| For Our Advisor Friends
An Unprecedented
Opportunity For Service
It has been reported that in excess of $10 trillion in
assets will pass from one generation to the next during
the next 15-20 years. The “baby boomers” have begun
turning fifty and their parents are reaching their
twilight years. This has created a tremendous,
unprecedented need for quality advice and service in the
fields of Estate Planning and Elder Law – from
attorneys, accountants, financial advisors and insurance
professionals.
We all know that “knowledge is power.” A good knowledge of Estate
Planning and Elder Law principles will equip the advisor
to provide much-needed advice and guidance to his or her
clients.
The Team Approach to Estate Planning
Estate Planning encompasses many important issues, including tax
avoidance, planning for minor children, wills, trusts,
probate avoidance, medical directives, asset protection,
family business succession, and planning for persons
with “special needs,” to name a few. Elder Law planning
often involves similar issues, as well as planning for
long-term care, Medicaid issues, and guardianship.
Clients need good advice and assistance from a variety
of professionals. Our office can provide much of what
the client needs, but not all of it. Thus, in order to
provide the highest level of service to our clients, we
need to get the client’s other trusted advisors on our
“Estate Planning Team.”
The Accountant. We need to work with good accountants
who can provide valuable input regarding asset
valuations and tax projections necessary to develop
planning options. Further, since we do not prepare
income tax returns, the client’s accountant needs to be
on our “team” in order to prepare fiduciary income tax
returns for trusts and estates.
The Financial Advisor. Whenever possible, we also
want the client’s financial advisor to participate in
the Estate Planning process. It is critical that the
client’s estate plan be coordinated with his or her
financial plan. This is especially true for clients with
high net worth. Our office does not offer financial
advice or products, and we look for opportunities to
bring the financial advisor into the planning process.
Revocable Living Trusts are frequently the centerpiece
of our clients’ estate plan. In order to achieve the
full benefit of such planning, it is important that the
clients’ assets be properly titled in the name of the
Trust. For this reason, we want to work with the advisor
to ensure the client’s plan is complete.
The Insurance Professional.
For many clients, insurance – whether it be life,
disability or long-term care – is essential in order to
achieve their estate planning objectives. Insurance is
often the “fuel” for the planning vehicle – providing
liquidity when it is needed. We don’t provide insurance
products, but we recognize their importance, and when
insurance is necessary to achieve the planning
objectives, we need to team up with knowledgeable and
trustworthy insurance professionals.
Our “team approach” to Estate Planning
is based on our belief that it is a “win-win”
arrangement for the client and the advisor:
- The Client benefits from having the combined
expertise of his most trusted advisor, and the plan is
coordinated to achieve all of his financial and estate
planning objectives
- The Advisor benefits by cementing his relationship
with his appreciative client, and, potentially, from
opportunities to provide additional products and
services to the client in connection with the estate
planning process
Joining Our
“Team”
If you are a professional
advisor, with clients who you think would benefit from a
proper estate plan, consider us as a resource. Feel free
to call us if you have questions. (We won’t send you a
bill!) Ask your clients if their estate plan is up to
date. If they don’t already have a relationship with an
estate planning attorney, invite them to take advantage
of our Complimentary
Initial Consultation. We welcome you to attend
the initial consultation, as long as the client is
comfortable with that.
If you don’t already know us, please call to arrange a time when we
can meet one another. We wouldn’t expect you to refer
your dearest clients to someone you haven’t met,
especially not for something as important as their
estate plan.
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