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ESTATE PLANNING WELCOME Welcome to our Successor Trustee Training - - PowerPoint PPT Presentation
ESTATE PLANNING WELCOME Welcome to our Successor Trustee Training - - PowerPoint PPT Presentation
ESTATE PLANNING WELCOME Welcome to our Successor Trustee Training Workshop While we are small in number tonight, things will become increasingly better in the future BIG CHANGES We have some big changes with the Continual Update and
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BIG CHANGES
We have some big changes with the Continual Update and
Education Program, all of which are improvements and increase its value to you in multiple ways
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LEGACY PLAN VS. ESTATE PLAN
I have often referred to your plan as an “estate plan,” which
in my industry tends to refer just to passing on your wealth
I will now refer to it as a “legacy” plan which passes on
your values and your wealth, which is what I have been trying to accomplish all this time anyway
(More on this is a minute)
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PURPOSEFUL PLANNING
Earlier this year, I joined the Purposeful Planning Institute
You know that I believe that your values are what is most
important in your life and to pass on, so this is great
PPI has deepened my focus on your values throughout the
planning process
The goal is to capture your vision and voice to a greater extent
and add warmth to your legacy plan
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PURPOSEFUL PLANNING
Practically, what changes?
I will continue to reach out every six months, but each six
month review will also include some form of “thought exercise” for you to do as a couple that will improve or supplement your legacy plan of values and wealth
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PURPOSEFUL PLANNING
Examples:
Statement of Our Intent I Want My Children to Hear My Voice Gift of Wisdom Last Conversation How I Won the Child Lottery
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PURPOSEFUL PLANNING
You will see this begin to be rolled out probably during the
second half of 2018, possibly before.
There are a few finishing touches, but it is close to ready
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VIDEO JOURNAL ENTRIES
Every even year, we will get together to sign your
documents again (what this looks like will vary depending
- n life changes in between these meetings)
When you come in to sign, you may also video record a
message to your children, talking about family memories, How I Won the Child Lottery or other exercise, etc.
This will be given to your children after you pass
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NAME CHANGE
This has led to a name change for the Continual Update
and Education Program
It will now be called the Continual Purposeful Planning
Program (or CP3)
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FUTURE CHANGE
We will be adding DocuBank to our offerings sometime in
2018 or early 2019
This will allow you to carry access to your incapacity
documents in a credit card-sized card with you wherever you go, giving you extra protection in case of an accident
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Trust Administration CP3
$695 per year beginning in 2nd year
- Purposeful Planning
- Every year: Trustee workshop
- Even years: Full update of Trust documents
- Even years: Video journal entries
- Odd years: Client education seminars
- Access to ClientDocx
- Unlimited name changes
- Unlimited trust provisions changes
- Unlimited on-going funding
- Unlimited communication
- Contact every 6 months
Trust Drafting + Funding $5,500 Will with Testamentary Trust $3,500 Greater communication Better record-keeping Speeds up distributions Lower administration costs Mitigates chances of litigation Promotes family harmony
Overall Cost: Living Trust: 2.0 – 2.5% total assets Probate w/ Testamentary Trust: 2.2% total assets CP3: 1.0% total assets
Trust Pour-over Will Financial Power of Attorney Medical Power of Attorney Living Will HIPAA Waiver