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Casey Law Group
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5 Hidden Client Risks That Demand Your Immediate Attention

How to Steer Your Clients in the Right Direction

Estate planning provides your clients with a wealth of opportunities to strategically grow their net worth while also planning for their families’ future comfort and security. Opportunity brings risk, but also the potential reward of deeper, longer-lasting client relationships.

Educational Topics for Your Clients That Can Help Your Business
What you don’t know can end up hurting your clients, and in turn, limit your ability to secure future business opportunities and retain assets under management. That’s why it’s important to learn about and discuss the potential estate planning risks faced by your clients.

When you discuss the value of estate planning and these hidden risks with your clients, you strengthen your professional relationships, build long-lasting trust, and help clients maximize their financial well-being.

Risk 1: Sub-Optimal Insurance Products

Problem: Busy clients can put insurance product comparison efforts on the back burner and end up paying for it over time. If your clients’ premiums are higher than they need to be, it creates a financial burden — which can increase the potential for policy lapse.

Solution: Comprehensive planning minimizes resource loss caused by inefficiencies. Review your clients’ insurance products and see how long it’s been since they’ve explored better options. Coordinate with us, as estate planners, to ensure that all policies have the proper beneficiary designations for the clients’ goals.

Risk 2: Earned Income in Retirement

Problem: If your clients are part of a growing trend of retired individuals continuing to work and earn income, they’re also opening themselves up to greater tax exposure in the process.

Solution: It’s necessary to do a risk management assessment of what they’re earning, how it’s being taxed, and how we can strategize as a team to keep taxation on those income sources as low as possible.

Risk 3: Obsolete Estate Planning

Problem: Clients’ families may be in for an unpleasant surprise if the clients don’t have up-to-date wills and trusts. Outdated wills and trusts can lead to administrative inefficiencies, unnecessary probate, costs, and taxes, and, eventually, an exodus of assets from management when the process is complete.

Solution: Discuss your clients’ wills and trusts to open up a line of conversation about whether their current plan aligns with their goals and vision. An easy starting point is a quick review of the plan summary or diagram. If there’s any doubt about whether the plan will work as the client intends, an in-depth professional review is a great idea. We are always happy to review plans and recommend improvements for your clients.

Risk 4: Chronic Illness, Poor Family Health Histories, or Both

Problem: Clients who are suffering from chronic health issues won’t be helped by burying their heads in the sand when it comes to financial and estate planning. If they fail to act fast, they can quickly drain their wealth through medical costs.

Solution: With a long-term care funding plan, your clients dealing with chronic health issues can find comfort in the knowledge that their resources are being allocated wisely and that there’s less of a chance of their families being burdened in the future.

Risk 5: Life Insurance with Substantial Cash Value

Problem: Life insurance policies with significant cash values aren’t always the most effective route to take when other investment vehicles could provide for better growth.

Solution: We can work with you to help your clients monetize their life insurance policies to support their income needs with improved tax efficiency. By taking advantage of tax-deferred growth, tax-free dividends, or policy loans in ways that align with the clients’ long-term financial and estate planning goals, we can help ensure your clients are getting the most out of their life insurance policies.

Your clients may be in danger of experiencing the consequences of these risks without even being aware of them. Often, changes that lead to these types of risk take place so gradually that your clients haven’t considered them. Presenting these hidden risks can also help you cement your relationship with your clients and possibly win referrals and new business.

As you discuss these risks with your existing and potential clients, please be in touch if there’s anything we can do to help.

