There is no abrupt break between the accumulation phase and the second phase, conservation. Rather, the accumulation phase gradually yields to the conservation phase as attention turns from acquiring wealth to preserving it for the benefit of heirs and charitable interests. Indeed, early conservation planning should begin long before the accumulation phase ends, since some planning steps (e.g., changing life insurance ownership) must be done well before death.
Planning responsibilities during this stage often include:
- Re-positioning assets
as necessary to best preserve their estate value.
- Working with the client's estate planning team
to review wills and trust documents for accuracy and impact on estate plans.
- Purchasing survivorship life insurance
to facilitate unified credit and marital deduction planning.
