With the U.S. presidential election less than 10 months away, tax uncertainty is top-of-mind among ultra-high-net-worth (UHNW) clients, according to a survey of trust and estate planning professionals conducted by Tiedemann Advisors.
In addition to worries about taxes, noted by 51% of trust and estate experts, other major concerns identified by respondents included high asset valuations (22%) and political conflicts (13%).
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In general, nearly 80% said their clients were at least somewhat worried about safeguarding their estates during the election year.
Over half of the trust and estate planning professionals surveyed (57%) reported an increase in the number of single-family offices being formed in recent years. And almost one third (31%) attributed the single-family office trend to the wide range of services that these structures provide to meet the specific needs of an UHNW family.
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