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Kids Protection Plan Jan
- 1. Family Wealth Protection and Preservation … Planning for a Lifetime of Protection, Guidance and Love
- 2. Who Will Care for Your Children?
- 3. Short Term Babysitter No Plan Police CPS
- 4. Long Term There is a Plan: A Judge Decides It’s Probably a Plan You Won’t Like
- 5. How Will They Receive Your Assets? PROBATE CREDITORS ESTATE TAX
- 6. Your Default Estate Plan - Probate “ A lawsuit you file against yourself, with your own money, for the benefit of your creditors.” Slow Attorney’s Fees Executor’s Fees Appraiser’s Fees Filing Fees Bond Premiums $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Creditors
- 7. Last Will of Anna Nicole Smith
- 8. Children Receive Assets at 18 and Unprotected!
- 9. Calculate Your Probate Estate Family home (gross FMV) $ 1,000,000 Rental Property $250,000 Stocks, Bonds, and Bank Accts 380,000 Business Interests 100,000 Life Insurance/Retirement Accts Payable to a Minor $1,000,000 TOTAL $2,730,000 5% of the Gross Estate for Costs and Fees Estimated Probate Costs and Fees: $135,000
- 10. The Only Foolproof Way to Avoid Probate: A FULLY FUNDED Living Trust Execute deeds to Real Property Sign new signature cards at bank Re-title investment accounts Transfer Stock/ Bond certificates Assign personal property Change life insurance and retirement account beneficiary designations
- 11. Calculate your Estate Tax Family home (equity) $ 650,000 Rental Property $200,000 Furniture, household goods 50,000 Automobiles 20,000 Stocks 20,000 Business Interests 100,000 Life Insurance 2,500,000 Retirement Accounts 200,000 TOTAL $4,000,000 45% Maximum Tax on Assets over $2mm - Nearly $1,000,000 of Estate Taxes Paid
- 12. John’s Plan John’s Assets ($3mm) $450,000 John’s Children
- 13. Tom’s Plan Tom’s Assets $0 Tax Cindy $4,000,000 $900,000 Peter, Paul & Mary $3,100,000
- 14. Make Your Living Trust a Real Treasure Chest!
- 15. Your Incapacity Turn Your Wishes Into Directives
- 17. So, What Can You Do Today to Take Care of These 7 Steps Easily for the Absolute Protection of Your Children?
- 18. Do It Yourself OR Work With a Lawyer (not all lawyers are the same!)
- 20. If You Don’t Qualify to Work With a Lawyer – Do It Yourself! Everyone Gets One FREE For Being Here Today!
Notes de l'éditeur
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] You must: Establish your credibility Create a connection Let them know why they should listen to you Come from your heart Then, introduce the family wealth needs analysis worksheet – we print these on light purple in our office; you can print them on any light color you choose – Everyone should have one of these pieces of paper in front of them (if you don’t raise your hand and we’ll get you one); this paper is critical to getting all of your answers questioned and at the end of the presentation I’m going to give you a chance to turn in this paper for $250, so keep it handy.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Ok, let’s talk about the reason you all come tonight and that’s because of your children. What would happen to your children if something happened to you? Does anyone have any idea? [raise your hand at the same time you say that so you encourage them to raise their hands] Let a few people from the audience share what they believe would happen. Most people don’t realize this, but there are actually two time frames we have to think about when we consider what would happen to your children. The short term – immediate time frame and the long-term time frame. Most traditional estate plans take care of the long-term issue, but almost none take care of the short-term immediate issue and frankly that’s the most frightening and a big part of the reason I’m standing before you tonight. When I discovered that estate plans were overlooking this critical component, I knew I had to get the word out. So, let’s start there.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] On a practical level, here’s what would happen in the short-term. If your children are at home with a babysitter or a friend or even at school and something happens to you, the police will eventually locate your children and if there is no clear person who has designated legal authority to stay with your children the police must call in CPS to figure out what to do. And, CPS must take your children into their custody until they can figure out what to do. Think about it – you leave your kids with a babysitter, you might leave the babysitter your cell phone, maybe your neighbor’s phone number. But, if something happens to you, you can’t answer your cell phone. And, if your neighbor does not have specific legal designated authority to care for your children, the police would risk liability by leaving your children in your neighbors care or even in your sitter’s care for that matter. They have not choice, but to call in CPS really. As a mom [insert your own descriptor], the thought of my children being taken into custody by the authorities, cared for by strangers, even temporarily, not understanding what’s going on, scared me to no end. I just couldn’t allow that to happen. And, I know you don’t want it to happen either, so we’ll talk about specific steps you can take to avoid it in a few minutes.