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

Most, Bruce W.
August 1997
Journal of Financial Planning;Aug1997, Vol. 10 Issue 4, p54
Academic Journal
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..


Related Articles

  • The Right Lifetime Plan Makes Your Estate Plan Right. Blackman, Irving L.; Whitlock, Brian // Modern Machine Shop;Nov2005, Vol. 78 Issue 7, p36 

    Discusses the importance of estate planning on business people. Types of estate planning; Lifetime plans of business people; Common goals of business people.

  • Elastic bands.  // Money Marketing;1/31/2008, p58 

    The article reports on the implications of inheritance tax (IHT) and nil-rate band in Great Britain. According to the author, 2007-2008 will be the great time for IHT since it is perceived to attain a more significant condition and an increase of 10% or £2.949 billion, however, the...

  • How to Overcome Your Estate Planning Blues. Yeske, David // USA Today Magazine;Jul2004, Vol. 133 Issue 2710, p22 

    Gives advice on estate planning. Most common excuses of people for avoiding the process of estate planning; Benefits of estate planning; Information on the different estate planning instruments.

  • APPENDICES.  // Your Pennsylvania Wills, Trusts & Estates Explained Simply: Impo;2009, p221 

    Several appendixes are presented related to estate planning in Pennsylvania including sample Pennsylvania probate forms, estate-planning worksheets, and glossary of terms.

  • Asset aside.  // Money Marketing;1/31/2008, p57 

    The article reports on the changing strategies associated in inheritance taxation (IHT) in Great Britain. According to the author, the new types of IHT available in the market offer a guaranteed income for retirees wherein some possibility of capital return for death claims are expected to be...

  • Fee-Based Estate Planning For Closely-Held Business Owners. Byers, Ken // National Underwriter / Life & Health Financial Services;6/21/2004, Vol. 108 Issue 24, p24 

    Focuses on fee-based estate planning in the U.S. Fees being charged to a client.

  • How to Avoid the 'Death Tax' Morrissey, Janet // Fortune International (Europe);6/8/2009, Vol. 159 Issue 11, p25 

    The article reports on personal financial strategies for estate planning which can allow people to minimize their estate taxes. The article discusses laws and legislation in the U.S. regarding estates. Some of the financial planning tools discussed include wills, trusts, gifts of money, and life...

  • Ongoing Planning Relationships. Napolitano, John // Practical Accountant;Jul2006 Supplement, Vol. 39, p20 

    The article focuses on the significance of financial planning to the finances of clients who opted for guidance from a financial planner or a certified public accountant (CPA) in the U.S. By providing definitions and practical guidance, clients will have a proper management of their finances. A...

  • Why estate planning will always be important. Biegel, Joe // Westchester County Business Journal;10/13/2008, Vol. 47 Issue 41, p29 

    The article discusses the importance of estate planning in the business industry in Westchester County, New York. It explores the advantages and disadvantages of the Economic Growth and Tax Relief Reconciliation Act of 2001. It examines the pressure on Congress to make further changes that will...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics