Estate Planning Work Program

Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

1. CSE-11: Inventory EP Documents. Obtain, scan, and X C 1.0 C-1 S-2 LKF
construct an inventory of the client’s current estate or VS
planning & contingency management documents using
the “Key Estate Planning Situation Information”
template (or similar layout if more detail is required).
Note that if the client owns a business this would
include available business documents such as a buy-sell
agreement, and if family entities (trusts, partnerships,
etc.) are present the governing documents should be
acquired.
X 0.5 in C-1 S-2 LKF
2. CSE-12: Schedule Assets by Ownership. Expand the additio or VS
basic net worth statement to schedule assets & n to
liabilities by specific titling (separate property, “std”
community property, entity (such as family limited net
partnership or LLC, irrevocable trust, etc.). Consult the worth
lead advisor if needed to clarify how ownership should stmt.
be separated and/or aggregated.

3. CSE-13: Inventory Life Insurance. Construct a X 0.2 per C-2 S-2 LKF
complete list of all life insurance policies for which the policy or VS
client or their heirs are the insured, owner, or
beneficiary. Include fields to track request/receipt of
policy information for each policy.
C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

4. CSE-14. Seek Current Life Insurance Policy 0.1 per

Information. Obtain current information about any policy
policies in force directly from the insurance company:

a. Submit a Verification of Coverage request

for each policy.

b. Request an in-force illustration for any non-

term policies unless otherwise directed by
the lead advisor.

5. CSE-15. Track Policy Info Requests. Post the receipt 0.5

of each VOC and in-force illustration response,
following up on open requests as needed.

6. CSE-16: Recap Current Policy Details. When all 0.5

policy verifications have been returned, use the format
of the Insurance Summaries template to a) recap the
details for each policy and b) summarize coverage for
each insured.

7. CSE-17: Confirm Beneficiaries. Obtain documents X 1.0 C-1 S-2 LKF

identifying current beneficiaries (primary, contingent / or VS
secondary, and/or tertiary) of each pertinent account or
policy from custodians or other parties. Summarize
using the “Key Estate Planning Situation Information”
template or a similar more detailed layout.
C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

8. CSE-18: EP Document Review. Peruse current estate X 1.5 C-4 P-2 JPB
and contingency management documents, preparing a
summary of key provisions for internal use (this should
be sufficiently detailed that we would not expect to
have to revisit the original document except for unusual
questions). Note issues, questions, concerns,
recommendations for consideration.

9. CSE-19: Current Transfer Tax Projection. Use X 0.4 C-3 P-1 LKF
QuickView or an alternative method to calculate
estimated estate taxes under existing arrangements for
two scenarios:

• Assume death in the current year for the first spouse

to pass, and in the subsequent year for the second
spouse (i.e., no growth in the estate).

• Assume death in 10 years for the first spouse and 15

years for the second spouse. Assume net estate
growth of 4% for retired clients and 8% for
employed clients unless otherwise instructed.

Note any additional transfer taxes that should be

considered under the current arrangements (e.g.,
generation-skipping transfer tax) and consult the lead
advisor as to the need to calculate an estimate of such
taxes.
C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

10. CSE-20: Liquidity Assessment. Review the 0.3 C-3 P-2 VS or

schedule of assets and liabilities by ownership, JPB
beneficiary documentation, notes on current
dispositive arrangements, and estimates transfer
taxes. Assess the current adequacy of liquidity for
the estate of each client and note any concerns
which should be addressed.

11. CSE-21: Will Diagram. Prepare a graphic diagram 0.3 C-2 P-1 VS
summarizing the current will or trust provisions.

12. CSE-22: Beneficiary Distribution Analysis. Using X 0.4 C-3 P-2 VS or

current asset values and current dispositive plans, JPB
prepare a graphic or tabular analysis of current
distribution amounts to the various heirs.

