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Estate Planning – What’s in It for Me?. Presented by: Douglas G. Goldberg, Esq. Just the Facts. 50% to 70% have no plan 50% of those are out of date Baby boomers (Born 1946 to 1964) 48 to 66 years old 76 Million / 314 Million (24%) Colorado population = 5.2 Million (1,248,000 )

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estate planning what s in it for me
Estate Planning –What’s in It for Me?

Presented by:

Douglas G. Goldberg, Esq.

just the facts
Just the Facts
  • 50% to 70% have no plan
  • 50% of those are out of date
  • Baby boomers (Born 1946 to 1964)
    • 48 to 66 years old
    • 76 Million / 314 Million (24%)
  • Colorado population = 5.2 Million (1,248,000)
  • Folks are skeptical; Building trust is critical
existing planning paradigm
Existing Planning Paradigm
  • The “Two – Step” Practice Model
    • Document oriented – Minimal counseling
    • Minimal time with clients
    • Higher volume
    • Non-legal funding rarely completed
    • Weak client relationships
    • Lower fees
    • Difficult to eliminate “shoppers”
slide4

The Documents

Taxes

Updating

Trust Settlement & Administration

Asset Transfer

Death Tax Return

Failure to Update

Probate Services

future planning paradigm
Future Planning Paradigm
  • The “Collaborative” Practice Model
    • Counseling oriented
    • Expanded time with clients – 3 or more meetings
    • Lower volume
    • Non-legal funding always completed
    • Strong, generational client relationships
    • Much higher fees
    • No “shoppers”
the secret of success
The Secret of Success
  • Andrew Carnegie’s “Red Shirt”
    • Action
    • Attitude
  • The Estate Planning “Red Shirt”
    • Team approach to estate planning
    • Counseling oriented advisors
    • Fully funded living trusts
    • Value billing
    • Technical excellence
    • Regular follow up
    • Accountability
the red shirt of the future
The “Red Shirt” of the Future
  • Process based, not Transaction based
  • Zero estate tax based planning; “Built in” asset protection
  • Minimal settlement and transfer costs
  • Driven by personal and family values
  • Advisor teams & multi-disciplinary practices
  • Deliverable = Wisdom NOT documents
  • Focus on VALUE, rather than COST
  • Trust; Relationship; Stewardship
r i p
R. I. P.

Real

Reliable

Radical

Responsive

Impact

Individualized

Important

Integrated

Process

Protection

Possibilities

Peace of Mind

reasons to plan
Reasons to Plan
  • Control and protect assets
  • Plan for disability
  • Give what they have
  • To whom they want
  • When they want
  • The way they want
  • Control settlement costs
the perfect plan
The Perfect Plan

 Documents that are properly counseled,

designed and drafted

 Fully funded and regularly updated

 Educated client family

 Controlled settlement costs

slide13

1. Liability umbrella

  • a. Others on team / referrals
  • b. Protection for managed assets
  • c. Multi-line (Attrition Protection)
  • 2. Street Account / Diversify portfolio
  • a. Ease of transferring assets
  • 3. Retirement accounts (IRA / 401k / Roth)
  • Financial Needs Analysis
  • Assets Under Management
  • 6. Income tax planning (412i; 419)

Lifetime Provisions

Disability Provisions

7. Disability income insurance

8. Business OH expense insurance

9. Long Term Care Insurance

a. How to pay for it

slide14

1st Death

Administration

  • Tax returns
  • 706
  • 1041
  • 1065
  • Survivor’s 1040
  • 11. Investment and planning review
  • Funding of Marital and Family Trusts
  • “Debt – Free” Insurance
  • 14. Income Replacement Insurance
  • 15. Assets Under Management
  • a. Non-spousal mgmt of heirs’ assets
  • b. IRA / 401(k) / 403(b) rollovers
  • 16. Investment assistance for spouse
  • a. Cash flow analysis

Federal Estate Tax Planning

Marital

Trust

Family

Trust

slide15

2nd Death Administration

  • 16. Theft (Life) Insurance for estate taxes
  • a. Life insurance trust
  • 17. Wealth Creation / Preservation Insurance
  • b. In Life insurance trust
  • 18. Tax return (706 / 709 / 1041)
  • 19. Succession clients – adults / minors
  • a. Mgmt of minor children’s assets
  • b. IRA / 401 k / 403 b rollovers
  • c. Assets Under Management
  • 20. Investment assistance for adult children
  • a. Cash Flow analysis
  • b. Investment / planning review
  • Offering additional service without any additional cost to you
  • 22. Introduction to charities

Common Trust for Minors?

