uses both technologies to achieve impactful results Discover how technology plays a key role in delivering differentiating value Watch product demos of Holistiplan and Vanilla

Vanilla

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Dec 07, 2022

Making lifetime gifts is one of the most common, tried-and-true strategies to reduce estate tax liability. We’ll walk you through the major types of charitable and non-charitable gifts that you might want to consider, as this year draws to an end.

Vanilla

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Dec 06, 2022

I am not an expert in estate planning. That may be a strange thing to admit for someone who runs a company focused on estate planning. What I do well (and what I find enormously rewarding) is identifying difficult problems, and – with the collaboration of great teams – use technology to solve them. When it comes to identifying which challenges to take on, I am drawn to areas where solving the problem can create real impact for individuals, families, and society. Estate planning is exactly this type of problem because it touches almost everyone. Helping individuals and families define...

Daniel Brockley

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Nov 17, 2022

Trusts come up a lot in estate planning, and for good reason. They can be incredibly effective in helping fund education, provide for heirs, donate to charities and more. For high net worth individuals, trusts are also an important strategy to reduce taxable estates. The basics: What are trusts? Trusts are legal entities, much like corporations, which are considered distinct from the various parties involved. Trusts come in many forms, but in essence they are fiduciary arrangements in which, as the IRS states, “one person (the trustee) holds title to property or assets…for the benefit of another (the beneficiary).” The...

Daniel Brockley

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Nov 03, 2022

Curiosity – genuine curiosity – is one of the most important traits a financial advisor can have. Sure, this means curiosity about the different levers and pulleys of the economic machine, but it also means curiosity about clients. Not just about their risk tolerance, but about what makes them tick. Their goals, their fears. What gets them out of bed in the morning. A deeper understanding of clients as people, not just portfolios, enables you to bring the kind of value that goes far beyond index funds. There are certain times in life that lend themselves to these clarifying conversations–when...

Vanilla

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Oct 28, 2022

Learn how Dogwood Wealth Management created a three-pillar system that addresses client’s financial needs more holistically, for this generation and the next. Jason Newcomer, co-founder of Dogwood Wealth Management, joins Vanilla CMO Jim Sinai to discuss how he has created a process where estate planning–in addition to wealth advisement, risk management and tax planning–plays an essential role. Jason will outline his approach, and how he uses estate planning as a way to foster meaningful ongoing conversations with clients, rather than a set-it-and-forget-it approach. Newcomer will also discuss his tech-forward philosophy on advising, and how he’s developed a tech stack that...

Daniel Brockley

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Oct 20, 2022

A last will and testament (also known as a will) is a legal document that outlines your instructions in the event of your death. It provides direction to your family, chosen representatives, and the court regarding how your assets should pass, as well as who should take care of your minor children (or pets!). Without a Will that expressly explains your wishes, the court will identify who gets your assets (generally your next of kin), based on applicable laws. And as for your kids? Well, without a Will, the court will make those decisions, too. In the United States, wills...

Vanilla

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Oct 07, 2022

Daniel Gregoire at RightCapital is joined by Vanilla’s Co-Founder Steve Lockshin to discuss the impact of potential tax law changes on estate planning and how it can affect your most valued clients. Innovators like RightCapital allow advisors to differentiate with intuitive financial and tax planning. As Biden approaches approval for new tax law changes, advisors are expected to assist their clients by anticipating and navigating these changes. As the advisor, it’s important you have conversations with your clients to guide them on how to prepare for newer, more stringent tax regulations. The main topics of discussion include: The potential impact...

Daniel Brockley

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Oct 04, 2022

It’s officially a bear market, now what? How advisors can add value when times are tough It’s brutal out there. After riding the sugar high of the pandemic, client portfolios – and probably your own portfolio as well – have found themselves in miserable hangover territory. The S&P recently hit a two year low and the Dow, not to be outdone, touched a yearly bottom as well. Instead of celebrating portfolio windfalls with your clients, you’re likely having some difficult conversations. But as challenging as these times are, there’s opportunity here. The current climate is the perfect chance to show...

Vanilla

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Sep 19, 2022

Tax planning for clients with taxable estates has always been complex. The best way to explain strategies is with diagrams, not documents. That’s why we’ve put together this deck of 10 diagrams to explain some of the advanced estate planning strategies and why anyone with $10M in assets should care about estate tax.

