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Nov 1, 2011 12:00 PM
The Quarterback Dilemma
Understanding, communicating and coordinating the roles and responsibilities of the estate-planning team can help prevent important items from falling through the cracks
Estate plans originate in a number of ways, but in every one, early on in the process, the client interacts with at least one “estate planner” who may be an accountant, insurance professional, financial advisor or attorney. Typically, a professional within this group of advisors will introduce the client to the others. This initial process begs the questions: Who is an “estate planner”? What are our individual roles? And how do we effectively work together? The parameters often become confusing because there are so many different aspects and angles in every complex estate plan and no one individual within this group can possibly take on all of the required roles and responsibilities.
We recommend that the role of each estate planner be clearly delineated from the outset, both to the client and within the group of advisors. Additionally, the client must choose the quarterback who ensures that all the work is being organized, synchronized and completed properly. In some cases, an outside independent person might better serve this role. Furthermore, advisors should use checklists to confirm that they didn't miss any items and that there's proper and timely implementation of the estate plan.
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| Estate Tax | Donor Advised Funds |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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