Breakdown of Estate Planning Costs

Breakdown of Estate Planning Costs – SmartAsset

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Estate planning costs vary, and the difference in fees can only add to the emotional challenges. It’s difficult enough to begin managing matters of death without confusion on top of that. The pandemic has only compounded such challenges. We are most stressed when we don’t understand, though. So, if you’re trying to navigate the basics of estate planning costs, below are a few core concepts that might help. Consider working with a financial advisor if you need help setting up an estate plan or managing inherited money.

Why is Estate Planning Important?

Before diving into costs, it’s important to lay out why an estate plan is so vital. Estate planning is a crucial measure in protecting not only your interests but your family as well. Without it, all of the assets you’ve worked hard to gain, including money, property and valuables, could get caught up in a legal tug of war. A comprehensive estate plan prevents in-family strife following your passing.

Therefore, it gives you the chance to take protective measures for your children. In the event you pass away, you’ll want them to have a guardian they can rely on and to minimize their financial burden as much as possible. Otherwise, their inheritance could be swallowed up by fees and taxes, leaving them with little in the end.

Overall, the significance of an estate plan is an allowance for your family to grieve your loss without having to fear the financial repercussions that might cause.

Hiring an Attorney vs. Estate Planning Online

The internet is useful for small fixes and tips, but you shouldn’t rely on the internet for everything. When it comes to something as important as estate planning, you’re better off hiring a professional. Do-it-yourself kits are advertised online, but their main draws are their simplicity and low costs. That might appeal to someone with no heirs or substantial property, but not if you have any specialized needs.

Sites may only help you create a will. A will cannot help any of your heirs avoid probate, which could incur estate taxes on the whole. The chances of issues like these only increase the more complex your situation is without a plan to match.

While internet legal sites can be alright starting points for some basic estate plans, they will not be able to address the collection of concerns you may have. However, research can be a great advantage in a legitimate consultation with an attorney. So, bring any questions you have to your first meeting with your estate planner.

Types of Estate Planning Fees

Not all estate attorneys use the same pricing system, so you may receive a variety of estimates depending on the individual. When trying to budget for the cost of an attorney estate plan, it’s important to know who is doing the work, what type of plan you need and the legal fees your estate planning attorney prefers.

Hourly Rate

If your attorney can’t pinpoint a fixed fee to charge you, he or she will likely use an hourly rate. This would encompass any time your lawyer was working on your case. If your attorney asks for an hourly fee, they may also request a retainer upfront before they begin. This could be the total amount or a portion of it. If it’s the latter, they’ll bill you the rest at a later point in the process.

An hourly rate may come into play if your attorney believes that your estate plan will require extra time or effort due to its specifications. They may also have an hourly rate they consistently use based on their knowledge and experience.

Flat Fee

A flat fee is a fixed price your attorney may offer to accommodate their estate planning work and experience. This pricing will typically cover preparing necessary documents, such as a will or a power of attorney. If your lawyer asks you for a flat fee, you should clarify what’s included in that plan. That is because it can change depending on the estate planner’s discretion. For example, some attorneys might not include a notary or helping with trusts.

Your attorney may also require you to pay a partial or total amount of a flat fee before they begin working. So, it’s best to ask about the payment expectations for a flat fee and what it covers ahead of time.

Contingency Fee

A contingency fee is used in situations where you will receive monetary compensation. For example, when you win a court case and accept awarded money, you pay your attorney a percentage. Because of this, estate planners don’t typically use contingency fees. They don’t make sense without an opposing side.

However, if you need to settle an estate, a probate attorney might use this type of fee.

Factors that Can Increase Your Bill

Fees are just one variable that could affect your estate planning bill. Any special considerations or tasks could increase the total fee. You should know what to expect, so talk directly with an attorney. Ask to schedule an upfront consultation in person, usually free of cost, and supply you with an estimate. Also, there’s no harm in comparing prices. So, feel free to speak with a few potential attorneys and pick the one best suits your needs.

Why Do Costs Vary By Estate Plan?