Jim Sinai

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Sep 19, 2022

Tax planning for clients with taxable estates has always been complex. We’ve learned the best way to explain estate planning strategies is with diagrams, not documents. That’s why we’ve put together this deck of 10 diagrams to explain some of the advanced strategies and why household with $10M in assets should care about estate tax. Why $10M in household assets? In 2026 the Estate Tax exemption drops down to just about $10M (or higher based on inflation). The 10 diagrams explain both why you need advanced strategies and how 8 different strategies work. We’ve explained them all below but if...

Vanilla

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Aug 04, 2022

Los Angeles, CA, August 4, 2022 - Vanilla, the award-winning Estate Advisory Platform, designed to transform how wealth advisors help their clients manage their estate and build their legacy, announces the addition of Jim Sinai as Chief Marketing Officer and Karen Nachbar as General Counsel. Jim and Karen join following a $30m Series B investment led by Insight Partners to round out a leadership team announced earlier this year and accelerate Vanilla’s growth. As CMO, Sinai will lead the marketing function reporting to Gene Farrell, CEO. Jim brings his extensive background in introducing new software products, launching brands, building demand,...

Jim Sinai

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Jul 01, 2022

Organization administrators can now require users to enable multi-factor authorization (MFA) for their personal accounts. Users will be required to enable MFA through either SMS or an app-based authenticator (ideally both) before accessing Vanilla. MFA is an extra layer of security that helps prevent malicious actors from gaining access to your organization's data. Please reach out to your rep about having this feature turned on! Notes: Organizations that exist will have to contact Vanilla to turn this feature on. Newly onboarded organizations will have to tell sales/customer success if they want this on when they create an org.

Vanilla

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May 25, 2022

How millennials think about wealth management—including estate planning Millennials take their financial lives seriously—and they’re ready to enlist the experts to help. The past few years have seen a lot of change in the financial lives of millennials. The generation born between 1981 and 1996 is approaching their peak earning years and hitting major milestones from having kids to buying houses to starting businesses. According to one report, there are more than 618,000 millennial millionaires in the United States. And with the Great Wealth Transfer on the horizon, millennials are poised to inherit another $68 trillion from their Baby Boomer...

Vanilla

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Apr 28, 2022

Los Angeles, CA, April 28, 2022 - Vanilla, the award-winning estate and wealth management platform, today announced that it raised $30 million in a Series B funding round led by New York-based global private equity and venture capital firm Insight Partners. Vanilla will use the funding to accelerate product development and support rapid customer adoption as it works to revolutionize how financial advisors and households of all wealth levels build their legacy. Vanilla is seeking to reshape the $180 Billion estate planning industry by offering the first comprehensive, fully digital estate planning platform designed to support the legacy building process...

Jim Sinai

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Apr 18, 2022

Users can now enable multi-factor authentication for their own accounts. After enabling multi-factor authentication, you are required to enter your Vanilla password and a temporary one-time password every time you sign in. To enable and use multi-factor authentication, you must have a mobile device or password manager which supports multi-factor authentication installed.

Wealth Management

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Jan 05, 2022

Digital estate planning software developer Vanilla has added three new executives to its team as it seeks to grow its user base of advisors, according to an announcement. Former Smartsheet strategy and product executive Gene Farrell is joining Vanilla as chief executive officer, where he will be work alongside ex-Amazon Web Services (AWS) executive Amjad Hussain, who joins Vanilla as chief technology officer, and ex-Addepar executive Robin Melnick, Vanilla’s new senior vice president of revenue.   The C-suite hires signal a new chapter for the firm, founded by Steve Lockshin in 2019. Farrell will formally lead the firm, reporting to...

Vanilla

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Jan 04, 2022

Los Angeles, CA, January 4, 2022 - Vanilla, the award-winning estate and wealth management platform designed to improve how advisors interact with their clients and prospects announces the addition of three key leaders to drive the next phase of rapid growth. These additions come on the heels of Vanilla’s $14.3 Million Series A closing, led by blue-chip investor Venrock. Gene Farrell has joined as CEO, Amjad Hussain as CTO, and Robin Melnick as SVP of Revenue. All three of these leaders bring extensive experience in building and leading enterprise software companies and will help accelerate the development of the Vanilla...

Vanilla

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Oct 20, 2021

Easy, effective estate planning can be brought in-house to every advising firm — and it should. By offering personalized plans for all clients (not just the ultra-wealthy), firms can get ahead of the curve, cultivating a multi-generational client base. Vanilla simplifies this often cumbersome process by fusing decades of estate planning expertise with great design, empowering firms of all sizes to grow their offerings at scale.

