Attracting and Working with Wealth Planning Clients™ Series
FEC 251: The Alphabet Soup of Advanced Estate Planning
FEC 252: Evaluating the Business Entity
FEC 253: Asset Protection for Business Owners
FEC 254: Asset Protection Continuum
FEC 255: Affluent Integrated Wealth Transfer Planning
FEC 256: Integrated Wealth Strategies – “Kaplan” Case Study
A summary of basic and basic plus estate planning followed by a survey of advanced estate planning techniques and why financial, tax and accounting professionals, as well as other professional planners, need to be familiar with these techniques. This course deals with how to minimize the wealth (estate) tax through charitable giving and discounting techniques. Learn the basics of the alphabet soup, e.g., Charitable Remainder Trusts (CRT), Charitable Lead Trusts (CLT), Qualified Personal Residence Trusts (QPRT), Grantor Retained Annuity Trusts (GRAT), Family Limited Partnerships (FLP), and Liquid Asset Protection Trusts (LAPT). Gain knowledge of how life insurance can play an important role in these advanced plans.
This course surveys each business entity option. Multiple considerations dictate which choice of entity, for example: What are the business goals of the owner(s)? How does ownership, liability protection, capitalization, management, sale of the business, estate planning, taxation, and owner and employee benefits affect the choice of business entity? What are the income tax ramifications? Learn The Entity Choice Matrix.
Everyone can benefit from understanding how to protect their assets from lawsuits, taxes, divorces, and a myriad of other threats. Often our business owner clients, like private practice doctors, seek out asset protection for common characteristics such as: wealth, business ownership, entity formation, real estate ownership, and considerable income and estate tax exposures. What keeps your high risk professionals up at night – or should? Explore how to attract and engage these clients through an understanding and appreciations of their needs and perspectives.
From a survey prospective, and then in depth, review the varied strategies in the asset protection continuum. Learn: what asset protection is and is not, asset protection techniques, what won’t work, what might work, and what should work. The course covers: gifting, joint ownership, exemption planning, insurance, qualified & non-qualified plans, as well as business entities including Limited Partnerships, Limited Liability Companies, and Corporations – each for business and non-business purposes. Additional advanced asset protection techniques are discussed such as: Irrevocable Domestic Trusts, Equity Stripping, Business Asset Collateralizations, Captive Insurance Companies, Domestic Limited Partnerships with Offshore Trust ownership, Offshore Asset Protection Trusts, and Expatriation.
What is affluent? Are affluent clients unlike other clients? Should the process for dealing with an affluent client be different? Understand the critical importance of a collaborative team and a collaborative process, why affluent clients have a unique concept of money, the notion of “it is not what it’s about”, third party credibility, “shining the light”; and the value of proper referrals and referral protocols. This course deals with how to minimize the wealth (estate) tax through charitable giving and discounting techniques. Learn the alphabet soup, e.g., Charitable Remainder Trusts (CRT), Charitable Lead Trusts (CLT), Qualified Personal Residence Trusts (QPRT), Grantor Retained Annuity Trusts (GRAT), Intentionally Defective Trusts (IDIT), Self-Canceling Installment Notes (SCIN), Family Limited Partnerships (FLP), Captive Insurance Companies (CIC), and Asset Protection Trusts (APT) as well as how the “funding” of these plans is critically important.
From this case study approach, brainstorm, consider, review and understand different integrated wealth, asset protection, income tax, and investment strategies. From an actual case, review detailed numbers, facts, goals, and concerns for “Paul Kaplan”, a 53 year old, single, “straight shooter” who has two children ages 24 & 25 and over $12,000,000 in assets. The types of assets include $10,000 in cash; $180,000 in marketable securities; $8,000,000 in other investments; $400,000 in qualified retirement plan; $1,400,000 in real estate holdings; $1,700,000 in personal residence; $130,000 in personal property; and $480,000 in liabilities. Paul currently has non-integrated “planning” and is interested in maintaining his customary lifestyle; simplifying and clarifying the ownership structure of his companies; providing asset protection for his various companies; not working but maintaining an active role in the businesses; leaving a legacy to his children in the form of something other than cash; charitable intentions without compromising financial independence; eliminating federal taxes; reducing income taxes; and maintaining flexibility to change planning in the future.
The Southern California Institute helps Wealth Advisors and clients through Successful Family and Business Owner Events, Wealth Advisor Education Programs, Wealth Advisor Partnering Programs, and Speakers Bureaus.