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Chapter
Summaries
Chapter
1 - Establishing Goals for the Successful Estate Planning Practice
This chapter walks you through assessment of personal income goals,
as well as defining the type of clientele you prefer to serve and
the flow and volume of hours to be devoted to the practice. Worksheets
allow detailed analysis to establish goals, and specific steps to
monitor progress and to achieve the goals. A 'must' read for any
practitioner wanting to maximize income, minimize stress, and create
appreciative clients.
Chapter 2 - Planning the Estate for Overall
Tax Reduction
A great overview of tax planning including federal and state estate,
gift, and income tax and generation-skipping tax. A chart summarizes
applicable taxes in each state. This chapter is one of the best
overviews of tax considerations available - providing an imperative
foundation of understanding of tax issues for the new estate planner,
and an excellent resource for the veteran.
Chapter 3 - Federal Estate
Tax Planning - Utilizing Both Spouses' Credits
With the escalation of exclusion amounts which can be transferred
free of federal estate tax, and with potential repeal of federal
estate tax 'in the air', it's more important than ever for every
practitioner to have an excellent understanding of federal estate
tax, methods of planning, and techniques for integrating federal
estate tax planning into clients' plans. Various resources exist
which discuss federal estate tax planning, but the practical nature
of this chapter shines a light on this esoteric area, providing
pragmatic methods of analyzing each client's situation, drafting
the best plan for that individual client, and helping the client
to understand their own plan. The chapter includes the best description
of rules and uses of QTIP trusts we've ever seen. The complete update
to materials covers new considerations due to the Tax Relief Act.
Chapter 4 - The Irrevocable Life Insurance
Trust (ILIT) and Other Techniques For Estates Exceeding the Applicable
Exclusion Amount
Have you wondered how to coordinate the benefits of removing life
insurance from the taxable estate with the client's desire that
insurance benefits be used to satisfy debt upon the insured's death?
Would a discussion of how much should be gifted, including information
on calculating exclusions, use of Crummey Powers, power of appointment
considerations, and hanging powers, be helpful? Practical information,
such as requirements in language and notice when minors are beneficiaries
of an ILIT, is especially helpful.
Chapter 5 - Avoiding Probate - The Living
Trust and Other Techniques
This chapter includes case studies illustrating techniques, and
answers frequently asked questions about the revocable living trust,
as well as other probate avoidance techniques.
Chapter 6 - Funding the Living Trust
A wonderful resource with detailed instructions on the idiosyncrasies
and requirements for transfer of specific types of assets into trusts
(e.g., treasury bonds, safe deposit boxes, cooperative capital credits,
and FDIC considerations) and amazing techniques to streamline the
funding process - helping clients to accomplish their goals while
minimizing advisor liability and maximizing profitability.
Chapter 7 - Selecting Beneficiary Designations
- Life Insurance and Beneficiary Plans
A full analysis of coordinating beneficiary designations with trusts
and other estate planning documents, including fully updated materials
on the new proposed regulations for required minimum distribution
rules for tax-favored retirement plans - written in understandable
and usable format.
Chapter 8 - Drafting for Clients in Second
Marriages or Nontraditional Families
An essential read for planners advising these types of clients,
including issues regarding the personal residence, nursing home
issues, tax considerations, and information on drafting for same
gender couples.
Chapter 9 - Planning for Incapacity
Including procedures when the grantor of a revocable trust is allegedly
incompetent, coordination of a power of attorney and a living trust,
requirements for obtaining a separate taxpayer ID number, analysis
of cash flow concerns if disability occurs, considerations if nursing
home care is required, and balancing use of long-term care insurance
vs. divestment to qualify for entitlement programs.
Chapter 10 - Estate Planning for Business
Owners
An outstanding discussion not only of the law, but of the relationship
issues of advising family businesses. This chapter includes guidelines
for facilitating discussion between family business owners, disability
planning when a business is involved, and considerations regarding
transferring the business during life or postmortem. Practical analysis
of tax considerations and goals regarding control of business assets
is included.
Chapter 11 -- Incorporating Substance into
Day-to-Day Practice - Streamlined Drafting
Implementation of the information in this chapter can
literally put the fun back into practice, and can significantly
increase personal income. This chapter transforms the substantive
information in previous chapters into easy-to-apply techniques for
creating optimum estate plans - efficiently, with total customization,
while having the luxury of quality time with clients. These proven
techniques result in appreciative, raving fan clients, and outstanding
profitability for the practice. Techniques also allow the estate
planner the freedom for full time income in part-time hours or higher
income in full time practice, with professional time focused where
it should be - on personal consultation with the client and the
intellectual aspects of drafting the estate plan.
Chapter 12 - Trust Termination Services
- Streamlining the Process
This chronologically based roadmap guides the professional through
the myriad of considerations, documents, and correspondence required
in postmortem practice, including details from notice of a death
through distribution of assets to beneficiaries. Postmortem tax
filing requirements are included, as well as details on steps required
upon the death of one grantor of a joint revocable trust. This chapter
even includes information on structuring fees, and considerations
in deciding whether to enter or expand this area of practice.
Chapter 13 - Practice Development - Marketing
Estate Planning Services
An essential resource for any professional wanting to
enter or expand the estate planning area of practice.
Chapter 14 - The Profitable Estate Planning
Practice
A detailed and easy-to-implement process from developing fee structure
and attracting appropriate clients through pre-appointment activity,
content of the initial appointment, document generation, execution
of documents to follow-up support and building a referral base.
A wonderful aspect of this chapter - and this entire treatise -
is the overriding approach that providing outstanding client service
is the way to a fulfilling and profitable estate planning career.
The proven, streamlined techniques, worksheets and reference materials
offer specific procedures to accomplish these goals for optimum
benefit of both professional advisor and client.
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