Child

Family

Member

Charity

Grandchild

Beneficiaries’ Separate Shares

3 legged stool
3 Legged Stool

3rd Party Credibility

Truth Sells

Educate to Motivate

tools to help
Tools to Help
  • Planning Timeline
  • Issue Spotting – Opening the Door
    • Goals, Risks and Anxieties Checklist
    • Questions to Ask
    • Spots on the X-ray
    • Disability Questions
  • Will or Trust?
  • The Big “C”
  • Do’s and Don’ts
  • DIY Article
  • ICI Package
planning timeline

Living Will

Will

Powers of Attorney

Revocable Living Trust

Planning Timeline

Planning Opportunity

Mental Incapacity

Catastrophic Illness

Today

Death

HIPAA Authorization

questions to ask
Questions to Ask
  • Joint Tenancy Property
  • Special Needs Children
  • Substance Abuse
  • Charitable Inclination
  • Single Parent
  • Government Benefits
  • Taxable Estate
  • Children’s Marriages
  • Minor Children
  • Self Employed
  • Rental Property
  • Second Marriage
  • Income Replacement
  • Obsolete Planning
  • Large Qualified Plan
  • Creditors
disability issues
Disability Issues
  • Who determines disability?
  • Who acts for them (Agent)?
  • What can the Agent do?
  • Providing for family?
  • Artificial life support?
  • Who pays for the care?
will or trust
Will or Trust?
  • Refrigerator or Gun Safe?
  • When do you want to retitle your assets?
  • Difference in design fee = “funding” cost
  • Will Planning
    • Time to Settle: 18 Months
    • Cost to Settle: ~ 2% of gross estate
  • Trust Planning
    • Time to Settle: 90 days
    • Cost to Settle: ~ ½ % of gross estate
will or trust which is better
Will or Trust—Which is Better?
  • Maximum privacy
  • Disability determined privately
  • Maximum tax planning
  • More efficient &cost effective disposition
  • No protection while alive;Max protection after death
  • More work now;Far less work later
  • No privacy
  • Disability determined publiclyby Court
  • Limited tax planning
  • Longer and more costly disposition of assets
  • No protection while alive;6-12 months after death
  • Less work now;Far more work later
overall cost of planning

Mental Incapacity

Catastrophic Illness

Today

Death

Overall Cost of Planning

Not “if,” just “when”

Documents /Creation

Updating /Preservation

Settlement /Distribution

3 step action plan
3 Step Action Plan
  • Work with a Counseling Oriented attorney
  • Establish and maintain a formal updating program
  • Control settlement costs
why use us
Why Use Us?
  • We’re really good
    • Over 50 years combined experience
    • Commitment to technical excellence
  • We’re really nice
    • Attorneys and staff who genuinely care about people
  • We’re really long term focused
    • Relationships with the next generation
    • Reflected in our strategies and documentation
  • We’re really fanatical about our work
    • We’ll never embarrass you
    • You’ll be proud to have us do your mom and dad’s estate plan
opportunities to work together
Opportunities to Work Together
  • Joint seminars & events
    • For Clients
    • For Employees of Clients
    • For Your Team
    • Retail Event
    • Annual Event
  • Advisor Teleconferences
  • Guest Columnist
    • Newsletter
    • Blog
  • Private branding of books
what s your part
What’s YOUR Part?
  • Tell them what they need
  • Tell them the process is“quick & easy” — we are not selling cheeseburgers
  • Sell the process as a commodity
  • Quote our fee
  • Get discouraged if it takes longer than you’re used to – It will be worth it!
  • Encourage clients to plan with us
  • Use real life scenarios
  • Tell them that we customize every plan to fit individual needs
  • Attend the initial meeting
  • Follow up with additional planning opportunities
  • Help us with the asset funding

Do

Do Not

what s our part
What’s OUR Part?
  • Initial Meeting with clients – Generally, complimentary
    • About an hour
    • Explain the process
    • Explore their planning goals at no charge
  • Provide sound legal advice, strategy and documents
    • To achieve their personal and family goals now and in the future
  • Identify additional planning opportunities for the team
  • Charge a reasonable fee
    • If cost if their only concern, send them to Legal Zoom or Office Max
slide34

Funding and

Financial Strategies

With Attorney & Advisors

1 ½ hours

Our

Estate Planning

Process

Delivery Meeting

With Attorney

and Service Team

3 hours

Asset Identification Meeting

With Attorney

1 hour

Design Meeting

With Attorney

3 hours

Initial Interview

With Attorney & Advisor

1 ½ hours

so what s in it for me1
So…What’s in it for me?
  • Increased service to your clients
  • Increased value to you client and to the team
  • Higher quality, longer term relationships
  • Continued education and expertise
  • More money
  • More time