section 1 - The American College Online Learning Center

(1) Needed to provide the appropriate product advice and placementd. Financial planner(1) Needed to work with the retirement income plan and coordinate assetmanagemente. Investment advisor(1) Needed if investment decisions will be delegatedf. Trust officer(1) Needed if a corporate fiduciary is going to be usedg. Agent under durable power of attorneyh. Guardian(1) Needed to handle the problem of loss of capacity of the client(1) Needs to be appointed if the client is legally disabled6. Advisor coordination and cooperation in keeping the plan on the tracksa. Advisory team should work together to design, implement, and review the plan.b. Action steps(1) Determine if a plan is already in place.(2) Determine who has control of the plan.(3) Identify whether all the documents were actually executed. Unfortunately,this is often not the case, making an otherwise good plan ineffective.(4) Have intervening events been inconsistent with the intent of the originalplan?7. Basic estate planning techniquesa. Lifetime gifts(a) Have new accounts been established?(b) Have beneficiary designations for those accounts been inconsistentwith the plan?(1) To the extent possible, the client can reduce his or her tax base by makinglifetime gifts.b. Exemption amount(1) There is a significant exemption available to everyone against taxabletransfers during lifetime or at death.c. Marital insurance(1) Married individuals can make gifts or bequests to their spouses throughthe unlimited gift or estate tax marital deduction.d. Life insurance8. When to make transfers(1) Life insurance is generally viewed as the most efficient inheritancebecause, unlike retirement accounts, the death benefits from a lifeinsurance policy are received income tax free by the heirs.a. Lifetime gifts are often indicated for individuals with substantial wealth.4.23