the “nuts ‘n bolts” series (overview)€¦ · planning—docubank ... estate planning...
TRANSCRIPT
Presented byRichard L. Randall
Attorney and Counsellor At Law, Randall, Gentry & Pike, P.C.
Chairman, National Network of Estate Planning Attorneys
www.lifespanusa.com
The LifeSpan Family Education Program™
The “Nuts ‘n Bolts”
Series(Overview)
Presented byRichard L. Randall
Attorney and Counsellor At Law, Randall, Gentry & Pike, P.C.
Chairman, National Network of Estate Planning Attorneys
www.lifespanusa.com
The LifeSpan Family Education Program™
Welcome LifeSpan and National Network Member Firm Clients
and Helpers!
Family Education Program™
Administration◆ Introductions◆Approximately Two Hour Program◆PowerPoint
– For your notes◆Attendance Confirmation Form (“Quiz”)◆Beneficiary Discovery
Dialogue™/Commitment Conversation™
Time To Think® Session
Time to Think & More Time to Think by Nancy Kline
Our Goal: To Get YOUR best Thinking!
Time To Think® Session Limiting Assumptions
Law Firm•We Only Get One Chance to See You!
“Helpers”•Negative Experience to Talk with Parents About Death•Would Appear Greedy To Discuss Assets and “What You Want”
Time To Think® Session Liberating Incisive Questions
Law Firm•What Would You Do If You Knew Helpers Would See Benefit of Active Planning Participation ?
“Helpers”•What Would You Do If You Knew Parents Value Smooth Transition and that Advance Discussion is Key?
Trustee Training Workshop™ Analysis
Four Goals
◆ Know the Law Firm Name and Contact Info◆ Remember There’s a Process, and the Process
Produces the Results (So Follow It!)◆ Give You an Idea of the Types of Issues You’ll
Deal With◆ Encourage Interest in Planning Participation
Trustee Training Workshop™ Analysis“911” Info
◆ Call the Law Firm ◆ Locate Client’s “Red Book” & Locate Your Family
Operator’s Manual (Hard Copy or at least on the web)
◆ Relax! Remember There’s a Dependable Process to Follow!
Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning
Family Education Program™Three Elements to Program
◆Wealth Transfer Training– Nuts ’n Bolts I, II, III
◆Wealth Reception Planning™ Training– Nuts ‘n Bolts IV (Empowering Your Inheritance)
◆Wealth Reception Planning™ Support– The Empowered Inheritance Program™
Allianz American Legacies Study
The Four Pillars
◆Values and Life Lessons◆ Instructions and Wishes to be fulfilled◆Personal Possessions of Emotional Value◆Financial Assets and Real Estate
Wealth Reception Planning™Wealth Reception Planning™ :
a formal process designed to assure you and your loved ones that your true wealth (both financial and non-financial) is fully realized, efficiently transferred and effectively received
Family Education Program™
Current Training Resources
• Webinars• lifespanusa.com Website• Client and Helper Listservs
Firm Personnel (Who to Call?)
Kristen Dennemann• Asset Transfer Support (“Funding”)Greg Gentry• Amendments (Document Production)Whittley Pike• Proactive Elder Law™Rick Randall • Personal Counselling (By Appointment)
Family Education Program™
◆RGP Mission◆Plans That Work. People Who Care.™◆ “Serving With an Unreasonable
Commitment to CoCreating Plans that Work”
Empowered Legacy Session™
Program Created:
Ø To Introduce New Clients To The LifeSpan Legal Services Program™
Ø As a Review for “Veteran” Clients Wishing to Keep Current with LifeSpan™ Developments
Ø To Familiarize Helpers, Beneficiaries and Family Advisors With The LifeSpan Legal Services Program™
Overview
Our Mission:
Create Plans that Work With and For People Who Care
Overview
A Culture Built on Reciprocal Commitments
Overview
A Culture Built on Reciprocal Commitments:
ØProactive/AdvanceØ Communication Ø EducationØ Preparation
The Truth About Estate Planning™Client Orientation Meeting
SUMMARY
Presented by Richard L. RandallAttorney and Counsellor At Law
Estate Planning Overview
Most Estate PlansJust Don’t Work!
