Posted by Robert L. Arone – How Uncovering Your Clients’ Legal Needs Means More Business for You Estate plans, like complex computer code, can get buggy. As a financial advisor, you have a fiduciary duty to your clients to help them avoid negative consequences of bad planning. That duty includes keeping tabs on legal issues related to estate planning and getting your clients the help they need, when they need it, and no later. Being able to spot common problems with estate plans can do a lot for your business. It can expand your relationships with clients and allow you to serve them in a fuller capacity – one that’s more profitable for you. That said, you probably have more than enough on your plate already. The thought of getting into the weeds into estate planning and probate law may be overwhelming. And it is true that the rabbit hole

Posted by Robert L. Arone – “Whatever can go wrong, will go wrong.” Murphy’s Law applies itself with surprising vigor in the estate planning field. If your clients are leaving outright, no-strings-attached inheritances or gifts to their beneficiaries, they are practically inviting disaster. But, there’s hope. A properly designed estate plan protects a client’s beneficiary and can help grow your business. How Proper Planning Benefits Your Practice An inheritance that goes outright and into the pocket of a spouse, child, or grandchild will very likely leave your office. On the other hand, an inheritance left inside a trust (such as lifetime discretionary trust, more on that below) has a better chance of staying because: If assets managed by you are left outright, they can easily be transferred away after the client dies. You have time to build relationships with the beneficiaries while your client is still alive and well. Your

Posted by Robert L. Arone – Client and prospect meetings need to include a review of the estate plan – does it still work as expected, is the trust funded, have beneficiary designations been completed, did any laws change, have family or finances changed, how old are the documents, and was there a move to a new state? Recognizing when an estate plan needs to be updated will lead to meaningful discussions about what keeps clients and prospects up at night. When you can help alleviate their concerns, you’re a hero to your clients. How Your Business Will Benefit from Spotting Estate Plans That Need Updates An out-of-date estate plan can cause a multitude of problems. Your business will benefit from identifying out-of-date plans because: Your clients will gain peace of mind knowing that you are watching out for them and proactive in seeking solutions. If an estate plan doesn’t