The “Nuts ‘n Bolts” Series (Overview)€¦ · Planning—DocuBank ... Estate Planning...

Presented byRichard L. Randall

Attorney and Counsellor At Law, Randall, Gentry & Pike, P.C.

Chairman, National Network of Estate Planning Attorneys

www.lifespanusa.com

The LifeSpan Family Education Program™

The “Nuts ‘n Bolts”

Series(Overview)

Presented byRichard L. Randall

Attorney and Counsellor At Law, Randall, Gentry & Pike, P.C.

Chairman, National Network of Estate Planning Attorneys

www.lifespanusa.com

The LifeSpan Family Education Program™

Welcome LifeSpan and National Network Member Firm Clients

and Helpers!

Family Education Program™

Administration◆ Introductions◆Approximately Two Hour Program◆PowerPoint

– For your notes◆Attendance Confirmation Form (“Quiz”)◆Beneficiary Discovery

Dialogue™/Commitment Conversation™

Time To Think® Session

Time to Think & More Time to Think by Nancy Kline

Our Goal: To Get YOUR best Thinking!

Time To Think® Session Limiting Assumptions

Law Firm•We Only Get One Chance to See You!

“Helpers”•Negative Experience to Talk with Parents About Death•Would Appear Greedy To Discuss Assets and “What You Want”

Time To Think® Session Liberating Incisive Questions

Law Firm•What Would You Do If You Knew Helpers Would See Benefit of Active Planning Participation ?

“Helpers”•What Would You Do If You Knew Parents Value Smooth Transition and that Advance Discussion is Key?

Trustee Training Workshop™ Analysis

Four Goals

◆ Know the Law Firm Name and Contact Info◆ Remember There’s a Process, and the Process

Produces the Results (So Follow It!)◆ Give You an Idea of the Types of Issues You’ll

Deal With◆ Encourage Interest in Planning Participation

Trustee Training Workshop™ Analysis“911” Info

◆ Call the Law Firm ◆ Locate Client’s “Red Book” & Locate Your Family

Operator’s Manual (Hard Copy or at least on the web)

◆ Relax! Remember There’s a Dependable Process to Follow!

Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning

Family Education Program™Three Elements to Program

◆Wealth Transfer Training– Nuts ’n Bolts I, II, III

◆Wealth Reception Planning™ Training– Nuts ‘n Bolts IV (Empowering Your Inheritance)

◆Wealth Reception Planning™ Support– The Empowered Inheritance Program™

Allianz American Legacies Study

The Four Pillars

◆Values and Life Lessons◆ Instructions and Wishes to be fulfilled◆Personal Possessions of Emotional Value◆Financial Assets and Real Estate

Wealth Reception Planning™Wealth Reception Planning™ :

a formal process designed to assure you and your loved ones that your true wealth (both financial and non-financial) is fully realized, efficiently transferred and effectively received


Current Training Resources

• Webinars• lifespanusa.com Website• Client and Helper Listservs

Firm Personnel (Who to Call?)

Kristen Dennemann• Asset Transfer Support (“Funding”)Greg Gentry• Amendments (Document Production)Whittley Pike• Proactive Elder Law™Rick Randall • Personal Counselling (By Appointment)


◆RGP Mission◆Plans That Work. People Who Care.™◆ “Serving With an Unreasonable

Commitment to CoCreating Plans that Work”

Empowered Legacy Session™

Program Created:

Ø To Introduce New Clients To The LifeSpan Legal Services Program™

Ø As a Review for “Veteran” Clients Wishing to Keep Current with LifeSpan™ Developments

Ø To Familiarize Helpers, Beneficiaries and Family Advisors With The LifeSpan Legal Services Program™

Overview

Our Mission:

Create Plans that Work With and For People Who Care

Overview

A Culture Built on Reciprocal Commitments

Overview

A Culture Built on Reciprocal Commitments:

ØProactive/AdvanceØ Communication Ø EducationØ Preparation

The Truth About Estate Planning™Client Orientation Meeting

SUMMARY

Presented by Richard L. RandallAttorney and Counsellor At Law

Estate Planning Overview

Most Estate PlansJust Don’t Work!


“The Snapshot Test”


Definition of Estate Planning

I Want to Control My Property While I’m Alive and Well

Plan for Me and My Loved Ones if I Become Disabled


Definition of Estate Planning

Then Give What I Have• To Whom I Want• When I Want• The Way I Want

All While Assuring My Wisdom is Transferred Along with the Rest of My Wealth


The “Wisdom W”

The Relationship Exploration Approach™

The CoCreative Counselling Experience

™

The Financial

Integration Formula™

The Continuous

Commitment Compact™

The LifeSpan Learning

Solution™

The Settlement Security System™

The Process Produces the Results™

The LifeSpan Planning ProcessTM

TM & LifeSpan, LLC 2005. Use by National Network membersby express permission and under license granted by LifeSpan, LLC.