Estate plan costs vary because each estate plan has unique needs. The lower end of the spectrum can include a basic will written for as little as $150 to $200. But a more complex plan may cost you upwards of $300 per hour. If you want something that reflects your situation and the necessary measures it will take to protect your assets and heirs, it will cost more. The cost also depends on how many documents you need prepared beyond your will, like a power of attorney and the circumstances of your heirs.

There is no “one-size-fits-all” plan for an estate. For example, a couple with underage children will be focused on a plan that emphasizes guardianship, long-term care and financial security. However, add extra factors such as previous marriages and multiple trust funds. That situation calls for more accommodations while spreading out the distributions. This shouldn’t stop you from shopping for the most affordable price, but don’t let it be the deciding factor. If you’re not careful, your heirs could lose money regardless because the estate wasn’t properly managed.

How to Minimize Your Estate Planning Costs

Estate planning can be unpredictable and costly. Depending on your situation, you may be paying an unexpectedly high fee. If you plan accordingly, though, you will find there are ways to help minimize the costs. Here are a few suggestions for you to consider:

  • Pick the right attorney: Research firms, read reviews and compare them. Try to schedule an in-person consult with each one.
  • Know your needs: Go into your first meeting educated. Know what a basic estate plan includes and whether you’ll need more documents.
  • Discuss money upfront: Whether it is on the phone or in-person, a firm might offer the first consultation free. Use that opportunity to discuss rates and how long the process might take.
  • Put it in writing: Once you choose your attorney, make sure you draft a written agreement you both sign. It should include the work your lawyer will do as well as any costs.

The Takeaway

Having substantial assets means lots of planning: retirement planning, tax planning and estate planning. When doing estate planning be aware of your options. You can do it online to save money or you can hire an estate planning attorney. Taking the latter course will involve various fees, some of which may be flat fees, contingency fees or hourly fees. And while using a lawyer is more expensive, it reduces significantly the likelihood that your digital DIY estate plan will hold up in court.

Tips on Estate Planning

  • The probate process can hold up the process of distributing your assets for as long as a year. However, with good estate planning, you can help your heirs avoid this inconvenience. A professional financial advisor can help you plan out your estate and manage your wealth on top of that. To find one in your local area, use our advisor matching tool. If you’d like to get connected to one, get started today.
  • A revocable living trust isn’t the only trust that can help you secure your assets from probate. Look into how different trusts work to see which kind is right for you.

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Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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Qualified Domestic Trust (QDOT): Marital Deduction

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Trusts can be a useful tool for estate planning if you’d like to preserve assets for loved ones while minimizing estate taxes. A qualified domestic trust (QDOT) is a specific type of trust that can offer tax benefits for married couples. With a QDOT, a surviving spouse can qualify for the marital deduction on estate taxes for assets included in the trust. This type of arrangement can be particularly helpful when a surviving spouse is not a U.S. citizen. Here’s more on how these trusts work, the benefits and limitations of having one and how to establish a QDOT as part of your estate plan. Estate planning is always done best in consultation with a financial advisor.

Qualified Domestic Trust (QDOT), Explained

A trust is a legal arrangement in which you transfer assets to the control of a trustee. This can be yourself or someone else you name and it’s the trustee’s duty to manage assets in the trust on behalf of the trust’s beneficiaries.

A QDOT is a specific type of trust arrangement that’s designed to benefit married couples, specifically when one spouse is not a U.S. citizen. This type of trust extends the marital tax deduction to non-citizen spouses, who would otherwise not be eligible to claim the deduction on estate taxes.

If you’re married to someone who is not a U.S. citizen, then setting up this type of trust could make sense if you’d like to minimize any tax burden your spouse may assume if you pass away first. A QDOT can essentially create a tax shelter for non-citizen spouses as part of an estate plan.

How a QDOT Works

To understand how a QDOT can benefit a non-citizen spouse, it’s helpful to understand the marital deduction and how that applies to estate taxes. Ordinarily, the Internal Revenue Code allows surviving spouses to claim a 100% marital deduction for estate taxes that may be due on assets they inherit when their spouse passes away. This is a significant tax break, as it enables surviving spouses to assume control of marital assets without getting hit with a sizable tax bill.

