When you really put your mind to it, you can accomplish a lot in an hour. You can meet with a prospective client, return a few phone calls, or even have lunch with a friend. And now, thanks to Sandy F. Kraemer, you can even take care of a client's estate planning in just an hour's time.
In "60-Minute Estate Planner: Fast and Easy Plans for Saving Taxes, Avoiding Probate, and Maximizing Inheritance" (Amacom 2006), Kraemer offers step-by-step instructions for readers embarking on the estate planning process. Although written for consumers, this easy-to-follow book also serves as a guide for financial professionals as they walk clients through the estate planning process.
"If you like simplicity and illustrations, 60-minute estate plans are for you," Kraemer writes.
Convince clients to build a safety net
It's no secret that people don't want to think about their own death. This is why financial professionals and insurance agents face so much resistance from their clients when it comes to discussing an estate plan. However, Kraemer strives to convince his readers that an estate plan is critical for every family.
"Your estate plan is the most powerful tool to control your family's financial security -- and yours," he writes. "You will always be remembered by the estate plan you make, or fail to make. Accept the responsibility. Your choices will enable or disable your children and grandchildren. Their opportunities and values will be directly tied to your plan."
Get interested
Kraemer says one of the first steps to estate planning is simply taking an active interest in the process. "Begin by reading small bits and pieces of information as they appear in your usual reading materials," he says. "Gradually, you will become familiar with the terms and some general concepts." Encourage your clients to familiarize themselves with the estate planning process -- perhaps you could even recommend that they read "60-Minute Estate Planner."
The more informed they are about the process, the more comfortable they will be when it comes time to build their own estate plan.
Legal versus taxable estate plans
Kraemer points out that every family should understand and distinguish between their legal estate plan and their taxable estate plan. "Your legal estate plan concerns property. How is it owned and titled? How will it be transferred at your death? State law controls and answers these questions," he says. "Your taxable estate plan concerns taxes that may be assessed on transfer of your legal estate."
According to Kraemer, it is essential for consumers to plan their legal and their taxable estates at the same time. "They must fit together like a jigsaw puzzle," he says. "Your advisors must be educated to work with both state laws and federal Internal Revenue Code."
Take it step by step
To avoid confusion, Kraemer says readers should build their estate plan one step at a time.
He says the first step is to prepare a current financial statement that details the specific ownership of each asset and present market value.
In the second step, the consumer should select a planner or planners. "Use the same network of people and sources of information you would use to obtain the names of other qualified professionals," he suggests.
Lastly, Kraemer says that readers should select from his book the 60-minute estate plan that "closely approximates [their] estate and goals." Clients can use this plan as a starting point for discussion with their advisor.
As any financial professional will attest, getting clients to discuss estate planning can be like pulling teeth. Fortunately, "60-Minute Estate Planner" makes the process easier for everyone involved.
Because Kraemer strives to educate consumers about the estate planning process, financial professionals may even want to recommend his informative book to their clients.
Amy Bell is a freelance writer and frequent contributor to the Agent's Sales Journal. Visit her Web site at www.writepunch.com or email her at amy@writepunch.com . "60-Minute Estate Planner" is available at www.amazon.com.
