Florida Banking September 2023

How else do you ensure that plans are built to adapt to changing families? We start with the premise that every asset serves a purpose. Rather than viewing accounts as one diversified portfolio that requires you to tell us your “risk tolerance,” our approach matches your financial assets with your unique goals and objectives — so that your plan is a true reflection of the purpose underlying your assets. This is a much more tailored approach, one that conforms to the specific wishes and desires of an individual or family, and not built upon preconceived and outdated assumptions. Pam Lucina is the chief fiduciary officer for Northern Trust and leads their Trust & Advisory Practice. As president of The Northern Trust Institute, Lucina works to assist clients and Northern Trust partners in achieving their goals through the use of world class tools and techniques while keeping an eye on the human element of wealth and family dynamics. A recognized leader and speaker within the estate and trust legal community, she has a strong background in wealth, tax, philanthropic and business owner planning; she also brings expertise in next generation education, governance and global family office matters. For more insight on wealth planning for the modern family, visit northerntrust.com/institute.

is also helpful to have a living will, which spells out your intentions if you are on life support or have a terminal condition, and can give direction to your agent. How can legacy planning for couples without children differ from planning for those with children? When we discuss all of these issues, it’s important to distinguish between “childless” and “childfree” — the former may currently be childless, but may have children in the future. “Childfree” individuals and couples have decided never to have children. In some cases, childfree couples may benefit from more structured dialogue with your advisors to refine your vision for legacy and the people and causes you wish to support. The most important step in either situation, though, is to have a will and plan in place, especially in the event that there is no surviving spouse. The key is to start conversations well in advance. For many, those conversations ultimately center around supporting philanthropic causes, siblings, other family members such as nieces and nephews, or even pets. We often establish trusts for the benefit of loved ones or causes, and life insurance can also play a role. Again, though, it’s important to start sooner rather than later: There is often nuance that merits discussion. For instance, it may be beneficial to leave an inheritance directly to nieces and nephews, rather than passing through their parents’ estate. You’ll want to make sure that is communicated appropriately.

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WWW.FLORIDABANKERS.COM SEPTEMBER 2023 — 21