When a married couple consists of one spouse who’s a U.S. citizen and one who is not, the marital deduction does not apply. That means a surviving spouse could face substantial estate taxes on any assets they assume control of after their spouse passes away. Creating a QDOT and transferring assets to it with the non-citizen spouse named as beneficiary solves this problem.

Assets held in the trust would go to the surviving non-citizen spouse, allowing them the benefit of using those assets as well as any income they generate. They would pay no estate tax on assets in the trust. The surviving spouse could then pass those assets on to their children or another named beneficiary when they pass away. If applicable, the estate tax would be due on those assets at that time.

Benefits of a QDOT

The main advantage of including a QDOT in your estate plan is to extend tax benefits to your spouse if they’re not a U.S. citizen and don’t plan to apply for citizenship. A surviving spouse would be able to enjoy the marital tax deduction on estate taxes. They’d also be able to receive income distributions from the trust. Those would be subject to income tax but not estate tax. If you have a sizable estate then setting up a QDOT could be worth it to ensure that you’re passing on as much of your wealth as possible to your spouse.

While setting up this type of trust is generally more complicated and expensive than setting up a basic living trust, it may be an easier way to afford tax protections to a non-citizen spouse versus having them pursue citizenship.

Limitations of a QDOT

While there are some advantages to QDOT, there are some potential downsides to keep in mind.

First, it’s important to note that the IRS is specific about how these types of trusts are set up. The trustee must be a U.S. citizen and depending on the amount of assets that are held in the trust, a secondary trustee may be necessary. This trustee must be a U.S. bank.

Once the spouse who created the trust passes away, their executor must make a QDOT election when filing a federal estate tax return. This is necessary to qualify for the marital deduction. The IRS specifies that the estate tax return with the QDOT election must be filed no later than nine months after the individual who created the trust passes away.

Estate tax may be due if a surviving spouse receives principal from the trust, rather than income. There are, however, some exceptions to this rule. For instance, if a surviving spouse is experiencing financial hardship and has no other assets to tap into it may be possible to receive principal from the trust without being required to pay estate tax.

Perhaps most importantly, spouses should be aware that a QDOT only extends to assets held in the trust. If you have other assets you wish to pass on to a surviving spouse who’s not a U.S. citizen, those wouldn’t be eligible for the marital deduction protection offered by a QDOT if they’re not included in the trust.

How to Set Up a QDOT

Setting up a QDOT starts with determining whether it’s something you can benefit from having in the first place. If you’re married to someone who is not a U.S. citizen, then it may be worth meeting with your financial advisor to discuss the pros and cons of including a QDOT in your estate plan. Your advisor can help to assess any potential estate tax consequences associated with passing on wealth to a non-citizen spouse.

If you’ve determined that a QDOT is something you need, the next step is finding an experienced estate planning attorney who can help with setting one up. Creating a QDOT  means understanding which IRS rules apply and that’s something an estate planning attorney or a tax professional can help with.

The Bottom Line

A QDOT could be useful to have if you’re married and you want to minimize tax impacts associated with leaving assets to a non-citizen spouse. The biggest considerations to keep in mind are what assets you’ll transfer to the trust and how those will be managed on behalf of your spouse once you pass away. Again, getting help from a tax professional, estate planning attorney and your financial advisor can make creating this type of trust as smooth a process as possible.

Tips for Estate Planning

  • Consider talking to a financial advisor about the tax implications of passing on assets to a non-citizen spouse and whether it makes sense to have a QDOT. If you don’t have a financial advisor yet, finding one doesn’t have to be difficult. SmartAsset’s financial advisor matching tool makes it easy to connect in just minutes with professional advisors in your local area.  If you’re ready then get started now.
  • Wondering if you have enough to retire? Our free, easy-to-use retirement calculator can give you a good estimate of your annual, post-tax income upon retirement.

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Rebecca Lake Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
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Do I Need a Family Office? A Guide for the Rich and Not So Famous

Several years ago, I spent an entire day with a client walking the opening round of the Byron Nelson Golf Tournament. I enjoy time like that with my clients, and it makes for the perfect op­portunity to hear what’s really on their minds. As we watched the best players in golf hack their way into the second round, he asked me his one, and only, business-related question of the day: “Should I start a family office?”

