In theory, the market for estate planning is virtually unlimited. A person's estate is technically defined as the property owned at the moment of death, without regard to value, which means anyone who owns property has an estate. In reality, though, the primary need for your estate planning and analysis services consists of people who have accumulated a certain degree of wealth, or have the potential to do so. Practically speaking, this means:
- Single prospects with estates exceeding the estate tax exclusion ($3.5 million in 2009);
- Married prospects with joint estates exceeding their combined estate tax exclusion ($7 million in 2009);
- Prospects (e.g., businessowners and young professionals) with the potential to have estates exceeding these values in the future; and
- Anyone who faces substantial final expenses, estate administrative expenses, and bequest needs that will involve the transfer of wealth in a planned manner.
The first three examples above recognize individuals and families who face estate shrinkage due to estate taxes. This is the "estate tax planning" market. The fourth example recognizes the broader need for estate planning services by anyone who wants to ensure an orderly transfer of property at death. Here, the need for estate planning services (including the use of life insurance) extends beyond concerns for tax planning.
