2024 Wealth Planning Outlook

Rethink Thinking

How can you seize the promise of AI while preserving a critical human perspective in planning?

AI is set to impact an array of human endeavors, including wealth planning: Its capacity to analyze vast quantities of data could revolutionize insights and solutions, changing the way families make decisions about wealth and design estate plans. Wealthy families, business owners and executives, however, must also be aware of the limitations of this powerful technology.

1/3 Of workers indicated that they were already using generative AI in one business function or more.¹

7,358 Times AI was mentioned on S&P earnings calls in Q2 2023, an increase of 366% from Q1.

Rethink Planning

How can you make the best decisions for your family and business amid uncertain political and tax landscapes?

While uncertainty may be manifesting in new permutations, political and tax uncertainty, inclusive of significant changes to the estate tax exemption, are not new. Consequently, we emphasize the importance of learning from the past, planning ahead to avoid mistakes and prioritizing flexibility in your plan.

Record-high lifetime exemptions are set to expire

* Estimated based on projected inflation adjustments.

** Estimated, scheduled to revert to $5,000,0000 indexed for inflation from the year 2011.

Rethink Legacy

What new strategies are available to help redefine your vision of legacy?

There has been a paradigm shift in the thinking of many wealth creators, who increasingly seek to foster the overall, not only financial, wellbeing of beneficiaries as the cornerstone of their legacy. In response, a number of new strategies and vehicles are available to create these new kinds of legacies.

40 U.S. states have passed or proposed legislation acknowledging benefit corporations²

Map of United States with 40 states that have passed legislation acknowledging title benefit corporations

Citations

McKinsey. The State of AI in 2023: Generative AI's Breakout Year. August 2023.
Social Enterprise Law Tracker. Accessed November 13, 2023.

Rethink Tomorrow