Most wealthy families eventually face this question, often as the result of peer pressure. Like va­cation homes and private air travel, forming a family office seems to be something that friends and neighbors are doing. If your business and career have brought you significant net worth, someone in your circle may eventually suggest forming a family office.

This paper, and the questionnaire that accompanies it, is meant to help you and your family de­cide whether such an organization is right for you. This is the starting point for families asking them­selves the question. The execution of the idea, however, is a longer topic best discussed with experienced advisers. It is important to note that each story truthfully illustrates a concept, but specific details have been changed to protect client confidentiality.

What Is a Family Office?

According to Ernst & Young, there are more than 10,000 family offices globally, and some estimates put the figure in the U.S. at 6,000. The largest family offices are well known: Bill and Melinda Gates’ Cascade Investment, Sergey Brin’s Bayshore and David Rubenstein’s Declaration Partners Capital are just a few examples. With large office spaces, dozens of employees and seemingly un­ending resources, these family offices are easy to spot. Thousands of family offices are much smaller, with most employing as few as one or two people to help the principal manage their wealth.

There are three categories of family office:

  • The traditional family office. The concept is straightforward. A wealthy principal forms a legal entity, and then hires a staff whose job it is to invest and protect the family’s wealth, manage the family’s assets and assist with their lifestyle.
  • The multifamily office. The rapid growth of family offices has been accompanied by new, creative variations. One of the most common is the multifamily office. These outside firms are set up to perform most of the functions of a fully staffed family office: They help set investment strategy, perform due diligence on private investments, assist with tax and estate planning, interface with investment managers and advise on family governance. They charge a fee, typically a percentage of total net worth, and have dozens of client families. These models are more affordable than a traditional family office, but because you share resourc­es with other families, they lack the same level of control as a traditional family office.
  • The outsourced family office. Finally, an outsourced family office isn’t an office at all, or a single organization, but a collaborative effort across several supporting players. A financial adviser handles the investment portfolio, an attorney handles the estate plan and a CPA handles tax strategy and pays bills. Concierge services, next-generation education and family governance advice are types of services often included in the fees at large wealth advisory firms. Creating an outsourced family office lacks the total control and coordination of a traditional family office, but it is the least expensive approach.

How is an outsourced family office different than your current financial adviser/CPA/attorney trio? The principal will need to give authorization for the parties to communicate at any time, and then he/she chooses a “quarterback” to coordinate most family financial matters. This is often the financial adviser, who will now guide the family on much more than asset allocation and portfolio management. Topics such as family meeting coordination, next-generation financial education and philanthropic planning become routine conversations.

Who Needs a Family Office: 3 Factors to Consider
Do you need a family office? If so, which model should you use? It is unfortunate that most financial advisers answer this question with a simple range of personal net worth. Your balance sheet is an important factor, but there are many other questions that should be answered about income, diversification, staffing, overhead, geographic disparity, family dynam­ics, philanthropic interests and time commitments. This longer, more thoughtful discussion can be grouped into three categories: the size of your wealth, the complexity of your life, and the priorities of your family.

No. 1: The Size of Your Wealth

The client I mentioned at the golf tournament was a serial entrepreneur who was successful across multiple industries. Al­ready wealthy by any standard, his largest business was on the verge of selling. The transaction would multiply his personal liquidity, and nearly end his day-to-day business responsibilities. Large-scale liquidity events are usually the catalyst for someone to start considering a family office.

How much wealth justifies a family office? Most advisers will offer a balance sheet measure. However, the most important measure is income, not assets or net worth. Either from private investments or from a large liquid portfolio, a family’s sus­tainable income — after paying all lifestyle needs — has to be enough to pay the overhead of the staff they want to hire. When a principal burns into their liquidity to pay for the office, they have transformed the family office concept into a business venture that requires excess market returns to fund itself. This is called a private equity firm — not a family office.

