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The key element to
successful estate planning is the ability to analyse the clients'
unique family and financial goals and develop strategies tailored to
them. Estate planning profiles are necessary in order to
identify the strategies that may be appropriate for certain
situations. Common profiles include but are not limited to the
following:
- Married couple with one spouse having less than $1,500,000
of assets
- Married couple with estate less than $1,500,000
- Married couple with a moderate estate
- Married couple with children from a prior marriage
- Elderly widow with children and grandchildren
- Elderly widow with charitable interests
- Closely held business owner
- Owner of a professional practice
- Terminally ill individual
- Married couple with substantial retirement plan account
- Unmarried executive with a moderate estate
A common fallacy of estate planners is to assume that tax savings
is the client's dominant motive. In reality, tax-related
strategies are often secondary to other objectives such as retaining
control over assets, promoting family harmony, etc.
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