Bodies of "Good Work" with Tammi Brannan
The Truth About Estate Planning
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The "True Cost" of an Estate Plan
The Truth About Estate Planning
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...
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Finding the "Right" Attorney
The Truth About Estate Planning
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...
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The Impact of the Upcoming Election on Estate Planning
The Truth About Estate Planning
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 Review,...
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Estate and Financial Planning—What’s at Stake in this Year’s Election!
The Truth About Estate Planning
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...
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Thoughts On Retirement Plan Distribution After the SECURE and CARES Act.
The Truth About Estate Planning
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...
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More Thoughts on Impact of Pandemic on Estate Planning Opportunities
The Truth About Estate Planning
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...
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Transaction Trapped Thinking
The Truth About Estate Planning
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 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...
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Virtual Planning During COVID
The Truth About Estate Planning
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 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...
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Time To Think: The Quality of Independent Thinking with Nancy Kline
The Truth About Estate Planning
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 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...
info_outlineAn 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
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
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