Vanilla

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Oct 14, 2021

We are on the brink of the largest transfer of wealth in American history. In the next 25 years, as much as $84.4 trillion from 45 million U.S. households will be passed down from older Americans to their Millennial and Gen X inheritors. This exchange of wealth and change in who the wealthy demographic is will dramatically shift the landscape of wealth management across the U.S. The stakes are high for financial advising firms. Most firms have naturally focused on an older client base since they hold a significantly larger portion of wealth and have a higher interest in investments. If...

Vanilla

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Oct 07, 2021

Nowadays, it’s not enough to focus your efforts only on investment management for your clients. A recent report from Accenture shows that clients want their financial advisors to offer guidance about complicated life choices. If you’re not delivering value beyond traditional financial planning, you may be missing an opportunity to differentiate in a rapidly changing landscape. This presents an opportunity for advisors to future proof their business and build deeper relationships by providing added tax and estate planning value in their offering. Watch leaders of Just Invest, F2 Strategy, AdvicePeriod, and Vanilla as they discuss how the future of financial...

Vanilla

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Oct 07, 2021

Thanks to innovators in the advisory space like Betterment, advisors are able to leverage technology to deliver a better experience to more clients. As the landscape continues to evolve, advisors are expected to deliver something technology cannot — a three-dimensional view of your clients’ finances, life and death included. Talking about what happens to one’s financial legacy upon death is an emotional conversation that requires trust and humanity. Fortunately, as the advisor, you’re in the best position to advise a client on their entire financial picture and how planning decisions impact other parts of their family’s finances. In part one...

Vanilla

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Oct 06, 2021

Estate planning is essential. It is also extremely difficult to understand for most people, including advisors. In this e-book you’ll find a dictionary of terms and definitions most commonly used by estate planning professionals.

Vanilla

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Oct 06, 2021

Watch Aaron Klein, CEO at Riskalyze, and Steve Lockshin, Co-Founder at Vanilla, talk about what the impact of estate planning has for your clients, how Vanilla delivers a new experience by integrating workflows seamlessly between clients, advisors and attorneys, how Vanilla designed its product to remove UPL risks and more.

Vanilla

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Oct 06, 2021

Over the past decade, most RIAs have transitioned from an investment focus to a planning focus. But while financial planning has become table stakes for the modern advisor, estate planning remains a powerful means of differentiation. Before coming together to start Vanilla, David Hauser became Steve Lockshin’s client after selling Grasshopper for $170 million in 2015. With estate planning being the focus of the relationship, we will walk through the impact of estate planning from both the client and advisor’s perspective. With estate planning becoming more of a clear differentiator, Steve and David will discuss the current state of estate...

Wealth Management

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Sep 22, 2021

It was a routine call for Vanilla founder Steve Lockshin. He was talking with the head of the family office for one of his highest-profile clients, a billionaire known around the globe. During the call, Lockshin mentioned he was doing a capital raise for his estate planning startup and on the spot he had two additional investors. NBA legend Michael Jordan, who has worked with Lockshin for 25 years, was so impressed with the advice and leadership he received from Lockshin, that he decided to make his first direct fintech investment in Vanilla. He joined Curtis Polk, Jordan’s family office...

Vanilla

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Sep 13, 2021

Estate planning is often treated as a “set-it-and-forget-it” topic, but it is vital—especially for wealthy clients—to stay on top of changes in law and in assets because failing to account for current tax law can put your heir’s inheritance at risk of significant reduction. Proposed capital gains tax changes will dramatically shift thresholds, making it more vital than ever for financial advisors to help their clients keep estate plans current and comprehensive. Historically, the step-up basis has been one of the strongest strategies for wealthy individuals to avoid paying capital gains taxes at death, but proposed changes to tax law...

Vanilla

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Aug 30, 2021

Disruptive Estate Planning Startup Founded by Steve Lockshin Secures Funding Through Legendary Venture Capital Firm, Launches Partnerships with Orion and Addepar, and Welcomes F. William McNabb III, Former CEO and Chairman of Vanguard Group, as a Director. Los Angeles, CA, August 30, 2021 - Vanilla has raised $11.6 million in a Series A funding round led by renowned venture capital firm Venrock as it helps to revolutionize estate planning for households of all wealth levels and their financial advisors. Vanilla, founded by high-profile financial advisor and wealth management entrepreneur Steve Lockshin, is the first comprehensive, fully digital estate planning solution...

