Track significant estate planning objectives & beneficiaries
Visualize how a client's finances will flow to their beneficiaries
Learn how to model various Trust options to strengthen the client's financial goals
Indicate the Power of Attorney's name
Indicate when the document was last updated.
The action items at the bottom of the checklist screen allow advisors to make client-facing notes related to the objectives above. The edit button allows users to select which checklist items will display on the screen and report.
This screen allows users to track beneficiaries for bank, investment, and life insurance accounts. The beneficiary can be another member of the family, ‘Trust’, ‘Charity’, ‘All children’, ‘All grandchildren’, or ‘Custom’, allowing any freeform text to be added. Use the "Edit" button within the action items to adjust the accounts listed in the beneficiary review.
Analysis and the Flow sub-tab
This powerful visual tool allows clients to see with clarity through the sometimes murky waters of estate planning — continuing to elevate your services as a critical component to your client's retirement success!
Use the Estate Analysis > Action Items to enter basic information affecting asset flow from clients to their heirs. The action items include planning horizon, funeral expense, cumulative gift, gift tax paid, and any deceased spousal unused exclusion (DSUE) a client may have from a previous marriage. To adjust which details are visible in the Action Items, use the edit button on the bottom right side of the screen.
After updating the account assumptions, we will see the money given to beneficiaries outside of the plan in the 'Estate to Heirs' portion of the flow chart:
Enabling Trust Strategies
Use the Estate > Analysis > Action Items to illustrate moving assets from taxable investments into a Credit Shelter Trust, Charitable Remainder Trust, Spousal Lifetime Access Trust, Grantor Retained Annuity Trust, Intentionally Defective Grantor Trust, or paying premiums into an Irrevocable Life Insurance Trust. This area allows you to simulate multiple trust strategies within a client's estate plan.
Use the steps below to enable multiple trust strategies:
Choose the type of trust, then use the data fields to identify parameters for each Credit Shelter Trust, Charitable Remainder Trust, Charitable Lead Trust, Irrevocable Life Insurance Trust, Spousal Lifetime Access Trust, Grantor Retained Annuity Trust, Intentionally Defective Grantor Trust, Qualified Personal Residence Trust, Irrevocable Grantor Trust for Real Estate Assets, or Irrevocable Grantor Trust for Invested Assets.
Click Save on the bottom right to visualize the impact of new Trusts in the Estate > Analysis.
Use the action items to include or exclude trust strategies built-in the Estate > Analysis > Action Items.
The Comparison tab illustrates the impact of any changes made under the 'Action Items' to the specific parameters or trust strategies.
See the impact of the strategies indicated in the Action Items section on the value passed to heirs and any amount given to charity, as well as the impact on the total taxes, fees, and expenses.
The Trust tab allows you to see the annual asset breakdown for each trust entered into the financial plan. The trust tab will only appear if an irrevocable trust is entered in the Profile > Net Worth or proposed in the Estate > Analysis > Action Items. Use this tab to discuss annual trust balances, returns, taxes, fees, and distributions.