You meet with your clients frequently to discuss complex issues and financial decisions, and you've developed strong relationships with them over time. For this reason, you may be among the first to detect a decline in a client's mental acuity.

Many financial advisors mistakenly believe that estate planning should focus solely on estate tax liability at the client's death. Though minimizing taxes is a significant goal of estate planning, saving on taxes is not its ultimate aim. A successful estate plan also considers the human element by focusing on specific client wishes, as outlined in several critical documents—what I'm referring to as the three pillars of the estate plan.

Discussing tax returns with clients benefits you—their financial advisor—in three ways: (1) you gain tremendous insight into their financial situation, (2) you can identify areas for additional financial planning, and (3) you can strengthen the client-advisor relationship with your careful attention and guidance.