New Clients
 EXPLANATION
OF OUR ESTATE PLANNING PROCESS
(For New Clients -- Foundational Planning)
The Class:
I present a complimentary two-hour estate planning class/workshop to
new and prospective clients before beginning the planning process.
This class is not required, but is highly recommended for new
clients, except in cases of illness or emergency. This class is
taught using lay terminology, but even sophisticated financial
professionals will find it entertaining and enlightening. During the
class, I teach some of the current techniques which may be used in
estate planning. No confidential information is discussed or
solicited and, of course, no products are sold. This is simply an
excellent opportunity to receive a free high-quality education.
If you want to talk about estate planning afterwards, fine. If you
don't, that is fine, too.
The response from
participants in this class has been excellent: the participants'
learning is greatly enhanced and they come away with a much greater
understanding of how a living trust based-estate plan works and what
types of goals we can accomplish in the estate plan. This enables
the participants to participate much more fully in the design of
their own estate plan and to actually control the design of the
estate plan. Attending the class prior to planning enables clients
to design an estate plan which really meets the family's goals and
needs.
Classes are held in
the conference room in my office. I present two classes a month in
the Hannibal office and one per month at the Lake Ozark office and the Columbia office. Classes are
generally small, and most people have been referred in by CPA's or
other financial professionals.
There is no charge for this class. However, reservations are
required so that my staff can produce the necessary study materials
for each person attending. Spouses should definitely attend
together.
Preparatory ("Kick the Tires") Meeting
(usually 1-2 hours):
At the class, participants have an
opportunity to request a follow-up meeting, at no charge to you or
your family, to explore the possibility of going forward with an
estate plan. This meeting provides an opportunity to share family
and asset information and to discuss the type of plan which you
really want and which may be most beneficial to you and your family.
At the end of that discussion, I will have sufficient information to
make a complete disclosure of all fees and costs prior to your
incurring any expense whatever and prior to your making any
commitment to continue with the planning process.
What to Bring:
At the time the preparatory meeting is scheduled, you will be
provided with a Confidential Personal Information form (CPI)
and a Choice of Helpers form. These should be filled out in
advance and brought to the meeting, along with a copy of your prior
Will or Living Trust, if any.
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The Confidential Personal Information form (CPI):
The CPI is a comprehensive form requesting family and asset
information. Although the form is rather long, it actually does not
take terribly long to fill out.
It is extremely important that the CPI be filled out completely
and accurately, since the information contained in it will provide
the foundation building blocks for your estate plan for years to
come and, in fact, even for the post-mortem administration of your
estate. In particular, it is necessary to value your assets as
closely as reasonably possible, since a substantial over-valuation
or under-valuation can result in a blown estate plan and have
undesirable tax consequences at death.
It is also necessary to provide all requested account numbers and
addresses to allow us to properly "fund" the estate plan
("funding" means titling your assets so that they are
fully included in the estate plan).
You can save yourself a lot of time in writing addresses and
account numbers by simply bringing a copy of a recent bank
statement, investment account statement, etc. which my staff can
photocopy and return to you, allowing you to write only the words
"see attached" on the lines requesting addresses and
account numbers. I recommend this as a way to reduce your time in
filling out the form as well as to eliminate transcription errors.
This form is designed to get you thinking about the "people
resources" in your life, since you will have an opportunity to
select successor trustees (after your death or disability),
attorneys-in-fact, health care surrogates, and guardians for minor
children, if any. The information you place on this form is not the
last word, because I am not going to take this information and
simply plug it into a form document. You will be allowed to make
later changes and decisions regarding your choice of helpers after
counseling with me during the estate plan design process.
At the end of the Preparatory Meeting and following full
disclosure of all fees and expenses, those who wish to continue with
the process will then schedule a Design Meeting.
Design Meeting (usually takes approximately 2-2 ½
hours):
At the Design Meeting, the client and
attorney will explore the client's concerns, goals and dreams for
his or her family and loved ones. Together we will develop an estate
plan to enable the client's selected beneficiaries to achieve family
objectives, including wealth transfer, tax minimization/avoidance,
remarriage protection for the surviving spouse, and a host of
protections selected by the client for the children or other
beneficiaries, including enhanced creditor protection, divorce
protection, spendthrift protection, and prudent asset management. I
will counsel clients on various methods designed to achieve these
important personal protections. Through this design process, clients
will actually "drive" the estate plan and will have the
final say-so on how various objectives will be achieved.
Attorney and client will enter into a
simple Retainer Agreement and clients will pay 50% of the design
fee. The attorney will prepare a written diagram of the estate plan
during the design meeting, which will be provided to the client.
The next appointment, for review and
signing of the documents, will be scheduled.
Document Review and Signing Meeting (usually takes about
2 hours):
 At this meeting, clients will have an
opportunity to review the documents with the attorney. I will walk
you through each of the documents, as well as the issues addressed
in the documents, and we will refer to the written diagram of the
estate plan and relate it to the words on the printed page.
A written funding strategy will also be
developed and provided to the client.
The balance of the design fee is due at
this meeting.
Funding Process:
Attorney will assist client in retitling
client's assets in order to obtain maximum benefit from the estate
plan. The funding fee is due at this time.
Regular Updating (optional):
Regular updating of estate plans is
offered at a very nominal cost. Clients are offered the opportunity
to participate in a bi-annual updating program in order to keep
their estate plan current with continuing changes in the law. Most
clients participate in this program and find it to be a low cost way
to review and update their plans on a regular basis.
How to Begin:
Simply call my office to make a
reservation (with your spouse, if you are married) to attend one of
the free educational classes. Your estate plan can usually be
completed approximately a month after attending the class. (This
time period can be shortened in emergency cases.)
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