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Recent market fluctuations have impacted every aspect of financial planning. Are you communicating your firm's estate planning services to your clients effectively in a down market? Find out how current economic conditions will affect those services. Veteran author Martin M. Shenkman leads you through the core planning concepts that must be reviewed in the current economy to ensure that you are in touch with your client's needs. Bring your estate planning services up to speed today!
Inside you will find:
About the Author
Martin M. Shenkman, an attorney in private practice is author of thirty-two books and more than seven hundred articles. He is quoted in the financial media, and has appeared on The Today Show, CNBC, CNN-FN, and others.
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Introduction to Planning Through Economic Turmoil
Introduction
The markets are in turmoil. Daily Dow movements make Cedar Point roller coasters look tame. Tax, business, economic, and investment matters have all become extraordinarily uncertain. The Troubled Asset Relief Fund, Term Asset-Backed Securities Loan Facility, and a host of other initiatives to address the toxic assets that have seemingly permeated the financial system and economy have been undertaken, the impact of which is uncertain. Every aspect of estate planning has been affected, as well as ancillary planning implications. Some seers are predicting a return of inflation and, eventually, higher interest rates, as the impact of the spending in Washington wends its way through the economy. Uncertainty exists, change has been dramatic, and it seems that uncertainty and change will continue to mark the planning landscape.
Note on Style
This book is written to "you" instead of from the tone of what "you," as the professional adviser, should do for "your client." The "you" really does mean you because every professional adviser needs to review and update his or her planning. This recession has affected every component of the economy and society. Professional advisers may have been affected as much, or in many cases, even more, then their clients. Starting with "your" planning is an important first step to planning for "your" clients.
Some points, such as tips on communicating with clients, are written to you as an adviser communicating with your client. These are points really only applicable to you as a professional adviser, not to you as a reader updating and monitoring your own planning. Although this is inconsistent with the majority of the text, this will hopefully make those discussions clear.
No effort has been made to make every sentence gender neutral because that would only make the text more convoluted. No slight to any reader is meant.
Everything Has Changed: Review and Update Your Planning
Everyone's plan, documents, investments, and products need to be reviewed. Everything has changed: circumstances, the economy, laws, tax rules, expectations, needs … everything.
Reevaluate all aspects of your planning with consideration to the current environment, while at the same time, confirming that you have addressed planning basics. This book will provide an overview of many of the issues you might need to review. Although the focus throughout the outline is on estate planning, estate planning cannot be addressed in a vacuum. Therefore, comments on a host of ancillary areas have been provided as well, all with an emphasis to the impact on estate planning. Given that ugly news seems to continuing pouring in, the subsequent comments cannot be complete, but hopefully will at least stimulate ideas about how to begin addressing the issues you may face.
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