Asset Transfer and Legacy Consultation: Asset Titling and Beneficiary Designations
In reviewing industry trends and recent publications addressing the biggest risks, and opportunities that exist today in your business, we agree with high profile consultants such as IRA tax guru, Ed Slott, and Oppenheimer Funds, that perhaps as much as 80% of all clients have areas of risk with respect to their account titling and beneficiary designations. To deliver superior support of your practice, Czuchry Law Firm (CLF) expertly addresses these very important topics as they relate to your practice.
Consultation Process: You will identify the clients you think might benefit the most from this consultation (see Questionnaire below). CLF will send a spreadsheet to you to enter as much of the information as you can, “inserting” rows under each client for each account/product he or she has with you, or for beneficiary information. The consultation can only be a good as this information is accurate and complete, so please be thorough and capture every known account.
Once completed, print off a current consolidated statement for each client along with the MS Excel master spreadsheet, and either email (mark@meclawfirm.com) to Mark or mail it to CLF’s Victoria Office. Mark will contact you after reviewing your cases to verify any information and confirm his appointment with you in your office. During the appointment, Mark will review your client case files, and after discussing the cases with you, make specific recommendations to cure some of the potential problems that may exist as they relate to the following issues:
1. Beneficiary Designations: Inaccurate with respect to achieving the client’s true wishes; Inconsistent across the accounts/products under your management; Disparity between how different custodians treat the same designations; Inaccurate with respect to client’s estate plan.
2. Account Titling: JTWROS v. TIC and Individual v. TOD; probate avoidance.
3. Financial Planning/Fiduciary Duty: Are all assets you advise on/know about properly beneficiary designated or titled to avoid probate when desired?
One or more of the following can result when one or more of the above conditions exist, potentially subjecting financial advisors to complaint s or lawsuits:
1. Blown stretch opportunity for IRA.
2. Subject the account or portion of account to probate (creditor claims/attorney’s fees/time delays/publicity, etc.)
3. Unintentional reduction of inherited share, or our outright disinheriting of an intended beneficiary.