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Before we talk about the specific steps you can take to ensure your children are never in that situation, even for a minute, let’s talk briefly about the long-term care of your children should something happen to you. Let me tell you a story that will help to illustrate why it’s so important to designate who you would want to care for your children. [my sister/sister-in-law story] As I mentioned, I have 2 children and I know exactly who I’d want to raise them if I couldn’t. But, let me tell you what would happen if I didn’t legally designate that person. Two people would want to raise my children if something happened to me. My sister and my sister-in-law. My sister is 26 years old and lives in west Hollywood. She’s not married, has never had children, stills goes out to bars and clubs and generally has a good old time. My sister in law is 38 years old, owns her own home, has three children over the age of 9, has a steady job at a bank, and lives in the San Fernando Valley. Now, you get to be the judge. You’ve heard all the facts about these two women. Who would you choose to raise my children? My sister-in-law, of course. The choice is obvious. And, wrong. The last person in the world I’d want raising my kids would be my sister-in-law, not because I don’t love her; I do. But, because in my heart I know she would not parent my children the way I would want. Whereas I know my sister would despite her circumstances. A court would never be able to judge that. And, in the worst case scenario, my sister and sister-in-law could fight about the court’s decision, the kids could end up in foster care temporarily. A worst case scenario certainly, but one that it is not necessary to risk. It’s really easy to avoid this scenario and we’ll talk in a few minutes about how to do that. In the meantime, on your worksheet if you are concerned about either or both of these issues- the short term or the long term – go ahead and check the box on your worksheet that says – I need a Kids protection plan.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Before we talk about what you can do to ensure you have a Kids Protection Plan, let’s talk about how they’ll receive your assets.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] First, if you have no estate plan, the state has an estate plan for you and it’s called probate. Probate is the process during which your assets are transferred to your heirs after your death. First of all, probate is sloooooowwwwwww. Here in CA it takes a minimum of 12-16 months. We’d like it to go faster, but we just can’t. It’s also very costly! There are attorney’s fees and executor’s fees, appraiser’s fees, court filing fees, bond premiums, and creditors claims. A recent probate I handled had one piece of property valued at 1m. The attorney’s fees alone were almost $30,000 and $22,000 of those fees were statutory fees provided for by state law. The executor was entitled to another $22,000 in fees. These fees could have been avoided with a few thousand dollars spent on a basic foundational estate plan. You’ll have a chance to calculate your own probate estate shortly.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Probate is also public. I’m showing you Anna Nicole’s will here because I can. You see will’s are totally public and having a will doesn’t avoid probate. In fact, it assures probate. Because where there’s a will there’s a probate. And,when a Will enters probate it puts all of the predators out there on notice that your loved ones will be receiving money.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Finally, and worst of all, your children would be entitled to all of your assets, outright without any restriction at 18. My husband received about $50,000 when he was 18 and another $150,000 when he was 21. As a result, he didn’t graduate from college until he was over 30 years old and never really learned to support himself financially.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Ok, so let’s calculate your probate estate. In front of you, you should have a sheet of paper that says calculate your probate estate on it. [walk them through the calculation – don’t forget to include ret accts and life insurance payable to a minor] Now, when you get to the total at the bottom, you’ll want to calculate 5% of that – here’s an easy way to do it – take 10% of your total number. So here that number is 2,730,000 – 10% of that is $270,000 and then split that in half – for a total probate cost of approx. 135,000! How many of you know you want to avoid probate? [raise your hand as you say this] Here’s the good news – probate is totally voluntary. The only people who have to experience it is those who don’t plan. So, go ahead and mark on your worksheet – I need to avoid probate.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] As I said, probate is totally avoidable. The only foolproof way to avoid it is to have a fully funded living trust. Just having a living trust is not enough. It must be fully funded. When I was in law school, my father in law died. And, we were having to deal with the probate court. I remember wondering why because I knew he had a trust. I looked through the binder he’d received from his attorney and recall seeing a letter that said – congratulations on your estate plan, now don’t forget to move your assets into the trust. Well, my inlaws had never done that. Why? It certainly wasn’t because they were too busy. It was because their lawyer didn’t educate them and didn’t do it for them. At the time, I thought it was malpractice. After becoming a lawyer and going to work in that big law firm, I came to find out it was common practice. You see, we get calls on a regular basis from people who have worked with lawyers who never transferred their assets into their trust and then there’s a death or an incapacity and they’re calling on us to fix it, but by then it’s too late. Each and every asset must be owned in the name of your trust, including bank and brokerage accounts, including changing beneficiaries on your life insurance and successor beneficiaries on your retirement accounts. And, this can’t be done once and never looked at again. Once you have your trust, all assets you acquire in the future must be titled in the name of your trust. Under our LifeClient membership we review this with you each year to ensure your trust stays funded for maximum protection. We’ll talk about that shortly. But, before we do, let’s talk about estate taxes.