by Chris Bantly » Mon Mar 30, 2009 06:05 pm
If anybody has ever experienced death of a loved one, they know that the probate process can be long and frustrating! But do your clients understand how expensive it truly can be? I use the following with my clients when I am explaining the purpose of an "immediate estate" and estate planning.
Brief Overview of Settling Estate:
1. Will
2. Probate
3. Managing and Securing Assets
4. Appraisals
5. Review of All Assets
6. Claims / Debts
7. Taxes
8. Distribution of Estate
9. Accounting
It sounds pretty easy...BUT IT'S NOT!
Remember that although the value of annuities and life insurance may be included in the total estate value...it passes outside of the probate process and is given directly to the intended beneficiary!
What does all of this mean??
Everybody has heard of Elvis...His estate was just over 10 Million Dollars. His settlement cost was 7.4 Million!! He lost over 70%!
Some other famous examples that I use:
Walt Disney 23 Million Estate - 6.9 Million Settlement = 16.1M (-30%)
Vanderbilt 77 Million Estate - 43 Million Settlement = 33M (-56%)
I have a lot of other examples if anybody is interested...
Your clients have worked their entire life to build their assets into what they are...It is our job to make sure that we educate them and help them manage their life's work!
Brief Overview of Settling Estate:
1. Will
2. Probate
3. Managing and Securing Assets
4. Appraisals
5. Review of All Assets
6. Claims / Debts
7. Taxes
8. Distribution of Estate
9. Accounting
It sounds pretty easy...BUT IT'S NOT!
Remember that although the value of annuities and life insurance may be included in the total estate value...it passes outside of the probate process and is given directly to the intended beneficiary!
What does all of this mean??
Everybody has heard of Elvis...His estate was just over 10 Million Dollars. His settlement cost was 7.4 Million!! He lost over 70%!
Some other famous examples that I use:
Walt Disney 23 Million Estate - 6.9 Million Settlement = 16.1M (-30%)
Vanderbilt 77 Million Estate - 43 Million Settlement = 33M (-56%)
I have a lot of other examples if anybody is interested...
Your clients have worked their entire life to build their assets into what they are...It is our job to make sure that we educate them and help them manage their life's work!
Posted: Tue Mar 31, 2009 09:00 am Post Subject:
Chris, I'm really loving this educating posts of yours...this would surely give the members a fresh angel to look at the whole matter of settling estates. Since these expenses sound unavoidable, how can one minimizes his losses towards it?
~Jeremy
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