The new offering , called “ Partial Book Sales ,” is designed for advisors “ who are interested in strategically rightsizing their practice while ensuring a seamless client transition ,” according to Aneri Jambusaria , executive vice president at LPL Services Group .

The off-loaded accounts , she says , would be serviced by LPL ’ s Investor Focused Solutions team of licensed advisors , who will ensure continuity of advice and service .

The process of transferring accounts is powered by a new digital platform that makes for a seamless process , the company says , noting that advisors receive guidance with identifying and submitting accounts for transfer . And once the submission of accounts is approved , advisors receive an immediate and competitive payout , the company says .

“ The transition experience includes a warm handoff from the LPL advisor to our LPL team ,” Jambusaria says .

LPL said the Partial Book Sales offering is the latest service that “ focused on enabling advisors to rightsize in order to run a thriving business .”

She says the optional service was created because of advisors ’ feedback . “ Advisors have shared that they want to create capacity in their practice and have full confidence that those clients will be served with intention ,” she says . “ We look forward to continual feedback from our advisors about this and all of LPL ’ s offerings .”

LPL said the Partial Book Sales offering is the latest service that “ focused on enabling advisors to rightsize in order to run a thriving business .” It follows three other services launched in 2022 : its Bookkeeping Services , its Paraplanning Services and the Private Client Services Network .

— Jacqueline Sergeant

Continued from page 9

• The qualified personal residence trust involves the transfer of a home to a trust . Here , “ the donor retains the right to live [ in the house ] for a fixed term , after which it passes to the donees ,” says David Handler , a Chicago-based partner in the trusts and estates practice group of Kirkland & Ellis LLP . The current 7520 rate is a main factor in the favorable estate tax treatment in valuing the gift of a residence . The trust freezes the value of the taxpayer ’ s residence when the trust is created , lowering eventual taxes .

• A charitable retained annuity trust allows grantors a stream of annuity payments for a term of years with the remainder going to charity . The 7520 rate is used to calculate the value of the remainder interest passing to charity . “ A higher interest rate equates to a greater gift to charity , providing a larger income tax deduction ,” Trieu says .

• Charitable remainder trusts are not for wealth transfers but to defer or avoid income taxes and to benefit charity . “ The donor contributes assets and receives payments for a term or for life , after which the assets pass to charity ,” Handler says . Higher interest rates during the life of the trust mean that the donor receives larger payments while preserving the gift to charity , he adds .

• With a charitable gift annuity , Weissberger adds , a contract between a donor and a charity allows a donor to make a gift to the charity in exchange for a fixed stream of income . The charity invests the annuity assets ; at the end of the donor ’ s life , the charity receives the remainder of the gift . Charitable gift annuities “ provide a larger charitable deduction when interest rates are high ,” Weissberger says .

— Jeff Stimpson

14 | FINANCIAL ADVISOR MAGAZINE | MARCH 2023 WWW . FA-MAG . COM