TITLE

Implementing Effective Estate Plans: Do You Really Know What Your Client Is Thinking?

AUTHOR(S)
Most, Bruce W.
PUB. DATE
August 1997
SOURCE
Journal of Financial Planning;Aug1997, Vol. 10 Issue 4, p54
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article focuses on the implementation of effective estate plans. There are barriers to effective planning. Many clients simply do not understand the importance of estate planning in general or a specific course of action. Richard Duff, who is working on a new book tentatively titled "Tax Traps, Mistakes and Disasters: How to Avoid 187 Common Estate Planning Errors," stresses the need to get clients to speak what is really on their mind. Elaine Collins of Collins Financial Planning in Libertyville, Illinois, emphasizes the need to get clients to verbalize their feelings. Verbalizing makes it more real for them, and that causes the potential for behavioral action. Listening closely is another important thing in financial planning. A planner said that he likes to put clients in their beneficiaries' shoes. He asks them about inheritances they may have received, or how they would want money to come to them. For some clients, he has gone so far as to read their will to the heirs without them around, to get their heirs' reactions. Morrie Reiff worked with a client once who was adamant about leaving a sizable estate free of tax to her children, because she still carried the bitter memory of having to write a 750,000 U.S. dollar check to cover estate taxes out of her mother's estate--taxes her mother could have reduced or avoided with a little planning. INSET: The family meeting..
ACCESSION #
9708310925

 

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