Estate Planning is for Everyone

Every client can benefit from estate planning. Of course, estate planning needs vary from client to client, ranging from simple solutions to complex strategies custom-designed for high-net-worth clients.

To help determine the right approach to use with your clients and prospects, refer to this guide for an overview of the many estate planning strategies. Review the information to become familiar with the strategies and target client profiles; then, when you come across opportunities in your book of business, we can help you deliver the best approach to meet clients’ financial wellness needs.

Also, check out these additional resources, and watch our monthly sales solution video: 

Ensure Care for Children with Special Needs

Estate planning is important for all families, but it’s critically important for families with special needs children. Parents of special needs children face unique challenges, such as ensuring there are sufficient funds available at their death to care for their child, finding appropriate caregivers and guardians, and selecting the correct trustee to manage and distribute inheritances via special needs

trusts.

SUGGESTIONS for families with children with special needs:

• Establishing a team of advisors, along with you, to help with estate planning but particularly to assist with the ongoing care of children with special needs through adulthood. 
• Meeting with a qualified special needs estate planning attorney to prepare or update various documents, including a will to name guardians and a special needs trust to hold assets. A revocable trust, powers of attorney and medical directives may also be necessary. 
• Reviewing the titling of assets to ensure they are held in trust or special needs children, because outright distributions could disqualify government assistance. 
• Talking to siblings and parents about being guardians and discussing their responsibilities. 
• Creating an independent trust, and funding it with life insurance. The special needs trust must be set up in such a way that it accepts gifts. 
• Preparing a Letter of Intent outlining the parents’ desires and hopes for their child with special needs, along with critical information pertaining to his or her care.

The following case studies demonstrate common and real world scenarios you may encounter while working in this market: Case Studies