What's new at Luminary: August update

Record liabilities, including intra-family loans

Create a more comprehensive snapshot of your clients' estate and enable more accurate estate waterfall projections by recording liabilities. Now you can add any type of liability to an entity — including intra-family loans, mortgages, margin loans — and see the net entity value reflected across the platform. Features include:

• Specify payment details for amortizing or interest-only liabilities with balloon payments.
• See the resulting net value in the entity valuation panel and in the estate waterfall.

More granular modeling for clients subject to state estate taxes

With new dispositive provision recipient types and distribution functions, you can now easily model strategies for your clients who may be subject to state-level estate taxes, including:

• Funding a credit shelter trust with the state exemption
• Funding a partially exempt marital trust with remaining federal exemption above the state exemption
• Funding a non-exempt marital trust with anything remaining

Model pour-over wills, and templated provisions in the estate waterfall

Save time applying dispositive provisions across multiple entities that follow the same distribution pattern with the new templates functionality.

Use the new pour-over preset template to apply model assets that go into a revocable trust for pour-over wills. With this new feature, you can easily see entities pouring into the revocable trust prior to your clients' death event.

You can also create your own custom templates to apply the same pattern of dispositive provisions to multiple entities, saving time in building out client estates where the same distributions are made across multiple entities.

See templates demo

Luminary has a fresh new look!

We've redesigned our user interface to make it easier to navigate than ever. Here's what has changed:

• More intuitive grouping of features within each client profile
• Top global navigation bar to access company wide clients, tasks, and settings
• Left panel to navigate through a client's profile

Streamline document reviews with more comprehensive AI summaries

For applicable document types, AI summaries now include:

• Expanded subtrust info such as funding source, when it is funded, how much, who has access or benefits.
• More detail on co-trustees, power of appointment, and withdrawal rights including Crummey notice periods.
• Additional clarity on income vs. principal distribution differences and terms around advancement or equalization requirements.

Add waterfall flowcharts to your client presentations in a click

One of our most requested features, you can add any estate waterfall diagram in Luminary! Add both death orders, filtered views, or hypothetical waterfalls, to your client presentations with just a click.

Additional features for 'what-if' modeling

Within hypothetical waterfalls, you now have the ability to model:

• Funding of an ILIT
• Transfer of non-insurance assets or insurance polices held by an ILIT to another entity or ILIT
• Transfer of business ownership to another individual or entity

Five new ways to customize your estate waterfall diagrams

With our new display settings, you have even more control over how your estate waterfalls appear. Now you can configure your diagram to show or hide entity lists in groups, dollar values, lines, or labels.

Luminary AI's specialized summaries now expanded to more document types:

Simply choose the document type when uploading a new PDF, and our AI summaries can detail all the key points for you across:

• Business: Operating agreement, LLC agreement, articles of incorporation, partnership agreement
• Insurance: Policies, premium payments
• Tax: Tax ID confirmation, tax filing
• Other: Assignment of interest, asset valuation, transfer confirmation, POA, account documentation statements

Record FinCEN ID for streamlined Corporate Transparency Act reporting

Luminary centralizes business entity details, including beneficial ownership. Now, you can also indicate whether the business requires CTA reporting and input the entity's FinCEN ID, to keep track of reporting requirements.

Improved entity details input forms now easier to navigate and complete

With a side-by-side view, you can now search and reference the document while filling out the entity details form, making entering dispositive provisions and beneficiary intake quicker and easier than ever.

Easily delete clients via the Access tab

Now you can delete clients and prospects by navigating to the Access tab at the bottom of the left navigation bar.