Estate Planning Overview
“The Snapshot Test”
Estate Planning Overview
Definition of Estate Planning
I Want to Control My Property While I’m Alive and Well
Plan for Me and My Loved Ones if I Become Disabled
Estate Planning Overview
Definition of Estate Planning
Then Give What I Have• To Whom I Want• When I Want• The Way I Want
All While Assuring My Wisdom is Transferred Along with the Rest of My Wealth
Estate Planning Overview
The “Wisdom W”
The Relationship Exploration Approach™
The CoCreative Counselling Experience
™
The Financial
Integration Formula™
The Continuous
Commitment Compact™
The LifeSpan Learning
Solution™
The Settlement Security System™
The Process Produces the Results™
The LifeSpan Planning ProcessTM
TM & LifeSpan, LLC 2005. Use by National Network membersby express permission and under license granted by LifeSpan, LLC.
Wealth Reception
Planning ™Support
™
™
™
™
SAVE TAXES
EXPAND WEALTH
PRESERVEWEALTH
FAMILY
ME“I want to control my property while alive and well,
plan for me and my loved ones if I become mentally disabled,and then give what I have to whom I want,
when I want and the way I want--all while assuring my wisdom is transferred along with the rest of my wealth.”
ESTATE PLANNING PYRAMID
Estate Planning Overview
The Planning Pyramid™• Focuses on Client Goals
• Solutions Make Planning Easier
• Exposes Traditional Planning as“Upside Down”
Estate Planning Overview
• Personalized Counselling• Proper Asset Ownership• Formal Review Process• Controlled Transfer Process
• What to Do• How to Do It• How to Pay for It
Keys to an Effective Estate Plan
Estate Planning OverviewThree Step Strategy™• DEVELOP Your Plan with Counselling
Oriented Planning Partners• COMMIT Yourself and Your Family to a Formal Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You
and Your Family to Transfer YourWisdom Along With the Rest of Your Wealth
Counselling Oriented Attorney
◆Counselling vs. Word Processing
Estate Planning Overview
Three Types of Estate Plans• Married Couple
Under Federal Estate Tax Threshold
• Married CoupleOver Federal Estate Tax
Threshold• Unmarried Individual
Estate Planning Overview
Personal Planning Goals
• Catastrophic Illness Protection• Remarriage Protection• Creditor Protection• Divorce Protection• Values Promotion
Counselling Oriented Attorney
Counselling vs. Communication
◆ No or Low Additional Cost◆ Plain English◆ Use of Stories
Estate Planning OverviewThree Step Strategy™• DEVELOP Your Plan with Counselling
Oriented Planning Partners• COMMIT Yourself and Your Family to a Formal Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You
and Your Family to Transfer YourWisdom Along With Your Wealth
Estate Planning Overview
Three Types of Change An Estate Plan Faces
Changes in Your Personal Situation (Life)• Personal and Financial
Changes in The Law• Tax and Non-Tax (Personal Protections)
Changes Due to Learning• Earned and Learned!
Estate Planning OverviewThree Step Strategy™• DEVELOP Your Plan with Counselling
Oriented Planning Partners• COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You
and Your Family to Transfer YourWisdom Along With the Rest of Your Wealth
“Appropriate Assistance”
◆Controlled Cost
◆Full Disclosure
◆True Peace of Mind
Keys to Controlled Cost
◆ Full Funding
◆ Proactive Trustee (&Beneficiary) Training
◆ Proactive Engagement Approach
◆ Successor Trustees Hire Assistance
“Appropriate Assistance”
◆Controlled Cost
◆Full Disclosure
◆True Peace of Mind
Estate Planning Overview
Three Factors of Overall Cost
• The Cost of the Documents
• The Cost of Updating (Or Failing to Update)
• The Cost After Death• Transfer of Assets• Death Tax Return Preparation
Estate Planning Overview
“The Rest” of the Fees
• Trust Settlement Administration• Disability• Death
• Death Tax Return Preparation
• Probate Services
Estate Planning Overview Fees
◆Traditional Probate– 2 to 3%
◆ “Standard” Living Trust Planning– 1.5 to 2.5%
◆ Lifespan Planning Process™
– 1 to 2%
“Appropriate Assistance”
Full Disclosure
◆Attorney Compensation Study◆ Investment Selector/Practice
Evolver™◆LifeSpan Cost Control System™
“Appropriate Assistance”
◆Controlled Cost
◆Full Disclosure
◆True Peace of Mind
“Appropriate Assistance”
Are We The Ones?
