Description
Learn the importance of coordinating financial planning with estate planning and how to overcome the reluctance of clients.Many financial planners assist clients with estate planning, at least at a summary level and to make sure their clients at least have an estate plan. Fewer estate planners are even aware of much about their clients’ financial plans (and there are economic reasons why this is so). The presenters of this topic will use a case study approach with four fact patterns to illustrate the importance of coordinating financial planning with estate planning. The two should not be developed in isolation from each other, or they may be at best uncoordinated and at worst in conflict. If developed in coordination, the two plans can provide powerful synergies.
Date: 2020-10-07 Start Time: End Time:
Learning Objectives
Convergence of Estate Structure and Financial Advice
• Estate Structures, Defined
• Financial Advice, Defined
• Convergence: Where the Two Overlap and Need to Be Coordinated
Challenges to Coordinated Planning
• Overcoming Client Reluctance
• Overcoming Professional Rivalry or Turf Protection
• Placing the Client Interest First, a Fiduciary Approach
Case Studies for Coordinated, Synergistic Estate and Financial Planning
• Illustration of Uncoordinated Financial Plans and Estate Plans
• Beneficiary Designations Clashing With Estate Plan
• Cash Flow for the Surviving Spouse Conflicting With Estate Plan
• Matching the Investment With the Technique (the Biggest Topic): GRATs vs. Installment Sales vs. QTIP vs. Joint Purchase Trusts
• Creating and Maintaining a Family Bank: How a Structured Program to Manage a Fund for Intra-Family Loans and Investments Can Provide Great Benefits for a Family
• Case Studies: After Introducing the Concepts, the Presenters Will Illustrate Them in Four Case Studies
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Elaine King, CFP®-Family & Money Matters, Michael D. Whitty – Freeborn & Peters LLP