 Even small offices can be very expensive. Citibank estimates that a small family office with two professionals and four support personnel can cost $1.5 million to $1.8 million per year. Morgan Stanley and Botoff Consulting routinely publish a family office compensation report. In 2019, their survey found that the average small family office in Chicago can expect to pay a chief investment officer over $300,000, and a general counsel over $200,000. These figures are base salaries and do not include benefits, bonuses or carried interest compensation.

Many clients still think in terms of total net worth, and it can be a quick back-of-the-napkin measure. I usually advise clients that you should only consider a traditional family office if your total net worth is above $100 million minimum and most will need more than $250 million. This is simply a practical matter: Total assets below $50 million can easily be served by a more traditional group of advisers for a much lower cost.

No. 2: The Complexity of Your Life

In my early days I met a successful entrepreneur who owned a very large, well-known business. His accountant shared his personal balance sheet to help us formulate a solution for him. The man was worth almost $500 million, and nearly all of it was in the value of the company. In fact, his personal liquidity was less than $3 million, held entirely in cash. His entire balance sheet could be summarized across three line items: the business, the cash and the house. In his case, his income and total net worth more than qualified him for a family office. But the lack of complexity meant he could lean on his company’s management team and a single financial adviser without having to build out a family office.

A single, large portfolio of stocks and bonds, regardless of the enormity, is not complicated nor is it time consuming. Finan­cial advisers who specialize in the ultra-wealthy can easily manage this portfolio according to your goals and risk tolerance. In addition, if your entire wealth is held in a single, family-owned business, you don’t need a family office staff to help grow your wealth. Your management team at the business is already helping you drive value.

Depending on age and personal preference, some clients sell their primary business and “go to the farm,” leaving their financial advisers with a portfolio to manage. This straightforward approach rarely requires full-time employees, HR over­sight and a long-term office lease. Other clients, however, build more businesses on the foundation of their early financial success. One client parlayed his early victories as a real estate developer into a diverse portfolio of closely held businesses across a dozen industries. Another client, in his early 60s, is on his third wildly successful career in as many indus­tries. Choosing to manage a myriad active, private investments takes a staff, and not just management teams at each business. In these cases, family offices will look like single-investor private equity firms, with staff members sourcing deals and performing due diligence.

An overweight of personal assets can also create complexity. One of my clients, who did not have a family office structure, owned four vacation homes in addition to his primary residence. “One for every season!” he once told me. He, his wife and their grown children would use private aviation to spend as much time at each vacation property as they could. After a few years, he admitted that the properties were “just too much,” and he sold all but one. The sheer breadth of his properties — the upkeep, property taxes, scheduling and in some cases staffing — warranted a full-time employee. He chose to simplify his life rather than make the long-term investment of a family office.

It’s worth noting one of the most controversial subjects in the family office conversation: paying household bills. I’ve known many clients who achieved tremendous financial success and wonder, justifiably, why they’re still the person to write their lawn crew a check every Thursday. One of the advantages of a traditional or multi-family office is the outsourcing of the bill pay function. If your personal receipts and expenditures look more like a small business than a small household, you should consider a multi-family or traditional family office.

Another factor to consider is the complexity of your estate plan. The plan itself and its various legal entities should never, on their own, factor into the choice to form a family office. The best estate plans, however, reflect the principal’s desires on how best to leave a legacy for the next generation. Simple wills and remainder trusts describe an approach that requires very little interpretation when you’re gone. If, instead, you find yourself with multiple family limited partnerships, family foundations and an array of trust structures, you might require a professional staff to help implement your strategy. Many of the nation’s largest family offices have existed for multiple generations and continue to carry out their founders’ wishes.

No. 3: The Priorities of Your Family

It is hard to discuss the formation of a “family office” without discussing the family. It is entirely possible for a single individ­ual with no heirs to have the resources and requirements to create a family office. But most family offices are built around a family, or at least the legacy that the family wants to leave the world.

One of the advantages of the formal structure of a family office is the flexibility it gives the parents when it comes to their grown children. If the wealthy individual wants his or her children involved in the daily business of managing the family’s wealth, the office has built-in roles for their children. One client had considerable success in the aviation business. His grown son was competent and hardworking but had no interest or inclination to work in the airline industry. By giving his son a role in the family office, he helped his son grow and mature and kept him involved in the family’s financial picture.

