Avoid estate planning horror stories: 2 ways that people fail to plan

  Posted by Gerald J. Turner – We take care of our loved ones our entire lives. But, one of the worst things you can do to them is dying without the right estate plan in place.Just like the old adage says: “when we fail to plan, we plan to fail.” People tend to make one of two common mistakes when it comes to planning for their affairs after they die: 1. They do nothing Doing nothing means leaving behind a huge, jumbled mess. Your family will have to deal with handling your affairs without any guidance. People who die without proper estate plans put their families at risk of strife caused by trying to figure out what you would have wanted. Or worse yet, they might misrepresent or disregard what you would have wanted, selfishly trying to gain more for themselves. 2. They go the DIY route with their

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Helping Clients Plan From the Heart: Beyond Money in Estate Planning

Many clients and advisors think of estate planning as a logistical process designed to reduce taxes, avoid court, and protect assets. Of course, proper planning does enhance the security of their families and assets, but estate planning is actually much more. Although we write frequently to you about the tax, asset protection, and court-avoiding benefits of estate planning, the process can also be an expression of love, hopes, dreams, and goals for your clients’ loved ones. There are a number of ways your clients can pass on their legacy to their heirs through archival projects, incentivized trusts, charitable contributions, and more. By highlighting and helping deliver on the human side of estate planning, you can strengthen client relationships and increase retention, build a stable base of long-term retention of assets under management, and become known in your community as an advisor that cares about more than just the numbers. Telling

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How Remodeling a Client Trust Can Retain Assets Under Management while Saving Clients Money

It’s a common misconception that clients can take a set-it-and-leave-it approach to trusts.  Much as houses or office buildings, even those that were originally well-built, must be remodeled or updated from time to time, a trust-centered estate plan can often benefit from a remodel or refresh. Although the principle of trust-centered estate planning has stood the test of time, there are many reasons, such as the recent tax reform, a change in family wealth or circumstances, or just a change in estate planning goals, that may necessitate a remodel for an old trust. Clients gain peace of mind while you get an opportunity to provide value. Why updating old trusts serves both you and your clients Your clients may be missing out on lucrative new opportunities, such as income tax planning opportunities to reduce the impact of the new SALT deduction limitation, or necessary protections against overly aggressive creditors unless

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The Team Approach to Client Service in 2018 and Beyond

Estate planning is about much more than just taxes Many financial advisors see estate planning as a tax-focused discipline. However, estate planning encompasses much more than just tax planning. It provides a great client service, deepens relationships with clients, and can be an integral part of retention. This is especially true now that technology is ushering in a new wave of robo-advisor services. Nothing beats a human team of highly-skilled professionals furthering a broad spectrum of client needs and goals. How to build the perfect client service team Building the perfect team is as simple as huddling with an estate planner, a trusted CPA as a tax advisor, and a financial advisor. Like any team, each player has a role. The financial advisor facilitates the growth of the client’s wealth, while the estate planner acts as a legal risk manager, and the CPA acts as a tax optimizer. Between the

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Cryptocurrency [Bitcoin] and the IRS

By Eric P. Rothenberg, Esq. – [Download PDF Article] The creation and use of cryptocurrency is very recent. Back in 2010, it just began trading. In 2011, it hit its first “bubble” at $31 per coin when previously they traded for just pennies. Most people by now have already heard it hit nearly $18,000 in December 2017. That’s quite a leap in just 7 years. If you wish to learn all about cryptocurrency and the blockchain technology behind it, which may become an important tool for many businesses in the future, go to the Wikipedia’s History of Bitcoin. This article is not about what bitcoins are, but is about what you need to know about their income tax and reporting aspects. And this article is a very over-simplified view to point out the issues and give you some guidance as a start. For many years, no one even knew what

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