Estate Planning or Wealth Preservation Counseling: Which Are You Offering?

Duff, Richard W.
April 1996
Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p28
Academic Journal
This article focuses on differences in the approach of financial planners while suggesting people for their financial management and the author suggests that it is these differences of approach that differentiate between estate planning and wealth preservation. He says that it is important to know whether a planner has positioned himself as an estate planning expert. Since positioning affects perception, this is a key question. To most people, estate planning suggests finding-and fixing-financial problems. As necessary as that is, a planner's clients' eyes are likely to glaze over when they hear him speak of "testamentary" wills passing property to family, Crummy Life insurance paying taxes, and "living" trusts avoiding probate. A planner will keep clients on the same page with him if he tells them that his job as a wealth preservation expert is to protect their financial heritage from transfer taxes, judgment creditors, failed marriages, and mismanagement--a challenge that involves at the financial cools and social skills at his disposal.


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