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Walk through the estate tax estate calculation. Make sure to point out the inclusion of life insurance and retirement accounts. Ok, let’s look at what happens without the right planning.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] John is widowed. He has $3mm of assets - $2mm of non life insurance assets and $1mm of life insurance. He wants everything to go to his kids so he just leaves it all to them. The problem is though that John only has a $2mm exemption from estate tax, which means that every dollar he leaves over $2mm is subject to a tax of 45%. That’s $450k going to the government totally unnecessarily! It’s totally and easily avoidable.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Tom and Cindy are married. Tom figures he wants to leave everything to Cindy, so on his death, he gives everything to Cindy and she then has $4mm in her estate. Well, Cindy only has a 2mm estate tax exemption, so what happens? 2mm is subject to estate tax at 45% - that’s 900k going to the government and it’s totally avoidable, easily! By working with a lawyer who is an expert in this kind of planning, you can ensure your family never has to pay estate taxes. So, if you have assets over $2mm that would be subject to tax, go ahead and check off on your worksheet – I need to ensure that 50% of my assets over 2mm wouldn’t go to the government. If you have assets over $4mm and you are married or 2mm and you are single, please check off, I need advanced estate tax planning. And, here’s the coolest part of working with a lawyer who is an expert in all this – the money that goes to the kids – you can actually make sure
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] And, here’s the coolest part of working with a lawyer who is an expert in all this – you can make your living trust into a real treasure chest for the benefit of your kids. When working with a personal family lawyer, you can opt to protect what you leave to your kids so that it can never be taken away by a spouse in a divorce or even touched if your child is in a car accident or sued at some point in the future. You can give your children the gift of airtight asset protection for what you leave behind. Something they’d never be able to give themselves. If this is something you’re interested in – check the box that says – I want to protect my children’s inheritance from divorce and lawsuits.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Tell the terry schiavo story and how terry’s situation could have been so easily avoided by executing a simple document called an advance health care directive. Not all AHCDs are created alike though. The fight between terry’s parents and her husband didn’t actually have anything to do with removing her respirators, which is all that is provided for in most simple ahcds – it had to do with whether or not to remove hydration and nutrition. We cover this in our AHCDs. As well most health care directives have no provision for HIPAA – the health insurance protection authorization act, which would prohibit your family from accessing your medical records if not properly handled. In fact, this happened to one of our clients. Her mom had a really old plan, it hadn’t been updated since 1997, which is really common since most attorneys (as I told you earlier) put in place a plan once and lead their clients to believe that’s it, it’s done. So, mom had never updated her plan. Her attorney had never contacted her after HIPAA went into effect so she didn’t know there was a big hole in her plan. She ended up on life support at Kaiser and daughter wanted to have her transferred to a respiratory center where she could be weaned off the ventilators. Because mom didn’t have this one form, it took 3 weeks for daughter to have her transferred. Those 3 weeks very likely cost mom her life. When you work with a PFL, that won’t happen to your family because we ensure your plan works throughout your lifeitme, not just the one time you enter into the plan. Ok, let’s look at the 7 steps you can take today for absolute peace of mind of knowing your kids would be taken care of if anything happened to you.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] The Key is a 7 Step Kids Protection Plan. By taking each of these 7 steps, you’ll have the peace of mind of knowing your children will be protected if anything happens to you. here’s what they are: [go through each of the steps telling the audience WHAT to do, but not HOW to do it] Make sure when you get to Trust: Establish One For Your Financial Resources – you remind them they can protect their kids inheritance from lawsuits and divorce.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address]
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] You can do it yourself OR you can work with a lawyer; BUT not all lawyers are the same. Let’s look at the differences and how you should decide what to do.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] [This slide is the most restrictive on the red velvet rope for the attorney who is very clear about who they are letting in and who they are not letting in and wants to weed out anyone who is looking to just buy documents and isn’t going to want to join a membership program] First of all, would you benefit from a relationship with a lawyer? Here’s how you can tell: You have more than just personal belongings, like cars, clothes, jewelry, and furnishings that would pass to your children. Real estate, bank accounts, brokerage accounts, life insurance, things like that. If you would, you owe it to your family to find out what would happen to all that if anything happened to you. I’ll give you an opportunity to do that in just a few minutes. If that’s you, check off on your worksheet – “I Need to Find Out What Would Happen to My Assets if Something Happened to Me.” You want to make sure that when something does happen to you, the people you love most will have a trusted advisor to turn