Luminary’s Balance Sheet: built for estate planning

Your client’s balance sheet through an estate planning lens

A key factor in an effective balance sheet for estate planning discussions is clearly distinguishing assets held within a family’s taxable estate, and those held in trusts or other vehicles outside of the estate. Unfortunately, most software tools available today lack robust support for organizing balance sheets around this crucial structure.

Luminary now addresses this gap with a purpose-built balance sheet that is automatically created from Luminary’s system of record and asset information from portfolio reporting tool integrations. The balance sheet provides clear visibility into asset location, ownership, and asset class. Beyond tracking assets and liabilities, Luminary’s solution also incorporates projected life insurance benefits, delivering a full view of your client’s financial picture.

A customizable, exportable snapshot of your client’s net worth

With Luminary, you can easily create a comprehensive view of all assets and liabilities that comprise a client’s net worth. Features of Luminary’s balance sheet include:

• A complete picture: Get a holistic view of total assets, liabilities, life insurance policies, and overall client net worth. Add all asset types – including unmanaged holdings such as direct business investments, real estate, jewelry, cars, and art – to understand the full picture of your client’s estate.
• Flexible asset structuring with categories: Add detailed account and asset information within holding entities, and assign assets to categories for easy grouping. Asset categories can be easily edited and customized for your firm and clients.
• In-estate and out-of-estate view: Configure the balance sheet to clearly distinguish between in-estate and out-of-estate holdings. Show separate trusts or together, and combine or separate directly held accounts in your view.
• Up-to-date values: For customers with a portfolio reporting integration enabled, Luminary will automatically pull in accounts and sync asset values regularly via the integration provider. Values can also be bulk updated via CSV or through direct entry.
• Three ways to present: Share the balance sheet with your clients in your brand’s colors with a variety of options – export to a pre-formatted excel, download as a graphic to insert into client materials, or generate a professional PDF through Luminary’s client presentation builder.

Drive meaningful client conversations

Luminary’s configurable balance sheet helps you facilitate engaging estate planning conversations with maximum flexibility, offering a focal point to discuss planning goals with clients.

With a comprehensive overview, advisors can easily refer to specific assets and entities when recommending customized estate strategies. A clear balance sheet can also aid in important discussions like liquidity planning for trust outgoings, or ensuring sufficient funds for debt settlements before distributing assets to beneficiaries.

Future-proof estate plans with dynamic updates

Clients’ circumstances and legacy goals evolve over time, while balance sheets built in excel and other tools remain static. With portfolio management integrations and CSV imports, Luminary enables regular updates of asset values, so you always have a current picture of your client’s net worth to proactively identify opportunities, and optimize their planning strategies for any changes that may come their way.

Get started in Luminary today

Balance sheets can now be accessed from the ‘Wealth’ view of every client profile.

Interested in learning more about Luminary’s estate planning software? Contact our sales team today for a demo.