12 episodes
The Truth About Estate Planning Rick Randall
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- Business
The Truth About Estate Planning (TAEP) podcast is an ongoing discussion about all things “estate planning.” Most think estate planning is just about assets-who gets what when. TAEP will explore much more than that. In fact, TAEP is designed to expand your thinking—it’s the home of the 24 Hour Thinker™!
Presented in the familiar “radio show” format, TAEP is hosted by Rick Randall, Chairman and CEO of the National Network of Estate Planning Attorneys and founder of the Indianapolis law firm of Randall, Gentry & Pike. TAEP will feature segments on new planning approaches, planning pitfalls and what you’d expect--legal technical developments and strategies.
TAEP will address broader “estate planning” topics from NextGen Estate Planning® to PROActive Elder Law™. We’ll investigate building and leaving your legacy, assisting loved ones from aging parents to parenting young toddlers through discussion of strategies and available resources most never know about. Topics will include controlling your own health care, grieving, promoting family values, how to maximize your inheritance and more.
Featuring guest presenters who’ve invested their lives and careers in putting together effective ways to address these issues, TAEP will connect you with their often little known, and in many cases quite contrarian, approaches.
The goal is to help you learn everything you need to create, maintain and implement your plan, an Empowered Estate Plan® designed to work throughout the “Lifespan Circle”. From industry leaders to practitioners in the trenches to the popular “Randall’s Rants” segments, TAEP helps you think yourself “rich!”
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The "True Cost" of an Estate Plan
In this episode, Tammi and Rick discuss the cost(s) of an estate plan. Typically, clients “shop” advisors refer to an attorney price based on the cost of the documents. In reality, there are THREE costs to any estate plan. They review the pricing from the point of view of all involved, including both direct and indirect impact. Another “24 Hour Thinker” episode that will challenge you to think through the cost issue fully!
Show Notes
Attorneys fees in estate planning - 0:46 Talking about the final price - 8:48 Losing money to be a good attorney - 11:43 Three costs on an estate plan - 12:21 The three-step strategy - 17:21 The easiest clients to attract - 18:07 What is an education program? - 24:30 The practice of an attorney - 29:04 Advisors that like to work with attorneys - 32:40 Everybody moves forward - 40:49 A national network member - 46:06 The truth about estate planning is so fascinating - 48:00 The importance of the education process - 50:50
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Finding the "Right" Attorney
Rick shares his experience as head of the National Network regarding what makes a successful estate planning attorney. He covers what clients and advisors to look for, as well as speaking directly to attorneys who may be considering practicing estate planning. Valuable information from each point of view is presented—and the surprising solution is we’re all looking for the same thing!
Show Notes
The Lifespan Circle - 2:39 Building a community of attorneys - 5:34 Communication with clients - 10:45 Some history about attorneys - 19:12 Building plans that work - 21:06 The truth about estate planning - 24:38 Planning to do a symposium - 33:55 As a client, you need an attorney that listens to you - 36:42 An attorney with no-estate planning background - 40:39 Doing training about estate planning - 42:28 Teaching a new concept - 45:00 The success of the plan - 45:55 Helping people take a different approach about planning - 47:27 Struggling financially - 50:22
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The Impact of the Upcoming Election on Estate Planning
There are significant differences in the approaches that will be taken in the future depending on election results. Rick examines the three most likely scenarios and how clients and advisors can prepare for them.
Show Notes
Being ready in advance - 2:02 Not knowing the results of the election - 2:12 Not knowing how the tax rate will be - 4:28 Considering a roth IRA - 7:37 Reducing your taxes - 9:47 Having an immediate rate of return - 10:59 Doing the planning today - 13:31 The solutions of the Secure Act - 14:28 Access to cash value - 24:35 Tools for clients - 31:30
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Estate and Financial Planning—What’s at Stake in this Year’s Election!
Rick and Tammi discuss the dramatically different positions of the Trump and Biden campaigns regarding estate and income tax planning. The impact of a potential Democratic administration includes a need for close examination of client estate and financial plans, as well as a likely return to increased insurance recommendations coupled with special trust planning to help clients deal with likely increased estate tax exposure.
Show Notes
The election coming up - 2:05 Two visions about planning - 3:28 Trusts and estate planning - 5:40 Insights about taxes - 12:54 The democratic’s position vs Trump’s position - 15:33 Life insurance and trusts - 23:19 The importance of having an insurance policy - 24:14 A democratic control in congress - 25:30 Having access to cash value - 27:57 What will happen if there’s a Biden administration? - 30:54 The Federal estate tax - 33:26 Being able to answer clients’ questions - 35:52 Taking into account the projections - 37:10 About the election - 39:25
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Thoughts On Retirement Plan Distribution After the SECURE and CARES Act.
Keep an open mind as you approach distribution planning after the two major Acts passed in the past few months. Trusts remain a viable and valuable option for receiving retirement plan distributions!
Show Notes How things may go with the pandemic - 1:25 What has happened with advisors and clients with these changes - 1:50 The impact of retirement planning - 2:21 The biggest concern - 4:28 Long-term care expenses - 5:23 Learning more about Trusts - 9:33 Opening the mind for the advisors - 11:43 Training programs for advisors - 15:44 What it means to “go to the cookie jar” - 18:59 Knowing more about the SECURE Act. - 23:52 Advisors have to learn what’s the best type of Trust - 28:40 Review the beneficiaries - 29:39 What’s going on in the market place right now - 33:07
Review, Subscribe and Share If you like what you hear please leave a review by clicking here
Make sure you’re subscribed to the podcast so you get the latest episodes.
Subscribe with Apple Podcasts Follow on Spotify Subscribe with Stitcher Subscribe with RSS