• Age • Experience• Personality• Values
“Appropriate Assistance”
Are You The Ones?
◆Will You Make the Necessary Commitments?
◆Will You Honor the Process?
Estate Planning OverviewThree Step Strategy™• DEVELOP Your Plan with Counselling
Oriented Planning Partners• COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You
and Your Family to Transfer YourWisdom Along With the Rest of Your Wealth
Empowered Legacy Session™AGENDA
Ø Review Your Member Agreement Ø Introduce Your Family Operator’s ManualØ Cover “Technology” SupportØ Summarize the Four Essential Elements™ of
Plans That WorkØ Begin Your Personalization ProcessØ Invite Your Full Participation in Wealth
Reception™ Planning
Empowered Legacy Session™Four Essential Elements™
ØEstate Planning Review Worksheet (EPRW™)-- with Design Template?
ØAsset Review Report™ØTrust Protector SupportØWhen to Seek Additional Counselling
Empowered Legacy Session™Four Essential Elements™
ØEstate Planning Review Worksheet (EPRW™)-- with Design Template? ØUsed to Review Plan (with Design Template?)ØUsed to Provide “Immediate” ImplementationØUsed to Document Intent for Trust Protector
Empowered Legacy Session™Four Essential Elements™
Asset Review Report™ØProvides “Current” Asset List for Disability,
Medicaid Qualification, Terminal Illness and to Begin Death Settlement Process
ØProvides “Scorecard” for Verification
Goal: ALL assets accounted for and verified as properly titled
Empowered Legacy Session™Four Essential Elements™
ØTrust Protector Support
ØDuring Client’s Disability
ØAfter Client’s Death
Empowered Legacy Session™Trust Protector Review Session
Two Critical QuestionsWho Might Serve? ◆ Cannot Be Related to You◆ Should Have Strong Understanding of the Law ◆ Should Have Strong Understanding of the
Trust Document How Does Trust Protector Know Your Intent?
Can Only Make Changes Based on Your Intent
Education ProgramTrust Protector Review Session
Determining Your Intent
◆ Estate Planning Goals◆ Design Template◆ Restatements Signed Over the Years◆ Perpetual Progress Program™ Direction You’ve
Provided to Firm Over the Years◆ EPRW™◆ Memorandum of Intent◆ Purposeful Trust™ Planning
Trust Protector ReviewWHO May Serve?
Ø Independent Third Party Only (Internal or External)
WHEN May Trust Protector Serve?Ø Available to Add Needed Changes After Your
Death (or Disability)WHAT Reasons Can Changes Be Made
Ø Based on YOUR Intent (Documented in your file!), Not Just For Any Reason QUIZ ALERT!
Empowered Legacy Session™Four Essential Elements™ØWhen to Seek Additional Counselling
ØPersonal Counselling Review ØFixed $500 Fee
ØFamily Meeting ØFor New Clients, Included in Design Fee if Conducted
Within 12 MonthsØBeyond 12 Months, $500-–essentially a “Family
Counselling ReviewӯBoth at Client Option
Empowered Legacy Session™Four Essential Elements™When to Seek Additional CounsellingØ Proactive Elder Law™
ØSpecial Delivery Service™ ØDisability (Formal or Informal)ØLife Care Planning
ØFamily Counselling Review (at Client Option as Enrollment in Any of the Above; Additional Engagement for Disability Settlement or Life Care Planning)
Empowered Legacy Session™Four Essential Elements™When to Seek Additional Counselling
Ø Empowered Inheritance Program™ØEssentially Provides a Functioning Trust for
Inherited Assets Through Use of Trust ProtectorØBegins With Beneficiary Discovery
Dialogue/Commitment Conversation™
Empowered Legacy Session™Four Essential Elements™When to Seek Additional Counselling
Ø Both Proactive Elder Law™ Program and Empowered Inheritance Program™ Feature Proactive Preparation Opportunity for Helpers and Beneficiaries
The Trustee Training Workshop™(Preview)
Presented by Richard L. RandallAttorney and Counsellor At Law
Trustee Training Workshop™ Analysis
It’s Not About the Documents!(Duh!)
