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What's new at Luminary: April Update

Blog Post

May 1, 2024

What's new at Luminary: April Update

Jemima Law


Business Operations

April has been another exciting month at Luminary. We’ve been busy rolling out new features that fortify Luminary as the most intuitive and user-friendly platform in estate planning. This month we’ve launched support of state-level estate taxes, created new business entity visualizations, improved Luminary AI document summaries, and enabled bulk importing valuation updates using an excel file. Additionally, we continue to refine the user experience and add new functionality to the Estate Waterfall.

State estate taxes

Luminary calculates state estate taxes

Luminary now automatically calculates state estate taxes for all applicable states, other than Connecticut, which will be launched in the coming months. You’ll now notice state estate taxes in the following features:

  • Estate waterfall: See applicable state estate taxes at each grantor’s passing in the summary bar chart and flowchart view. Click into the flowchart tile to view the in-depth calculations, which take into account state-based taxable estates, state exemptions and applicable estate taxes, then layer on lifetime exemptions, and federal tax rates.
  • Gift proposals: State estate taxes are now calculated when modeling new gifting strategies.
  • All states supported: NY, MA, IL, HI, ME, MD, MN, OR, RI, VT, WA, DC

Business entity visualizations

Luminary generates business entity ownership flowcharts

Say goodbye to cumbersome Powerpoint and Visio flowcharts – Luminary now generates interactive business entity maps! Our polished visuals lay out the structure of your client’s business holdings, while automatically calculating the total aggregate value of their ownership. Log into Luminary to enjoy:

  • Interactive visuals: Hover over entities to see ownership interests of nested entities, and click into them to see the value of their beneficial ownership and assets held.
  • Automatic calculations: Based on the ownership structure and entity valuations, Luminary will do the legwork of calculating the total valuation of in-estate, out-of-estate, and total value.
  • Customizable formats: As with all Luminary visuals, the business entity map is highly customizable: select vertical or horizontal nesting, move the flowchart boxes, create and save custom maps, such as family or business-related entities only.
  • Downloadable: Export your flowchart to easily share it with your client.

See it in action

Luminary AI document summary improvements

Luminary AI summarizes trust documents

Our next step in Luminary AI creates standardized document summaries that are the perfect starting point for preparing for a client or prospect meeting, or beginning an estate plan review.

  • Improved document summary structure: For every document uploaded, Luminary AI will extract and organize key information into a new and improved format – structured around the type of information you most frequently need to locate. Summaries now have sections for trust creation, trust administration, beneficiaries, key provisions, and estate & GST tax payments.
  • Edit and export: You can now customize the document summary contents and formatting. Once completed, you can copy the formatted summary into a word document, email, or client presentation. 
  • Regenerate summaries: Whether you’ve made edits to an existing summary, or want to regenerate a document summary to leverage our constantly improving AI algorithms, you can now rerun summaries directly from the Documents tab.

See it in action

Upload valuations via CSV

Update valuations in Luminary using CSV upload

Easily load and update valuation data from any other platform. Simply download our template, input the data, and upload to sync! You can also link Account IDs to Luminary entities, making bulk valuation updates quick and easy.

Now automatic: waterfall creation & grouping

Luminary automatically groups entities in estate waterfall flowcharts

Estate waterfalls are now auto-created for all clients, and entities can be auto-grouped based on ownership and dispositions, simplifying even the most complex estate structures.

Schedule a demo

To learn more about our latest features, schedule a demo today:

Find out how Luminary can help your clients unlock more meaning in their money.

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