In re Burkhart, et al.
This is why we try not to say our suite of financial plan software is "comprehensive.
We don't do anything in estate planning because it's the lawyer's world full of trusts and expensive legal problems, all of the uncertainty, confusion, differing opinions, constant updating, that software market has been saturated for years and has faded away because of the low demand due to the lower tax rates estate planning has basically been a dead industry for a few years now that the exemptions are so high and rates are so low.
For generating plans used in estate planning presentations, Leimberg's Number Cruncher has been the industry leader since the 80's. They have the most accurate numbers, is well maintained, is inexpensive, and their reports print and fit nicely and integrate well into financial plans made with modular financial planning software.
TurboTax is still the most popular tax software, so you can just print those reports and use them in your sample plan. You can also integrate the bottom-line annual values manually into the Cash Flow Projector for maximum accuracy.
Then they'll flow through the rest of the plan. Most financial plans don't have a detailed tax analysis, because the chances of tax laws and rates being the same even five years out are slim to none, and Slim left town.
So whatever you present will be wrong and not even close most of the time. You'll never get sued if it's obvious that you're totally guessing what future taxes will be by using something as inaccurate as just forecasting using an average global rate on everything. Trying to nail down taxes to any degree of accuracy is a waste of resourcesbecause people of means hire actual accountants for that.
All using code-driven financial software that makes a fuss over trying to predict taxes decades out is going to do is expose you to more future-predicting liability.
So it's best to focus on financial planning and investment management, and not trying to do the tedious work of a CPA unless you are one too, of course. Things haven't evolved hardly at all in these two worlds, because everything is built around basic financial and legal concepts that rarely change.
Things like investing, college funding, life insurance needs, and retirement planning have been essentially the same since they first came out.
So estate planning and taxes are Mostly about keeping up with constant changes in numbers. Whatever custodians are doing these days to provide help to clients in this area should be part of the plan. This is because we've never seen a client understand any of them.
This is just telling clients things they already told you, so we usually don't do that. This is an example of where you'd put material inside the pages that are in the page protectors discussed below.
Then you can easily segue into giving them out to take home when the Dog and Pony Show is over. Sample Financial Plan Assembly Buy what's called a thick expensive three-ring "feely-good binder.
Ensure it has at least one place on the front inside cover to put your business cards. It also needs to have plastic quarter-to-half-page spacers in the front and back to keep pages from binding.
It's worth spending the extra money if they have custom engraving services, so you can put your firm's name on it in big impressive gold letters.
Proper use of the best binder you can buy for your example financial plan will pay for itself a thousand times over. Buy the best three-hole paper puncher.
You'll be doing a lot of it, and the cheap ones wear out and like to ruin your best work at the worst time. Then buy the best Avery section dividers. These are just thick paper inserts that have section numbers on them like Contents, 1, 2, etc. Use them to match your Table of Contents, via the Avery template function in MS Word to print the names and section numbers of each section of the reports.
Then get the best page protectors. Cheap ones will cloud up and look bad over time. These are the transparent plastic page-sized three-hole-punched pockets that you put paper in, so you can see through.
They keep the pages clean, you can write on them with an erasable marker pens, then clean it off later.
They also serve as a great place to insert copies of pages that you want to take out and give to prospects on the spot, so you won't have to take pages out of the actual example financial plan. If you don't do that, then what's going to happen is you'll forget to print new pages, then the next time you use it, you'll be missing pages, and this will make you look bad.
This problem is compounded if there's more than one planner using the sample plan in your office. The best thing to do if there's more than one planner using it, is just to make more than one sample plan.
This is because planners are going to take it out of the office when they make house calls. Then when the big prospect you've been hounding for years finally comes in to hear your Dog and Pony Show, there will be no sample plan.Public Lecture - Talking about Brexit.
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THE EXECUTIVE SUMMARY The executive summary is the most important part of your Business Plan and, in fact, should be the first section. Wikis > Business Plan Table of Contents Business Plan A business plan is a document that clearly communicates what your company does, identifies your goals, and shows potential investors how you plan on being successful.
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