Wealth Reception

Planning ™Support

™

™

™

™

SAVE TAXES

EXPAND WEALTH

PRESERVEWEALTH

FAMILY

ME“I want to control my property while alive and well,

plan for me and my loved ones if I become mentally disabled,and then give what I have to whom I want,

when I want and the way I want--all while assuring my wisdom is transferred along with the rest of my wealth.”

ESTATE PLANNING PYRAMID


The Planning Pyramid™• Focuses on Client Goals

• Solutions Make Planning Easier

• Exposes Traditional Planning as“Upside Down”


• Personalized Counselling• Proper Asset Ownership• Formal Review Process• Controlled Transfer Process

• What to Do• How to Do It• How to Pay for It

Keys to an Effective Estate Plan

Estate Planning OverviewThree Step Strategy™• DEVELOP Your Plan with Counselling

Oriented Planning Partners• COMMIT Yourself and Your Family to a Formal Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You

and Your Family to Transfer YourWisdom Along With the Rest of Your Wealth

Counselling Oriented Attorney

◆Counselling vs. Word Processing


Three Types of Estate Plans• Married Couple

Under Federal Estate Tax Threshold

• Married CoupleOver Federal Estate Tax

Threshold• Unmarried Individual


Personal Planning Goals

• Catastrophic Illness Protection• Remarriage Protection• Creditor Protection• Divorce Protection• Values Promotion

Counselling Oriented Attorney

Counselling vs. Communication

◆ No or Low Additional Cost◆ Plain English◆ Use of Stories


Oriented Planning Partners• COMMIT Yourself and Your Family to a Formal Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You

and Your Family to Transfer YourWisdom Along With Your Wealth


Three Types of Change An Estate Plan Faces

Changes in Your Personal Situation (Life)• Personal and Financial

Changes in The Law• Tax and Non-Tax (Personal Protections)

Changes Due to Learning• Earned and Learned!


Oriented Planning Partners• COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You


“Appropriate Assistance”

◆Controlled Cost

◆Full Disclosure

◆True Peace of Mind

Keys to Controlled Cost

◆ Full Funding

◆ Proactive Trustee (&Beneficiary) Training

◆ Proactive Engagement Approach

◆ Successor Trustees Hire Assistance


◆Controlled Cost

◆Full Disclosure



Three Factors of Overall Cost

• The Cost of the Documents

• The Cost of Updating (Or Failing to Update)

• The Cost After Death• Transfer of Assets• Death Tax Return Preparation


“The Rest” of the Fees

• Trust Settlement Administration• Disability• Death

• Death Tax Return Preparation

• Probate Services

Estate Planning Overview Fees

◆Traditional Probate– 2 to 3%

◆ “Standard” Living Trust Planning– 1.5 to 2.5%

◆ Lifespan Planning Process™

– 1 to 2%


Full Disclosure

◆Attorney Compensation Study◆ Investment Selector/Practice

Evolver™◆LifeSpan Cost Control System™


◆Controlled Cost

◆Full Disclosure



Are We The Ones?

• Age • Experience• Personality• Values


Are You The Ones?

◆Will You Make the Necessary Commitments?

◆Will You Honor the Process?


Oriented Planning Partners• COMMIT Yourself and Your Family to a Continuing Maintenance and Education Program • SECURE Appropriate Assistance for You


Empowered Legacy Session™AGENDA

Ø Review Your Member Agreement Ø Introduce Your Family Operator’s ManualØ Cover “Technology” SupportØ Summarize the Four Essential Elements™ of

Plans That WorkØ Begin Your Personalization ProcessØ Invite Your Full Participation in Wealth

Reception™ Planning

Empowered Legacy Session™Four Essential Elements™

ØEstate Planning Review Worksheet (EPRW™)-- with Design Template?

ØAsset Review Report™ØTrust Protector SupportØWhen to Seek Additional Counselling


ØEstate Planning Review Worksheet (EPRW™)-- with Design Template? ØUsed to Review Plan (with Design Template?)ØUsed to Provide “Immediate” ImplementationØUsed to Document Intent for Trust Protector


Asset Review Report™ØProvides “Current” Asset List for Disability,

Medicaid Qualification, Terminal Illness and to Begin Death Settlement Process

ØProvides “Scorecard” for Verification

Goal: ALL assets accounted for and verified as properly titled


ØTrust Protector Support

ØDuring Client’s Disability

ØAfter Client’s Death

Empowered Legacy Session™Trust Protector Review Session

Two Critical QuestionsWho Might Serve? ◆ Cannot Be Related to You◆ Should Have Strong Understanding of the Law ◆ Should Have Strong Understanding of the

Trust Document How Does Trust Protector Know Your Intent?

