Rattiner's Secrets of Financial Planning

CHAPTER 9Dispensing Advice on Estate Planning

Estate planning strategies are changing. Gone are the days where the parents wanted to ensure specific amounts for their children or other heirs and would sacrifice themselves to make that happen. Historically, the parents would strap themselves financially in order to leave a sizeable amount, if possible, equally to their children and perhaps other heirs. Today, more clients are concerned about finally having money set aside for that rainy day so they can do the things they always talked about wanting to do but were not comfortable doing during their working years. So, the approach has changed. This chapter focuses on those strategies you may wish to bring up for your clients to gain the closure they need to feel comfortable.

It is important to understand the big picture so we can help determine the exposures that are present, and help plan potential efficient and effective solutions for the client. Estate planning is a process, as we discussed in Chapter 3, for the accumulation, conservation, and distribution of your client's estate. Our role is all about education, especially because there are many fallacies in this arena. Having everyone be on board and go through the process together so that expectations are managed properly from the beginning is a great way to start.

When things go astray, the client may possibly incur significant cost and unforeseen issues, which can make things very messy and financially troublesome to work ...