The Truth About Estate Planning: Recent Episodes
Rick Randall
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!”
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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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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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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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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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
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Rick shares his thoughts regarding pandemic issues, including impact on the future for clients and professionals alike as we reach the turning point of the COVID-19 scare.
Show Notes
- Starting to reopen - 1:42
- The first weeks of quarantine - 2:30
- Having dedication and possibilities - 3:58
- Complaining or creating - 6:34
- The banks bureaucracy - 8:23
- Something positive during the pandemic - 9:34
- The ability to do meetings - 11:01
- The increase of productivity - 13:37
- What’s the biggest advantage? - 28:58
- Coming out much stronger than the beginning - 29:52
- Working for people all over the place - 34:41
- Using virtual tools - 35:36
- What’s doing the national network - 37:00
Review, Subscribe and Share
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Rick Randall shares his insights during quarantine: He talks about the podcast, how he was doing many webinars, and explains about transactional thinking.
Links and Resources from this Episode * Connect with Rick Randall * + https://lifespanusa.com/team/bio/rick-randall
Show Notes * Transactional thinking - 2:13 * What’s unusual nowadays - 3:12 * The problem with the transactions traps - 5:20 * The problem starts with the attorneys - 5:47 * Academic thinking - 7:48 * Recruiting and training attorneys - 10:33 * Building a plan that works - 13:49 * Transactional attorneys - 14:29 * Creating a plan that works for the client - 16:02 * Estate planning is an ongoing process - 21:30 * Focus on today - 27:44 * We do plans because we care for others - 29:05 * It is all about control - 33:40 * What most financial advisors do - 35:02 * Get your plan updated! - 36:33 * The educations of the agents - 38:50 * The substance of the planning - 41:41
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Today’s world is all around technology. Going virtual is the solution for businesses during the pandemic. Rick and Tammi talk about the impact of working virtually for businesses and what you can do to have virtual planning during COVID_19.
Links and Resources from this Episode * https://nnepa.com/estate-planning/resources/welcome-clients
Show Notes * Virtual learning during quarantine - 1:14 * The context of estate planning - 1:47 * Virtual businesses - 3:01 * The home office deduction - 5:40 * Estate planning online - 7:04 * Rick’s virtual practice - 12:04 * Building the LifeSpan Circle - 20:24 * Using Zoom as a tool - 22:13 * Personal meetings during coronavirus? - 24:13 * Estate planning during COVID_19 - 31:30 * The Lifespan Circle during the pandemic - 35:19 * What they do with older clients - 42:51 * Encouraging clients to get their financial information - 47:13
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If you want to learn more about the thinking process you should listen to this podcast. Rick Randall interviews Nancy Kline, who is an author, teacher, coach, and trainer. She is President of Time To Think and today she gives us some tips to understand the thinking process and the client-advisor relationship.
Links and Resources from this Episode * https://www.timetothink.com/meet-us/nancy-kline/ * https://www.timetothink.com/ * https://www.amazon.com/Time-Think-Listening-Ignite-Human/dp/0706377451 * https://www.amazon.com/More-Time-Think-Being-World/dp/1906377103
Show Notes * About Nancy's books - 1:18 * The thinking environment and the components - 1:41 * The quality of thinking - 2:32 * The thinking components - 4:30 * Interrupting thinking - 5:49 * The quality of turn - 7:30 * The rush culture - 9:00 * The appreciation component - 10:13 * How the client becomes the thinker - 15:11 * The attention of the expert - 17:28 * Why we are not raised to value our thinking - 18:30 * Rick's definition of estate planning - 20:20 * Nancy tells us how to listen and remember better - 24:40 * Taking notes while listening - 28:25 * The human mind works better in the presence of appreciation - 29:15 * How the advisor can offer recognition to the client - 30:42 * What is real and true for the client - 33:03 * The right of not being interrupted - 34:01 * Issues that stop people from planning - 35:05 * The more you think, the more you generate - 42:09 * Get in touch with Nancy - 44:00 * Some of Nancy's books - 44:40
Review, Subscribe and Share If you like what you hear please leave a review by clicking here
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An innovative leader in the Wealth Reception Planning Movement, Rick Randall, develops and teaches concepts, tools, and systems designed to help clients and professional advisors create and enjoy true wealth. He is also the developer of The LifeSpan Planning Process. He has an incredible co-host on today's show: Tammi Brannan! She is the host of the Blueprint Process where she helps others to find their purpose in life through the use of their Blueprint, so stay tuned!
Links and Resources from this Episode * Connect with Rick Randall * https://themoneyadvantage.com/estate-planning-that-works-rick-randall/ * rick@lifespanusa.com
- Connect with Tammi Brannan
-
- https://www.blueprintprocess.com/
- https://www.linkedin.com/in/blueprintprocess
- https://twitter.com/instinctivelife
Show Notes
- Three audiences - 0:57
- Financial advisors, attorneys, and clients - 1:32
- Tammi as the co-host in today's podcast - 2:11
- Rick's background - 3:02
- Graduating law school - 8:34
- Wanting to help people - 9:20
- Discussing the Destiny Group Company - 10:12
- The insurance business and financial planning - 11:20
- Talking about estate planning - 13:20
- Two mentors - 15:33
- Learning how to make living trusts - 16:21
- How he got started in estate planning - 19:28
- Helping your client during a trust process - 23:55
- A training session: How to be a trustee - 24:40
- The story of the podcast "The Truth about Estate Planning" - 26:04
- What happened in 1998? - 30:17
- A mentor program - 32:25
- An important part of Rick's story - 34:05
- What does Rick Randall do today? - 36:11
- The circle of life - 36:59
- What is the Lifespan Circle? - 40:00
- How did Rick and Tammi meet? - 40:32
- Tammi as Kim Butler's sister - 41:37
- Tammi's background and The Blueprint Process - 41:58
- We should keep giving value - 42:57
- The importance of always giving value - 45:22
- Being passionate about your job - 47:36
- Discussing the next podcasts - 48:16
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
The Truth About Estate Planning (TAEP) podcast is 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!”