◆ Initial Excitement (Clients AND Advisors!)
◆Parking Lot Rule◆Covered the Meeting (PAPER!!!)◆Value (and therefore Fees) Based on
Counselling!
The Werewolf Workshop™
Presented by Richard L. RandallAttorney and Counsellor At Law
The Werewolf Workshop™
• How do you like Horror Movies?
• Are you Familiar with Them?
• How’d you like to Star in one?
The Werewolf Workshop™
• Background
• Story Line
The Werewolf Workshop™
The Attack
The Werewolf Workshop™
The Cast of Characters
• The Survivor• The Friend who “knows”• The Advisors• The Loved Ones
The Werewolf Workshop™
How Do You Kill a Werewolf?
The Werewolf Workshop™
How Do You Kill ( Or Control!)Werewolf Behavior?
• Advance Preparation• Proper Expectations
The Empowered Legacy Program ™
What About Helpers Own Preparation?
• Advance Preparation• Proper Expectations
But Those are the Same! Yep!
The Empowered Legacy Program ™
What About Helpers Own Preparation?
ØProactive Preparation OpportunityØBeneficiary Personal Information FormØBeneficiary Discovery DialogueØBeneficiary Commitment Conversation
But Those are the Same!?! Yep!
Trustee Training Workshop™ Analysis
Four Goals
◆ Know the Law Firm Name and Contact Info
◆ Remember There’s a Process, and the Process Produces the Results (So Follow It!)
◆ Give You an Idea of the Types of Issues You’ll Deal With
◆ Encourage Interest in Planning Participation
Trustee Training Workshop™ Analysis“911” Info
◆ Call the Law Firm ◆ Locate Client’s “Red Book” & Locate Your Family
Operator’s Manual (Hard Copy or at least on the web)
◆ Relax! Remember There’s a Dependable Process to Follow!
Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning
Family Education Program™
Question and Answer Session
Family Education Program™
Where Do I Go From Here?◆ Begin By Participating in Planning Discussions
NOW!◆Start By Learning the Four Essential
Elements™◆Know “911”◆Take Advantage of Proactive Preparation
Opportunities
Empowered Legacy Session™Four Essential Elements™
ØEstate Planning Review Worksheet (EPRW™)-- with Design Template?
ØAsset Review Report™ØTrust Protector SupportØWhen to Seek Additional Counselling
Quiz Alert!
Trustee Training Workshop™ Analysis“911” Info
◆ Call the Law Firm ◆ Locate Client’s “Red Book” & Locate Your Family
Operator’s Manual (Hard Copy or at least on the web)
◆ Relax! Remember There’s a Dependable Process to Follow!
Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning Quiz Alert!
The Empowered Legacy Program ™
What About Helpers Own Preparation?
ØProactive Preparation OpportunityØBeneficiary Personal Information FormØBeneficiary Discovery DialogueØBeneficiary Commitment Conversation
But Those are the Same!?! Yep!Quiz Alert!
Trustee Training Workshop™ AnalysisNext Steps
◆ Forward Your e-mail address to [email protected]
◆ Complete Beneficiary Discovery Dialogue™/Commitment Conversation™
◆ Watch the Helper Listserv for Webinars and Other Update Announcements
◆ Watch the Helper Listserv for Nuts ‘n Bolts Programs (Trustee Training is next!)
Housekeeping Items◆ PowerPoint to Education Tab if You Are
Keeping Hard Copy Family Operator’s Manual
◆ Scan Attendance Confirmation to [email protected]
Thanks for Attending!!