Vanilla

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Aug 13, 2021

Ultra-high net worth (UHNW) individuals’ estates are inherently complex and far-reaching, so having a comprehensive estate plan is vital to ensure a smooth transfer of wealth between generations and avoid expensive legal battles at death. But that doesn’t guarantee that these UHNW individuals are any more educated on estate planning processes and pitfalls. Even though 64% of wealthy individuals place a high value on the legacy they can pass on to the next generation, a full 39% do not have a comprehensive estate plan, according to the U.S. Trust Insights on Wealth and Worth. As their trusted financial advisor with...

Vanilla

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Jul 19, 2021

Deciding who gets what after one’s passing is tough. According to a survey by Caring.com, only 42% of American adults have essential estate planning documents, such as a will or a living trust. People avoid planning for the inevitable for many reasons. But for blended families, a major reason is that estate planning requires more than a simple will. Many difficult questions come up: How do I ensure everyone is well taken care of after I am gone? Should I leave everything to my spouse and hope they take care of my children? How do I avoid disinheriting my children?...

Vanilla

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Jul 08, 2021

You’ve built a solid financial foundation for your client, made investments with an eye on the future, and helped them strive toward making their financial goals a reality—but what happens once they pass on? Without preparation, the months following a client’s death can be a chaotic mess for a financial advisor. Assets need to be found, collected, and handed over to whoever is handling the estate. You put in hours of work, and in the end, you are left clientless, watching the assets you carefully tended for your client in life tangled in probate court and wasted on fees and...

Vanilla

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Jun 14, 2021

As the financial planning industry anticipates the Great Wealth Transfer from baby boomers to their heirs, reports show that at least 80% of adult children and heirs will find their own advisors after receiving an inheritance. In other words, if you’re waiting until your client dies to introduce yourself to their family, you’ve waited too long to win their heirs as new clients. But there’s good news: family estate planning provides the perfect opportunity to connect with your client’s family early on and cultivate an ongoing relationship that can extend into the next generation. By anticipating their family’s estate planning...

Vanilla

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Jun 07, 2021

June 7, 2021. New York, New York. WealthManagement.com has recognized Vanilla, an award-winning comprehensive estate planning platform, as a finalist for its 2021 Industry Awards for the second year in a row. Every year, WealthManagement.com’s Industry Awards recognizes companies that make an exceptional impact in the world of financial advisors. After reviewing hundreds of entries, the judges made up of top names in the industry carefully selected who they believe have supported the success of financial advisors to an outstanding degree. The criteria was based on quantitative measures of their initiatives—such as scope, scale, adoption and feature set—along with qualitative...

Vanilla

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May 24, 2021

According to a survey from Caring.com, 2021 marks the first year that young adults ages 18-34 are more likely to have a will than those ages 35-54. COVID-19 seems largely responsible for this shift, but the pandemic hasn’t just impacted the younger generation. Participants of all ages agreed that the advent of COVID-19 has caused them “to see a greater need for estate planning.” As a financial advisor, this means you can expect more clients to turn to you for estate planning guidance in the coming days. With this influx of client needs, it’s important that you understand and can...

Vanilla

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Apr 22, 2021

One of the biggest estate planning mistakes people make is placing the power and responsibilities of a trustee in the wrong hands. Poor fiduciary selection can lead to family in-fighting, lengthy legal disputes, and a substantial loss of assets due to mismanagement. As a relationship-driven financial advisor, it’s essential that you understand the role of a fiduciary trustee and that you help your client select the right individuals or corporations to act as fiduciaries for their estate. A trustworthy, knowledgeable trustee helps safeguard the estate plan from mishandling and assures that beneficiaries get the full value of the assets. What...

Vanilla

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Apr 14, 2021

April 14, 2021. Steve Lockshin’s Vanilla, a comprehensive estate planning platform, announces the release of “Vanilla 2.0” now available for new and existing users. Vanilla 2.0 is the latest version of Vanilla’s product offering designed to proactively manage the estate planning of an advisor’s entire client base. Vanilla is the first comprehensive estate planning solution that allows advisors to proactively monitor all of their clients, visualize existing planning, and take action through document creation. ‘Because estate planning can be so difficult to understand even with an experienced eye, Vanilla creates a way for us to bring simplicity to an experience...

