Questions to ask when creating an estate plan
It is all too often that clients go in to these meetings "blind" and don't ask the right questions. Ideally, the advisor would be involved in the conversation, but that doesn't always happen. A list of questions to think about prior/questions to ask the Estate Planning Attorney would be very helpful.
Comments: 29
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30 Jul, '20
Dean Lyman MergedA decision tree to help clients determine the need for a trust or a will, taking into account the areas a will cannot affect.
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30 Jul, '20
emily@fppathfinder.com Admin Merged"Do I need a will or a trust?" (suggested by Dean Lyman on 2020-07-30), including upvotes (1) and comments (0), was merged into this suggestion.
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31 Aug, '20
Tamara Stelting MergedA flow chart to help clients understand the benefits of creating a Living Trust versus a Will. How each protects their assets. What happens after the client passes away? Who is in charge of the estate? Timing of the distribution of assets.
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31 Aug, '20
emily@fppathfinder.com Admin Merged"Do I need a Will or A Living Trust?" (suggested by Tamara Stelting on 2020-08-31), including upvotes (1) and comments (0), was merged into this suggestion.
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08 Jun, '21
Keith OslieYou have great checklists for when an estate plan is already in place, but no resource for those who do not have estate documents in place. Also, the title of this new checklist should simply say "Questions to Ask when Creating an Estate Plan" - leave the attorney part out of it.
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16 Jul, '21
emily@fppathfinder.com Admin"What do I need to think about when it comes to estate planning?" (suggested by Raquel Hinman on 2021-07-16), including upvotes (1) and comments (0), was merged into this suggestion.
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24 Aug, '21
Alan, ChFC, EA, CRC, CTS, CES, CFEd MergedI envision this as a Flow Chart / Decision tree on the front side with a couple of crucial lists on the backside.
These lists might be:
1. States that allow real estate titled with a TOD
2. Small Estate threshold per state
3. List of Community Prop States -
08 Sep, '21
emily@fppathfinder.com Admin"Questions to ask a Trust Attorney when reviewing an Irrevocable Trust." (suggested by Kaylin Dillon on 2021-08-17), including upvotes (1) and comments (0), was merged into this suggestion.
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08 Oct, '21
Sophie LeahyIt would be helpful to have pros and cons of establishing a revocable living trust as part of this or another checklist.
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27 Oct, '21
Austin Lastinger Admin"What to consider when creating an estate plan?" (suggested by Raquel S Hinman on 2021-10-26), including upvotes (1) and comments (0), was merged into this suggestion.
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20 May, '22
ChrisGranger Admin Merged"What Trust do I Need?" (suggested by Paul Michael Paquette on 2022-02-08), including upvotes (1) and comments (0), was merged into this suggestion.
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20 May, '22
ChrisGranger Admin MergedLanguage from "What Trust do I Need?" suggestion that was merged into this one: "A flow Chart so a client can select the right trust that serves and meet there needs."
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09 Jun, '22
ChrisGranger Admin"Do I need a Trust" (suggested by bob scott on 2020-02-04), including upvotes (19) and comments (5), was merged into this suggestion. Language from the original suggestion: "Or a checklist for estate planning documents".
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11 Jun, '22
ChrisGranger Admin"Where to start: Estate Plan" (suggested by Anne Marie Webster, CFP® on 2022-03-05), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "I'm looking for something to give a couple who knows they need to get a will/estate plan, but aren't sure where to begin. I have a feeling this is more common than one would think. Could you create a checklist for things to consider that serves as both a 'why' and a 'how to' at the same time?"
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13 Jun, '22
ChrisGranger Admin Merged"Planning strategies to avoid estate taxes" (suggested by Trent Porter on 2021-10-14), including upvotes (1) and comments (0), was merged into this suggestion.
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13 Jun, '22
ChrisGranger Admin Merged"Comparison of estate planning trust strategies" (suggested by Ashley on 2021-05-20), including upvotes (2) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Side by side of CRAT/CRUT/GRAT/GRUT/CLAT etc.... as an easy to use resource with high level benefits/bullet points."
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13 Jun, '22
ChrisGranger Admin Merged"generation skipping trust" (suggested by Meredith Schneider on 2022-01-04), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Flowchart outlining decision tree."
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15 Jun, '22
ChrisGranger Admin"Special Considerations When You Live in a Community Property State" (suggested by Danielle Seurkamp on 2020-02-04), including upvotes (2) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "What concerns do clients need to pay special attention to when they live in community property states (pre-nups, estate planning, etc.)?"
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16 Jun, '22
ChrisGranger Admin Merged"Revocable vs. Irrevocable and the pros/cons of both" (suggested by Evan on 2021-10-15), including upvotes (2) and comments (0), was merged into this suggestion.
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16 Jun, '22
ChrisGranger Admin"Does a beneficiary deed make sense for your estate plan?" (suggested by Brad Gomer on 2021-09-30), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "A flow chart that walks people through whether a beneficiary deed would be helpful in simplifying their estate for their beneficiaries and what risks to consider."
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16 Jun, '22
ChrisGranger Admin"How do I title my accounts?" (suggested by Damien Saccani on 2022-04-21), including upvotes (2) and comments (1), was merged into this suggestion. Original language from this merged suggestion: "Avoiding probate can often mean the details of how an account is plated. Clients often overlook the importance and frequently need assistance with account plating."
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16 Jun, '22
ChrisGranger Admin"What type of Trust is best for my situation and wishes?" (suggested by Melisa Wardlow on 2021-10-14), including upvotes (7) and comments (5), was merged into this suggestion.
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26 Aug, '22
Jared KenneyI have an update suggestion on the current What issues should I consider before I update my estate plan? On the line that ask, do I need to protect any beneficiaries from divorce, creditors, substance abuse, etc. I would add Mental illness to this list. I have several clients who cannot trust their children due to mental illness issues.
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29 Aug, '22
ChrisGranger Admin"Trusts" (suggested by Mark on 2022-08-17), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Don't see flowcharts for Revocable, Irrevocable and Charitable Remainder Trusts (CRT), perhaps I am missing them, but these estate planning strategies are quite popular and would be a good addition to your very helpful and useful platform."
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29 Aug, '22
ChrisGranger Admin"Estate Planning Essentials" (suggested by Susan K Williams on 2022-08-16), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Estate planning documents one should have and why. Will, HCPOA, FPOA, living Will, living trust, etc. Why one may need a trust - revocable vs. irrevocable. Helps client understand the options so meeting with attorney is more productive. Maybe I missed it, but current options seem limited to someone who already has documents and doesn't explain the purpose of the document. Thank you!"
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14 Sep, '22
ChrisGranger Admin"Trust or Will?" (suggested by Michael Reynolds on 2022-09-01), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "A checklist to help people decide if a trust or a will is more appropriate for them."
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14 Sep, '22
ChrisGranger Admin"Revocable vs Irrevocable Trust" (suggested by Amy Irvine on 2022-09-14), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Should a client consider a revocable or an irrevocable trust."
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14 Sep, '22
ChrisGranger Admin"Trust taxation" (suggested by Bob Huntley on 2022-09-11), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "How is your irrevocable trust taxed. Simple vs complex trusts. Trust owned annuities. Show the options and applicable tax rates based on choices made. Might also address CRT taxation back to donors."
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07 Oct, '22
susan johnBe sure to add PRIVACY considerations.