In this episode, Tammi and Rick discuss the cost(s) of an estate plan. Typically, clients “shop” advisors refer to an attorney price based on the cost of the documents. In reality, there are THREE costs to any estate plan. They review the pricing from the point of view of all involved, including both direct and indirect impact. Another “24 Hour Thinker” episode that will challenge you to think through the cost issue fully!

Show Notes

• Attorneys fees in estate planning - 0:46
• Talking about the final price - 8:48
• Losing money to be a good attorney - 11:43
• Three costs on an estate plan - 12:21
• The three-step strategy - 17:21
• The easiest clients to attract - 18:07
• What is an education program? - 24:30
• The practice of an attorney - 29:04
• Advisors that like to work with attorneys - 32:40
• Everybody moves forward - 40:49
• A national network member - 46:06
• The truth about estate planning is so fascinating - 48:00
• The importance of the education process - 50:50

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Rick shares his experience as head of the National Network regarding what makes a successful estate planning attorney. He covers what clients and advisors to look for, as well as speaking directly to attorneys who may be considering practicing estate planning. Valuable information from each point of view is presented—and the surprising solution is we’re all looking for the same thing!

Show Notes

• The Lifespan Circle - 2:39
• Building a community of attorneys - 5:34
• Communication with clients - 10:45
• Some history about attorneys - 19:12
• Building plans that work - 21:06
• The truth about estate planning - 24:38
• Planning to do a symposium - 33:55
• As a client, you need an attorney that listens to you - 36:42
• An attorney with no-estate planning background - 40:39
• Doing training about estate planning - 42:28
• Teaching a new concept - 45:00
• The success of the plan - 45:55
• Helping people take a different approach about planning - 47:27
• Struggling financially - 50:22

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There are significant differences in the approaches that will be taken in the future depending on election results. Rick examines the three most likely scenarios and how clients and advisors can prepare for them.

Show Notes

• Being ready in advance - 2:02
• Not knowing the results of the election - 2:12
• Not knowing how the tax rate will be - 4:28
• Considering a roth IRA - 7:37
• Reducing your taxes - 9:47
• Having an immediate rate of return - 10:59
• Doing the planning today - 13:31
• The solutions of the Secure Act - 14:28
• Access to cash value - 24:35
• Tools for clients - 31:30

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Rick and Tammi discuss the dramatically different positions of the Trump and Biden campaigns regarding estate and income tax planning. The impact of a potential Democratic administration includes a need for close examination of client estate and financial plans, as well as a likely return to increased insurance recommendations coupled with special trust planning to help clients deal with likely increased estate tax exposure.

Show Notes

• The election coming up - 2:05
• Two visions about planning - 3:28
• Trusts and estate planning - 5:40
• Insights about taxes - 12:54
• The democratic’s position vs Trump’s position - 15:33
• Life insurance and trusts - 23:19
• The importance of having an insurance policy - 24:14
• A democratic control in congress - 25:30
• Having access to cash value - 27:57
• What will happen if there’s a Biden administration? - 30:54
• The Federal estate tax - 33:26
• Being able to answer clients’ questions - 35:52
• Taking into account the projections - 37:10
• About the election - 39:25

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Keep an open mind as you approach distribution planning after the two major Acts passed in the past few months. Trusts remain a viable and valuable option for receiving retirement plan distributions!

Show Notes

• How things may go with the pandemic - 1:25
• What has happened with advisors and clients with these changes - 1:50
• The impact of retirement planning - 2:21
• The biggest concern - 4:28
• Long-term care expenses - 5:23
• Learning more about Trusts - 9:33
• Opening the mind for the advisors - 11:43
• Training programs for advisors - 15:44
• What it means to “go to the cookie jar” - 18:59
• Knowing more about the SECURE Act. - 23:52
• Advisors have to learn what’s the best type of Trust - 28:40
• Review the beneficiaries - 29:39
• What’s going on in the market place right now - 33:07

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Rick shares his thoughts regarding pandemic issues, including impact on the future for clients and professionals alike as we reach the turning point of the COVID-19 scare.

Show Notes

• Starting to reopen - 1:42
• The first weeks of quarantine - 2:30
• Having dedication and possibilities - 3:58
• Complaining or creating - 6:34
• The banks bureaucracy - 8:23
• Something positive during the pandemic - 9:34
• The ability to do meetings - 11:01
• The increase of productivity - 13:37
• What’s the biggest advantage? - 28:58
• Coming out much stronger than the beginning - 29:52
• Working for people all over the place - 34:41
• Using virtual tools - 35:36
• What’s doing the national network - 37:00

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Rick Randall shares his insights during quarantine: He talks about the podcast, how he was doing many webinars, and explains about transactional thinking.

Links and Resources from this Episode

• Connect with Rick Randall
• • https://lifespanusa.com/team/bio/rick-randall

Show Notes

• Transactional thinking - 2:13
• What’s unusual nowadays - 3:12
• The problem with the transactions traps - 5:20
• The problem starts with the attorneys - 5:47
• Academic thinking - 7:48
• Recruiting and training attorneys - 10:33
• Building a plan that works - 13:49
• Transactional attorneys - 14:29
• Creating a plan that works for the client - 16:02
• Estate planning is an ongoing process - 21:30
• Focus on today - 27:44
• We do plans because we care for others - 29:05
• It is all about control - 33:40
• What most financial advisors do - 35:02
• Get your plan updated! - 36:33
• The educations of the agents - 38:50
• The substance of the planning - 41:41

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