May 12, 2023 / Press
Neil Solarz Shares Estate Planning Tips for Creative Professionals in Financial Planning
Neil Solarz was recently featured in the Financial Planning article “8 estate planning tips for advisors with artists and entertainer clients,” which examines the unique lifestyles of creative professionals and how financial advisors should account for these circumstances when preparing estate plans. Due to their high net worth, artists, musicians, and other creative professionals often have a more complex division of their estate as compared to the average individual.
In particular, nontraditional family dynamics can complicate planning for this type of client, as Neil notes, with children often coming into the picture unexpectedly. “You need to plan either to disinherit that person specifically or otherwise provide for them. Because otherwise, if they can prove paternity, they’re entitled to a share of the estate,” he shares. He continues by telling Financial Planning that this issue can carry into the set up of a trust, observing that certain creatives “want to help their kids, but they don’t trust their kids.”