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Thoughts On Retirement Plan Distribution After the SECURE and CARES Act.

The Truth About Estate Planning

Release Date: 05/29/2020

Bodies of Bodies of "Good Work" with Tammi Brannan

The Truth About Estate Planning

info_outline The 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...

info_outline Finding the 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...

info_outline The Impact of the Upcoming Election on Estate Planning show art 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,...

info_outline Estate and Financial Planning—What’s at Stake in this Year’s Election! show art 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...

info_outline Thoughts On Retirement Plan Distribution After the SECURE and CARES Act. show art 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...

info_outline More Thoughts on Impact of Pandemic on Estate Planning Opportunities show art 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...

info_outline Transaction Trapped Thinking show art 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...

info_outline Virtual Planning During COVID show art 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...

info_outline Time To Think: The Quality of Independent Thinking with Nancy Kline show art 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...

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More Episodes

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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