This same flexibility can also go the other direction. One of my early family office clients was five generations removed from the founders. Decades ago, the descendants who controlled the business made the decision that no family members were allowed to work in the family office; instead, each was expected to blaze their own way. This approach is sometimes easier than having to decide which child or grandchild is qualified enough to earn a paycheck. It also allows the office staff to focus on growing and protecting the wealth without the drama of family politics.

You should also understand and acknowledge the issues of trust and confidentiality when considering the formation of a family office. Every wealthy family takes risks of confidentiality when they hire any outside firm. Using a CPA, attorney or financial adviser means sharing details that you hope will remain confidential. On one hand, building a traditional family office gives the principal a higher level of oversight and control over the flow of information. On the other hand, principals need to know that their new employees will become extremely close to the family, exposing them to personal information that the principal might otherwise want to keep private.

Finally, you and your family should weigh the benefits of the office against the time and emotion spent managing this new enterprise. Regardless of your staff size, hiring people means interviews, job offers, benefit plans, security protocols, per­formance evaluations, office politics, vacation time, raise discussions and much more. You will become the chief executive of the new enterprise, and ultimately will be responsible for all the people you employ. Creating a family office is intended to make the principal’s life easier, but it still requires personal responsibility.

A Quick Test to See Where You May Stand

The questionnaire below encompasses these concepts in 10 questions. I urge you and, if you’re married, your spouse to take the test and discover if your opinions are aligned and if the outcome is the same. Answer each question by checking the appropriate box. If none of the answers apply to you, leave that row unchecked. Give yourself 1 point for every check in column 1; 2 points for each check in column 2; 3 points for checks in column three; 4 points for checks in column 4; and 5 points for checks in column five.

Quiz asks about total net worth and how complicated your finances are.Quiz asks about total net worth and how complicated your finances are.

Evaluating Your Score

If you scored fewer than 20 points, a family office is likely not for you. Continue to lean on your financial and other advisers to help protect and grow your wealth. You should have the time and inclination to coordinate your financial matters across your advisers.

If you scored 20–29 points, you should consider an outsourced family office. Unlike a traditional family office, this structure is a collaborative effort across several parties, usually with the financial adviser as quarterback. Sit down with him or her and show them the results of this questionnaire. Share your desire to broaden the type of advice you want them to provide beyond portfolio management, including, for example, financial education, estate advisory or family governance. Ask if their firm has expertise in these matters, and what accessing that expertise would cost. Discuss how they would coordinate these services between your accountant and attorney.

If you scored 30–39 points, investigate the benefits of an outsourced family office and the multi-family office. In ad­dition to asking your current financial adviser about their outsourced family office services, interview several multi-family offices. Confirm fee schedules, ask for client references, and spend time getting to know the people who you will trust with your family’s wealth.

If you scored 40 points or more, you have the resources and the requirements of a traditional family office. Your financial adviser and CPA are good resources to gather information about forming a family office. Take your time, meet with other family offices, and choose your staff carefully. This is a big step; one that is meant to last for generations.

My Final Words of Advice

The decision to form a family office requires plenty of thought and consideration over topics that some principals haven’t considered before. The framework above is just one tool to help you discover whether this endeavor is a fit for you and your family. Never forget that this wealth is yours, and the family office should be a help, not a hindrance.

You may be wondering what happened to my client at the Byron Nelson tournament. When he asked if he should form a family office, I didn’t hand him a survey or pepper him with questions. I just replied, “Well, do you want one?” He answered, “No, not really.”

Decision made.

This material has been prepared for Illustrative purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The views expressed herein are those of the author and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax adviser for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
Morgan Stanley Smith Barney LLC. Member SIPC. CRC 3405626 01/2021

Executive Director, Morgan Stanley

Matthew Smith is an Investment Adviser at Morgan Stanley.  He works with high net worth families to create and implement strategies that include investment management, estate planning, and cash management. Matthew was previously a Managing Director at the J.P. Morgan Private Bank, where he most recently was Market Manager for the High Net Worth Market in Dallas.