13. CSE-23: Identify Surplus Assets. Perform a 0.2 (+ 1 C-4 P-2 JPB
capital needs analysis (retirement sustainability hour if
projection) and estimate the client’s current and/or retirem
future net worth in excess of that necessary to ent
provide for their financial independence throughout plannin
their lifespan. g not
done
for
client)

14. CSE-24: Policy Review Request. Request a policy 0.2

C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

review for each life insurance policy from our
insurance consultants.
TARGET FOR THIS POINT: 2 WEEKS BEFORE PM

15. CSE-31: Summarize Objectives. Prepare a P - 0.5 C-4 P-2 BLJ

summary of our understanding of the client’s estate M 1
planning objectives and preferences. This may be 4
based on our meeting notes, questionnaires
completed by the client, or similar sources. This
may be as brief as a paragraph or two in a memo or
planning summary prepared for the client, or as
detailed as a separate memo or note to the file. The
extensiveness of this summary should be
determined by the depth of our planning scope, and
the extent to which our summary of the client’s
desired provisions for their basic estate planning
documents needs to be supplemented to adequately
guide our planning with the client.

16. CSE-32: Draft Desired Document Provisions. 0.5 C-4 P-2 VS or

Prepare a summary of the client’s desired document JPB
provisions (i.e., will or trust, DPOA, etc.) for client
and/or attorney use. This should be detailed enough
that a competent estate planning attorney would
require only minimal additional information to be
able to draft documents conforming to the client’s
wishes.
C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

17. CSE-33: Explore Planning Approaches. Consider 0.3 C-4 P-2 JPB
reviewing an estate planning techniques &
strategies inventory to generate a list of planning
approaches meriting additional consideration in
light of the client’s situation and objectives.

18. CSE-34: Draft Estate Planning 1.5 C-4 P-2 VS or

Recommendations. Performing additional research JPB
and/or analysis as required, prepare draft estate
planning recommendations which seem appropriate
to the client situation, objectives, and preferences.

19. CSE-35: Consult Other Advisors. Coordinate our 0.5 C-4 P-3 VS or
consultation on proposed planning strategies with JPB
the client’s estate planning attorney, CPA, and/or
other trusted advisors. Consider whether meetings
are needed, or whether adequate interaction can be
achieved through email circulation or brief phone
conference(s).

20. CSE-36: Proposed Transfer Tax Projection. 0.2 C-3 P-2 JPB
Calculate the estimated current / future estate tax (or
other transfer taxes) under the proposed
arrangements.

21. CSE-37: Proposed Liquidity. Evaluate the 0.2 C-4 P-2 JPB
liquidity of the estate under the proposed
C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc
 Task ID (ADD

Prep Assigned
& Description
TS Full Name

Assigned To:
Complete for

Time Budget

Competency

Target Staff
Nickname

LATER)
Meeting

Review
Level

Level
Due

To:
Dependency Level

Detailed Description of Procedure

arrangements. Modify or supplement the draft estate
planning recommendations as needed.

22. CSE-38: Diagram Proposed Arrangements. 0.4 C-2 S-3

Prepare a graphic diagram of the proposed
arrangements.

23. CSE-39: Distribution Analysis. Prepare a graphic 0.2 C-3 P-2

or tabular (tabular for larger numbers of heirs)
analysis of distribution amounts to the various
beneficiaries under the proposed arrangements.

24. CSE-40: Finalize EP Recommendations. 0.7 C-4 P-3

Conclude our planning by finalizing our counsel to
the client regarding estate planning and contingency
management.

25. CSE-41: EP Implementation Steps. Summarize 0.3 C-4 P-2

implementation steps as appropriate for various
parties (NFP, client, attorney, other).

26. CSE-42: EP Reporting Out. Plan for coordinated 0.3 C-4 P-2
communication of estate plans to heirs, executors,
and/or other interested parties.
TARGET: 1 WEEK BEFORE PM

C:\Data\GPN 2009 Retreat Presentation - Systemizing Your Practice\Estate_Planning_Work_Program_-_rev_090209.doc