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 Education Program, all of which are improvements and increase its value to you in multiple ways

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)

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

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

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

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

VIDEO JOURNAL ENTRIES  Every even year, we will get together to sign your documents again (what this looks like will vary depending on 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

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 CP 3 )

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

C ONTINUAL P URPOSEFUL P LANNING P ROGRAM Overall Cost: Living Trust: 2.0 – 2.5% total assets Trust Drafting + Funding Probate w/ Testamentary Trust: 2.2% total assets CP 3 : 1.0% total assets $5,500 Will with Testamentary Trust $3,500 Trust Administration CP 3 $695 per year beginning in 2 nd year • Purposeful Planning Trust Greater communication • Every year: Trustee workshop Pour-over Will Better record-keeping • Even years: Full update of Trust documents Financial Power of Attorney • Speeds up distributions Even years: Video journal entries • Medical Power of Attorney Odd years: Client education seminars Lower administration costs • Access to ClientDocx Living Will Mitigates chances of litigation • Unlimited name changes HIPAA Waiver Promotes family harmony • Unlimited trust provisions changes • Unlimited on-going funding • Unlimited communication • Contact every 6 months