Planning for Entrepreneurial, Creative and Easily Distracted Clients

Estate planning can be too long and tedious for clients  to understand, follow and execute. In order to help those who are too busy or too distracted to work through an estate plan, by which I mean creative people, business owners and nearly everyone with ADHD, here is a series of nine step plans.

Easily Distracted Clients

1. Work backwards from the way the client always does things; that is, see what you want, make a plan how to get what you want, make a list of your objectives, decide the strategies and tactics to achieve your objectives, then do it;
2. Draft and execute a will and other documents matching the plan;
3. Title assets and complete beneficiary designations correctly;
4. Establish and fund all necessary Trusts;
5. Draft and execute all necessary documents in case of incapacity of the client or others;
6. Draft and execute all necessary documents to handle ownership interest in a businesses, intellectual property, artwork and real estate;
7. Engage the people and firms needed to execute the plan;
8. Anticipate the consequences of implementing the plan, and understand that no decision is valid in all situations; and
9. Review and modify the plan annually. This is when you can entertain any sudden “great” ideas the client may have.

Artist, Collector or Dealer

1. Make a strategic plan based on a detailed list of your clients’ objectives, and catalogue their inventory holdings, investment holdings, personal artwork and collectibles;
2. Engage family and other advisors in the plan;
3. Draft and execute a will and other documents matching the strategic plan;
4. Title assets and complete beneficiary designations correctly;
5. Establish and fund all necessary trusts;
6. Draft and execute all necessary documents in case of incapacity of the client or others;
7. Draft and execute all necessary documents to reduce the risk from taxes, mismanagement and financial costs to ownership interest in your client’s intellectual property, artwork and collectibles;
8. Anticipate the consequences of implementing the plan, and understand that no decision is valid in all situations,
9. Review and modify your strategic plan annually.

Business Owner

1. Make a strategic plan based on a detailed list of your client’s personal, business and professional objectives;
2. Engage your client’s family, business management team and advisors in the plan;   
3. Draft and execute a will and other documents matching the strategic plan and integrate it into your client’s business plan;
4. Title assets and complete beneficiary designations correctly;
5. Establish and fund all necessary Trusts;
6. Draft and execute all necessary documents in case of incapacity of your client or others;
7. Draft and execute all necessary documents to handle the client’s ownership interest in businesses and real estate;
8. Anticipate the consequences of implementing the plan, and understand that no decision is valid in all situations
9. Review and modify the strategic plan annually, and remember to “work the plan.”

Hopefully, these steps will help when your clients look at their estate plans and ask themselves “what am I doing, and why am I doing it?”