Why You Should Promote Estate Planning to Your Clients

Discover the essentials of estate planning: safeguard assets, reduce taxes, empower loved ones, support causes, and prevent family disputes for a secure legacy.

While estate planning may be the last thing on your client’s mind, there is no reason to delay it at all. Estate planning allows your client to plan how their assets will be distributed after they have passed away.

Additionally, a plan can be used to determine how your client wants their financial and health decisions to be handled if they become incapable of doing so. While this might feel overwhelming, the sooner they start, the better.  

Since life is unpredictable, your client needs to develop a plan in advance regardless of their financial status. Knowing that their affairs are in order, your client can be confident that their loved ones are protected.

Protect your Client’s Assets from the Court

It is crucial that your clients have a plan for their estate. Without one, courts will have the final say on who receives their assets – despite not knowing who your client may want that to be.

Careful planning protects your client’s beneficiaries from the decision of the court. It also prevents your client’s assets from being claimed by creditors.

Reduce & Avoid Estate Taxes

Federal estate taxes can cause money to be lost. However, by planning with your client, you can protect their loved ones by reducing – or even avoiding – some of the federal and state inheritance fees.

Empower a Client’s Friend of Family Member

If your client becomes mentally incapacitated, their estate plan can empower a loved one to have the final decision in matters that relate to both your client’s finances and your client’s health.

Having a healthcare power of attorney ensures that client’s decisions are handled by one they trust.

Benefit a Cause Your Client Believes in

While your client may be aware that they can list a family member as a beneficiary, they may not know that their assets can benefit a charity of their choice. Your clients have the choice between leaving a percentage of their estate to a recognized charity or setting up an ongoing payment, allowing donations to be submitted for years after their passing.

Avoid Family Drama

Dividing assets after your client passes away can cause rifts between family members between those who believe they should get more. In some cases, a family member may even take another to court.

By having a solid plan in place, your client can avoid these concerns.

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