for guidance and direction. See, as a mother [you insert what’s appropriate for you, husband, father, wife, sister, child], I realize that this planning isn’t something you do for yourself, I mean you won’t even be here when something does happen or at least you won’t know what’s going on [send with humor in my voice], what I realized is that it’s something you do for the people you love most. I mean really, you wouldn’t even be here today hearing about estate planning if it wasn’t because of your kids. Your worksheet says you do – if the only box you checked says I need a KPP, then you might not need to work with a lawyer. If that’s the case, let me know afterwards because I have a DIY resource for you. But, if you checked any other boxes at the bottom, you should not attempt to DIY. The question is what kind of a lawyer because not all lawyers are the same. Let’s find out if you qualify to work with a personal family lawyer and then I can tell you about the Personal Family Lawyer Difference. At MNA our focus is on helping you make great lifetime decisions rather than putting in place a set of documents for you once that you’ll never look at again and may not work when your family needs them. We only work with people who want the peace of mind of knowing they have somewhere to turn throughout life. [I’m working on the specific red velvet rope policy for this new niche, …
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address]
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] You really need to paint the picture of the typical planning experience as clearly and as exaggerated as you can. Tell a story here of a family who worked with a typical lawyer. Puts the docs on the shelf, never looks at them, doesn’t want to call the lawyer; and then gets hourly fees; trust is not funded properly.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Tell your firm story. Make sure your voice conveys the passion you feel about your practice.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] I’m sure you’re thinking right about now – this sounds expensive. Frankly, not planning will cost you much, much more than planning ever would. Let’s look at what this should cost your family: Planning will save your family at least $25,000 and a huge nightmare even if all you own is a house worth $500,000. If you have assets over $2,000,000 – for each dollar you are over, your family will save .45 by planning. And, since this includes life insurance I suspect many of you are in this category. You could engage a lawyer for a typical death plan that you’ll need to spend AT LEAST $2500 on (if it’s less than that, I’d consider buying software or a book and doing it yourself, because it’s going to be very similar) and you’ll likely have to switch lawyers at least once and maybe more often during your lifetime, pay hourly fees, wonder whether your assets are titled properly and risk the plan not working when your family needs it most. Or, you can meet with a Personal Family Lawyer, discover exactly what your family needs, you determine your own fee (likely to be between $4k and $6k and have the peace of mind of knowing your plan will work when your family needs it most. [also, consider adding in about transition of personal wealth, not only financial wealth, emoney system, etc. when available]
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Ok, so I have a couple of gifts for you to make this planning even easier. And, if I didn’t mention it, I should – we really focus on making things easy for you. We know your busy because we’re busy too. We’re parents and business owners and so everyone who turns in their worksheet tonight will receive a certificate for a FREE meeting with me. Now, I don’t take on an unlimited number of new clients each month like some of those firms who have 1000s of clients. So, this certificate is important because it will allow you to reserve up to 2 hours of my time to discuss your personal situation at no charge and it will give you access to priority dates I reserve solely for people who attend my presentations because I know you’re serious about protecting your family. The second gift is for those of you who are ready to reserve your appointment today. Please see ________________ in the back, choose your appointment time and secure your appt with your credit card, and we’ll give you $250 off your planning fee when you plan with us. So, let me recap. Complete your I have a gift for those of you who are ready to plan with me. The number one reason people fail to plan is procrastination. I’m going to give you a $250 incentive to not procrastinate any longer. If you either schedule an appointment to start your planning tonight or within one week, you will receive a gift certificate that you can use towards your comprehensive family protection package. This gift certificate expires if you do not call us within the next week or schedule your appointment tonight. So, please see ____ on your way out and schedule an appointment or call our office at 310.697.0411 to schedule your consultation with my office.
- Family Protection Planning Course Outline Family Wealth Institute 310.697.0411 [email_address] Os, so let me recap. Complete your worksheet and turn it into __________ and you’ll get a certificate for a free meeting; no charge. If you schedule your time for that meeting tonight with _____________, you’ll also receive a $250 certificate towards your planning fees. Your free meeting is totally free and if after meeting we decide that either there is not a good fit or that your family would not benefit at least 10x over by working with me, you don’t pay me anything. Your credit card will only be charged if you cancel your appointment with less than 2 weeks notice and don’t reschedule. So, go ahead and see ____________ in the back to get that taken care of and I’ll be here to answer your questions for a few minutes. Thank you and good night.