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    • Are there other ways of leaving property to my beneficiaries other than through a will or a trust?
    • Are there things I can do to protect my existing business?
    • Can any attorney create a family wealth trust?
    • Can I leave my property to anyone I choose? 
    • Can I make provision in my will for my pets?
    • Can I specify that certain people, like a brother or sister, should never receive any of my property?
    • Can I transfer real estate into a family wealth trust?
    • Can I use my will to name a guardian to care for my young children and mage their property?
    • Can I use my will to name a guardian to care for young children and manage their property?
    • Can my power of attorney make or change my will?
    • Can trustees get help administrating trusts? 
    • Do I have to employ asset protection for all types of assets?
    • Do I need a financial power of attorney?
    • Do I need to name a trustee in my will?
    • Do we have to take account of minority shareholders’ interests and wishes in a family business?
    • Does a small business (subchapter S corporation give me the same protection as limited liability company (LLC))?
    • Does a will control all of my property?
    • Does all property have to go through probate when a person dies?
    • Does an executor (personal representative) get paid?
    • Does the person named in the will as executor (personal representative) have to serve?
    • How can a limited liability company provide me with asset protection?
    • How can an estate plan may things easier on my family after I die?
    • How can I leave specific items to particular people?
    • How can I make sure I will keep control of the family business if I get divorced?
    • How do I best protect my personal assets if I start a small business?
    • How do I get started with a succession plan?
    • How does a family wealth trust differ from a revocable living trust?
    • How does a revocable living trust avoid probate? 
    • How does trust administration differ from probate?
    • How is undue influence determined?
    • How long is a will valid?
    • How often should a succession plan be updated?
    • How often should my will be reviewed?
    • I want to start a small business with two partners. What is the best way to protect myself?
    • If I become incapacitated, will I need a durable power of attorney if I already have a living trust?
    • If I create a revocable living trusts, do I still need a will?
    • If I die owing debts, who pays my debts?
    • If I made a will, but lived in another state. Now I live in Florida. What should I do?
    • If I make a living trust, do I still need a will?
    • If there is a divorce in the family can we get shares back from an ex-spouse who is no longer a family member?
    • Is it possible that I may need more than one LLC?
    • Must I leave something to my spouse and children?
    • Should I avoid probate?
    • What are the benefits of a succession plan?
    • What are the signs of undue influence?
    • What are the uniform fraudulent transfer act (UFTA) and the uniform fraudulent convevance act (UFCA)?
    • What are trusts?
    • What benefits does a trust offer?
    • What does a guardian do?
    • What does a proper estate plan include?
    • What does if mean to fund a trust?
    • What does testate and intestate mean?
    • What happens if I become unable to care for myself? 
    • What happens if I die without a will?
    • What happens if you do not have a will or trust? 
    • What if become disabled and am no longer able to manage my affairs?
    • What is a bypass trusts?
    • What is a domestic asset protection trust?
    • What is a durable power of attorney?
    • What is a family wealth trust?
    • What is a fiduciary?
    • What is a health care power of attorney?
    • What is a health care proxy?
    • What is a living will?
    • What is a pour-over will?
    • What is a QTIP trust?
    • What is a registered agent?
    • What is a revocable trust?
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    • What is a testator and a testarix?
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    • What is an A-B trust?
    • What is an executor (personal representative) and what does the executor do?
    • What is an irrevocable trust?
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    • What is incapacity or a lack of capacity?
    • What is included in my estate?
    • What is offshore planning?
    • What is personal residence trust?
    • What is piercing the corporate veil?
    • What is probate?
    • What is tenants by the entirety?
    • What is the difference between a will and a trust?
    • What is the difference between having a will and family wealth trust?
    • What is the difference between traditional estate planning and wealth planning?
    • What is trust administration?
    • What is wealth transfer planning?
    • What property does my will control?
    • What protection is available through a family limited partnership?
    • What will I still have control over my property if I have a living trust?
    • When does the trust administration process start?
    • When is the right time to begin estate planning for myself?
    • When is the right time to start succession planning?
    • When should an estate plan be reviewed? 
    • When should I review my existing will?
    • When should I start asset protection?
    • Who administers trusts?
    • Why do I have to be careful about fraudulent transfer rules?
    • Why should I make a living trust?
    • Will a family wealth trust avoid income taxes?
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