Vanilla

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Mar 26, 2021

Most ghost stories are about unfinished business. Whether it’s a spooky campfire tale or a literary classic from the dark imagination of Edgar Allen Poe, a horror story plotline remains the same: the spirits of the departed haunt the living because there’s an unresolved matter preventing the deceased from moving on. So what does all of this have to do with estate planning? A poorly made or forgotten-about estate plan is like a ghost: It leaves your client and their loved ones vulnerable to hauntings of the financial kind. When people in mourning have to deal with their deceased relative’s...

Vanilla

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Mar 22, 2021

It’s common for clients, financial advisors, and estate planning lawyers to treat estate planning and financial planning as separate entities. But financial plans and estate plans are closely intertwined. Without a well-made estate plan, all the financial goals a client achieves can fall apart. Sadly, a poorly made estate plan often leaves the grieving family to pick up the pieces. You can advise your client on strategies for maximizing assets, but for asset protection, they need an attorney. When financial assets change, so should an estate plan. An attorney can provide the legal expertise by recording and adapting the estate...

Vanilla

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Mar 08, 2021

Financial advisors faced a down wave of change before the pandemic. Over the past year, that wave grew into a tsunami that continues to test advisor-client relationships. The most resilient firms — those that have retained at least 99% of their clients over the past year — understand the power of prioritizing relationship quality over quantity. According to a 2020 Price Metrix report from McKinsey, advisors with the highest levels of client retention “have deeper relationships and fewer client relationships.” While they serve fewer households, advisors with low attrition rates manage more accounts per household. One of the most powerful...

Vanilla

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Feb 08, 2021

February 8, 2021. New York, New York.—InvestmentNews has recognized Vanilla as a 2021 Innovation Award finalist. Vanilla, along with twelve other firms, were chosen as finalists from several hundred nominations by a committee of InvestmentNews representatives. The judges recognized firms for their creative and novel systems that help financial advisors take care of their clients, run their businesses, and boost client outcomes. ‘Show your clients you care about more than their money.’ — VANILLA Each of the advisors, executives, and firms who made the fifth annual InvestmentNews Icons and Innovators list were chosen from a rigorous selection process designed to...

Vanilla

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Feb 02, 2021

Tempted to give your clients free estate planning documents to create a will, trust, or other after-death protections? Think again. Free estate planning documents come with risks that may ultimately cost clients and their heirs more than they saved in legal fees. Let’s take a look at some of the significant — and expensive — problems that using free estate planning documents could cause. 1. Excluding family members from a will Free DIY wills don’t always tailor an estate plan to an individual’s circumstances and goals. This is particularly the case for blended families and new additions when it's easy...

Vanilla

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Jan 26, 2021

As the U.S. gains a new president and a new majority in the legislative branch, proposed changes to the federal estate and gift tax will transform the way wealth passes from one generation to the next. For wealthier families, this means the loss of allowances they’ve benefited from under a looser estate tax regime. As a financial advisor, the possible changes provide an excellent opportunity for you to deepen relationships with your clients. This quick guide will help you educate them on what to expect and offer guidance on how to navigate newer, more stringent estate tax regulations. Changes in...

Vanilla

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Dec 21, 2020

An estate plan is the story of someone’s legacy. But for advisors and clients alike, that story is hidden under layers of arcane legal mumbo-jumbo. At Vanilla, we’re using visual design to cut through complicated legalese and illustrate the crucial details of estate plans. We call this simplified, diagrammed approach to estate management “estate reporting.” Using our design studio roots to reimagine estate planning We see many of the broken processes in estate planning as design problems. Most of our founding team have strong graphic design backgrounds, so we approach problem-solving in a more visual way. As designers, our process...

Vanilla

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Dec 11, 2020

Imagine that you're having your first consultation with a new client. You ask them whether they have an estate plan in place. They proudly tell you that they drew up a will and assigned guardianship as soon as their first child was born — 25 years ago. Job well done, next question — right? Not quite! Let's examine why treating an estate plan as a one-off task comes with significant risks that could end in nightmare scenarios for your client and their family. 1: Beneficiaries and fiduciaries are often temporary While your client may express a desire to designate loved...

