Quickly compare estate tax outcomes between two plans to demonstrate the impact of your estate planning advice. This visual insight highlights how different strategies can reduce estate tax, protect your clients’ legacy, and provide greater peace of mind.
Transcript
In this training, we’re going to walk through how to use Voyant’s Estate Tax Insight in the Canadian version of the software.
This insight is particularly useful for high-net-worth plans, where you’re looking to demonstrate the value of an estate planning strategy designed to reduce a client’s potential estate tax outcome.
I’m going to start by navigating to the Insights tab. Here, you can see that we have a base plan we’re working from, along with several what-if plans that have been built out with different strategy proposals for the client.
For this example, I’ll be comparing the client’s base plan against a plan that includes charitable giving goals.
From the Insights tab, I’ll search for the Estate Tax Insight and select it. Next, I’ll choose a comparison plan using the dropdown menu. You can use this dropdown to select whichever plan you’d like to compare against the base plan. In this case, I’ll select the plan with the charitable giving goals and then click Get Started.
Voyant will now run the comparison and prepare the results so we can review them side by side.
Once the simulation has finished running, you’ll see the base plan displayed at the top of the screen and the comparison plan displayed below it. You can hover over the charts to see the differences between the two plans at any point in time.
I also like to use the Estate Tax Comparison option here, as it makes the side-by-side view even easier to follow. This allows you to look at the estate tax outcome in any year of the plan and clearly see how the two strategies compare.
As we move closer to the end of the plan, the differences become more noticeable. For example, in year 208, the base plan shows an estate tax outcome of $17.66 million, compared to $10.2 million in the plan that includes charitable giving.
If we go all the way to the final year of the plan, the difference is even more pronounced, with $18.6 million in estate tax in the base plan versus $7.7 million in the comparison plan.
This is how you can use the Estate Tax Insight to run a clear, side-by-side comparison of estate tax outcomes using two different plans, and to show how the impact of planning strategies changes over time.
I hope this has been helpful. If you have any questions or would like assistance running a comparison, you can reach out to us by clicking the client’s name in the top-right corner, selecting Request Support, entering your question, and sharing client access. Thanks for listening.