Many individuals avoid estate planning because they believe it is meant for the wealthy. Estate planning can also benefit those with modest assets. Estate planning can be an easy or a complex process depending on a client’s situation and needs. Depending on a client’s estate plan needs a team professionals consisting of an attorney, financial advisor, tax professional, trust officer and insurance professional may be needed.
When approaching estate planning with clients and prospects, it is important to begin with fact-finding about the client: state of residence, family and dependents, financial information, income needs, the wills, the client’s overall estate planning objectives, and an up-to-date inventory of the client’s assets and liabilities.
When you approach clients and prospects with estate planning, you should begin by asking the client basic fact-finding questions:
- What is your state of residence?
- What are the names of your family members and dependents?
- What are your income needs?
- Do you have any wills in place?
- What are your estate planning objectives?
- What are your current assets and debts?
With the facts about the estate and a financial team in place, a comprehensive estate plan can be built with expert attention in the following areas:
- Will, Trusts and Powers
- Probate and Estate Administration
- Titling and Property Transfer
- Marital Deduction Planning
- Federal Gift and Estate Tax Planning
- Irrevocable Life Insurance Trusts
- Credit Shelter Trusts
- Spousal Access Trusts
- Family Limited Partnership
- Family Limited Liability Companies (LLCs)
- Private Annuities
- Sale to Defective Grantor Trusts
- Charitable Techniques
- Private Split-Dollar Arrangements
Login to MyProtective.com for more estate planning resources.