Can Only Make Changes Based on Your Intent

Education ProgramTrust Protector Review Session

Determining Your Intent

◆ Estate Planning Goals◆ Design Template◆ Restatements Signed Over the Years◆ Perpetual Progress Program™ Direction You’ve

Provided to Firm Over the Years◆ EPRW™◆ Memorandum of Intent◆ Purposeful Trust™ Planning

Trust Protector ReviewWHO May Serve?

Ø Independent Third Party Only (Internal or External)

WHEN May Trust Protector Serve?Ø Available to Add Needed Changes After Your

Death (or Disability)WHAT Reasons Can Changes Be Made

Ø Based on YOUR Intent (Documented in your file!), Not Just For Any Reason QUIZ ALERT!

Empowered Legacy Session™Four Essential Elements™ØWhen to Seek Additional Counselling

ØPersonal Counselling Review ØFixed $500 Fee

ØFamily Meeting ØFor New Clients, Included in Design Fee if Conducted

Within 12 MonthsØBeyond 12 Months, $500-–essentially a “Family

Counselling Review”ØBoth at Client Option

Empowered Legacy Session™Four Essential Elements™When to Seek Additional CounsellingØ Proactive Elder Law™

ØSpecial Delivery Service™ ØDisability (Formal or Informal)ØLife Care Planning

ØFamily Counselling Review (at Client Option as Enrollment in Any of the Above; Additional Engagement for Disability Settlement or Life Care Planning)

Empowered Legacy Session™Four Essential Elements™When to Seek Additional Counselling

Ø Empowered Inheritance Program™ØEssentially Provides a Functioning Trust for

Inherited Assets Through Use of Trust ProtectorØBegins With Beneficiary Discovery

Dialogue/Commitment Conversation™

Empowered Legacy Session™Four Essential Elements™When to Seek Additional Counselling

Ø Both Proactive Elder Law™ Program and Empowered Inheritance Program™ Feature Proactive Preparation Opportunity for Helpers and Beneficiaries

The Trustee Training Workshop™(Preview)



It’s Not About the Documents!(Duh!)

◆ Initial Excitement (Clients AND Advisors!)

◆Parking Lot Rule◆Covered the Meeting (PAPER!!!)◆Value (and therefore Fees) Based on

Counselling!

The Werewolf Workshop™



• How do you like Horror Movies?

• Are you Familiar with Them?

• How’d you like to Star in one?


• Background

• Story Line


The Attack


The Cast of Characters

• The Survivor• The Friend who “knows”• The Advisors• The Loved Ones


How Do You Kill a Werewolf?


How Do You Kill ( Or Control!)Werewolf Behavior?

• Advance Preparation• Proper Expectations

The Empowered Legacy Program ™

What About Helpers Own Preparation?

• Advance Preparation• Proper Expectations

But Those are the Same! Yep!



ØProactive Preparation OpportunityØBeneficiary Personal Information FormØBeneficiary Discovery DialogueØBeneficiary Commitment Conversation

But Those are the Same!?! Yep!


Four Goals

◆ Know the Law Firm Name and Contact Info

◆ Remember There’s a Process, and the Process Produces the Results (So Follow It!)

◆ Give You an Idea of the Types of Issues You’ll Deal With

◆ Encourage Interest in Planning Participation





Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning


Question and Answer Session


Where Do I Go From Here?◆ Begin By Participating in Planning Discussions

NOW!◆Start By Learning the Four Essential

Elements™◆Know “911”◆Take Advantage of Proactive Preparation

Opportunities


ØEstate Planning Review Worksheet (EPRW™)-- with Design Template?

ØAsset Review Report™ØTrust Protector SupportØWhen to Seek Additional Counselling

Quiz Alert!





Finally, Keep in Mind It’s Not Just Death Planning—DocuBankⓇ for Emergencies--and There’s A Dependable Process to Follow for Health Care Planning Quiz Alert!



ØProactive Preparation OpportunityØBeneficiary Personal Information FormØBeneficiary Discovery DialogueØBeneficiary Commitment Conversation

But Those are the Same!?! Yep!Quiz Alert!

Trustee Training Workshop™ AnalysisNext Steps

◆ Forward Your e-mail address to [email protected]

◆ Complete Beneficiary Discovery Dialogue™/Commitment Conversation™

◆ Watch the Helper Listserv for Webinars and Other Update Announcements

◆ Watch the Helper Listserv for Nuts ‘n Bolts Programs (Trustee Training is next!)

Housekeeping Items◆ PowerPoint to Education Tab if You Are

Keeping Hard Copy Family Operator’s Manual

◆ Scan Attendance Confirmation to [email protected]

Thanks for Attending!!

The “Nuts ‘n Bolts” Series (Overview)€¦ · Planning—DocuBank ... Estate Planning...

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