Vanilla

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Dec 02, 2020

  With more young adults living with their parents now since the Great Depression, families with college-age children need questions answered about where parents’ legal rights begin and end. As a financial advisor, you should be ready to answer the questions your clients have, such as “how do I get a medical power of attorney?” and connect them with the documents they and their adult children need to protect their families. This concise guide will help you point your clients in the right direction. [embed]https://justvanilla.wistia.com/medias/mzm95qqia5[/embed] “What are the legal realities of my child turning 18?” When a young adult turns...

Vanilla

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Nov 18, 2020

It’s sad and shocking to learn that beloved actor Chadwick Boseman died recently without a will. At no point did he draw up documents to ensure his loved ones knew his wishes for how to handle his near-million-dollar estate after he was gone. Chadwick Boseman is just the latest in an ever-growing list of Black public figures—and famous people from other marginalized groups—who left an enormous positive impact on the world but left legal strife for their loved ones. If so many extraordinarily successful people die without a clear plan for what should happen in the event of their death,...

Vanilla

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Oct 28, 2020

There are no do-overs when a person needs their estate planning to go into effect. Sure, financial advisors and attorneys can help them plan ahead of time, but when they need their estate plan to kick in, there’s no opportunity for revisions and no last-minute chance for planning. Knowing the impact that a lack of planning can have on a family is why I joined the team that, in 2019, created Vanilla. Vanilla started as a client project at our design studio and has since transformed into a company that makes estate planning more efficient, easier to understand, and accessible...

Vanilla

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Sep 25, 2020

Who needs estate planning? Everyone. But a lot of people avoid estate planning because they think they’re too young, they’re too busy, they feel estate planning is too expensive or too complicated, they’ve done it once in the past and don’t think they need to again, or they just don’t believe they have anything to plan for. The costs of making excuses not to estate plan can be high. Failure to plan means probate could keep beneficiaries in court for years while their assets are frozen and expenses mount. It could even mean that those they worked hard to take...

Vanilla

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Sep 16, 2020

As a financial advisor, you may be uncertain about the myriad of estate planning documents clients use, and which to recommend for the best possible financial outcomes for your client. Estate planning documents come in all shapes and sizes, but good planning documents need to address specific, important details. To help you sort through your clients’ paperwork, here’s how to discern if all those forms are well executed, high-quality estate planning documents. High-quality estate planning documents are updated regularly Thinking about the future and completing estate planning documents is an excellent first step, but your client’s financial situation is bound...

Vanilla

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Sep 11, 2020

September 10, 2020. New York City, New York. - Today, Vanilla was presented with an award from the 6th WealthManagement.com Industry Awards under the category “Disruptors: Technology.” ‘A near record-breaking number of nominations and companies participating in 2020.’ — WEALTHIES The WealthMangement.com Industry Awards recognizes companies that make an exceptional impact in the world of financial advisors. Companies who make a true difference in the day-to-day success of financial advisors. This year, more than 200 companies were nominated across 73 different categories. Companies ranging Carson Group, Fidelity Investments, Morning Star Inc, and more, competing in categories like Asset Managers, Disruptors,...

Vanilla

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Sep 04, 2020

By the time I sold my third company, Grasshopper, to Citrix in 2015, we had bootstrapped the company from virtually nothing to more than $30 million in annual recurring revenue. We spent 12 years refining our technology and more importantly, helping other entrepreneurs succeed and build their own companies. For many entrepreneurs, selling their company is the end goal. An acquisition by a major multinational might prompt some founders to start thinking how they’d spend their time—and money—once the ink was dry. For me, selling my company made me think about my own death and what I’d be leaving behind—and...

Vanilla

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Aug 24, 2020

Estate planning is evolving. In a shifting landscape, financial advisors need to demonstrate value to their clients. One of the best ways to help your clients is to educate them about the risks of outdated estate planning documents, which, if left unchecked, can lead to serious consequences for them and their families. Of course, the estate planning process itself is somewhat outdated. Financial advisors often have no visibility into the conversations clients are having with third-party attorneys, creating an opaque, disconnected system with many moving parts. It’s difficult for financial advisors to offer the best advice when they can’t see...

Vanilla

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May 19, 2020

Thanks to recent technological advances, basic investment management doesn’t cut it for your clients anymore. You’re expected to deliver something technology cannot — a three-dimensional view of your clients’ finances, life and death included. Talking about what happens to one’s financial legacy upon death is an emotional conversation. It requires trust, and it requires humanity. If you can manage to have that conversation, your clients might learn that their investment returns aren’t necessarily worth much to their family without proper estate planning. People who pass away without properly planning their estate leave their family susceptible to years of legal hassle....