How Financial Planners Can Add Value to the Estate Planning Process

Weininger, Bruce A.
December 2003
Journal of Financial Planning;Dec2003, Vol. 16 Issue 12, p60
Academic Journal
The article offers suggestions as to how financial planners can add value during the estate planning process. Financial planners can immediately demonstrate their value by preparing an estate tax balance sheet for the client, which is different from a traditional financial statement. Planners need to explain the concept of a two-share estate plan to clients. In doing so, it helps to have a flowchart showing how the clients' assets would pass. Next, planners should spend some time discussing the difference between a testamentary trust and a revocable living trust. Another important thing is for financial planners to discuss appropriate executors and trustees. Clients should be advised to look for someone who is responsible and is administratively organized. It is a temporary role, unlike that of the trustee. For the trustee position, on the other hand, the clients are essentially substituting someone else's judgment in place of their own.


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