Learn the importance of coordinating financial planning with estate planning and how to overcome the reluctance of clients.
Many financial planners assist clients with estate planning, at least at a summary level and to make sure their clients at least have an estate plan. Fewer estate planners are even aware of much about their clients' financial plans (and there are economic reasons why this is so). The presenters of this topic will use a case study approach with four fact patterns to illustrate the importance of coordinating financial planning with estate planning. The two should not be developed in isolation from each other, or they may be at best uncoordinated and at worst in conflict. If developed in coordination, the two plans can provide powerful synergies.
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Convergence of Estate Structure and Financial Advice
- Estate Structures, Defined
- Financial Advice, Defined
- Convergence: Where the Two Overlap and Need to Be Coordinated
Challenges to Coordinated Planning
- Overcoming Client Reluctance
- Overcoming Professional Rivalry or Turf Protection
- Placing the Client Interest First, a Fiduciary Approach
Case Studies for Coordinated, Synergistic Estate and Financial Planning
- Illustration of Uncoordinated Financial Plans and Estate Plans
- Beneficiary Designations Clashing With Estate Plan
- Cash Flow for the Surviving Spouse Conflicting With Estate Plan
- Matching the Investment With the Technique (the Biggest Topic): GRATs vs. Installment Sales vs. QTIP vs. Joint Purchase Trusts
- Creating and Maintaining a Family Bank: How a Structured Program to Manage a Fund for Intra-Family Loans and Investments Can Provide Great Benefits for a Family
- Case Studies: After Introducing the Concepts, the Presenters Will Illustrate Them in Four Case Studies
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on October 7, 2020.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Elaine King, CFP®
Family & Money Matters
- Founder of Family and Money Matters™, with the mission of empowering the family’s financial and human capital to achieve financial wellbeing
- Served as the Family’s financial planner for over 1,200 families and 100 multigenerational family enterprises crafting actionable family financial plans
- Financial education advocate, creator of the first family financial program in LATAM, and winner of the Best Latin book award
- Recognized in 2020 in the list of Investopedia’s Top Influential Advisors and 2017 by People Magazine’s Top 25 Influential Hispanic Women
- Featured in the WSJ, Forbes, Telemundo, and CNN, and is a columnist for financial journals in the U.S. and LATAM
Michael D. Whitty
Freeborn & Peters LLP
- Attorney with Freeborn & Peters LLP
- Areas of practice include estate planning, tax and family offices
- Has spoken for Attorneys for Family Held Enterprises, Family Firm Institute, Lorman, and other online providers
- Publications include ACTEC Journal; Real Property, Probate & Trust Law Journal; and Estate Planning
- Certified Financial Planner; president, Attorneys for Family Held Enterprises; fellow, American College of Trusts & Estates Counsel; fellow, Family Firm Institute; certified in family business advising, Family Firm Institute; certified in family wealth advising, Family Firm Institute; Illinois Leading Lawyers
- J.D. and BBA degrees, University of Texas at Austin
- Can be contacted at 312-360-6192 or [email protected]
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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