Over the years, we have all heard that we can do more with much less effort, understanding the power of leverage. In this month’s column, I would like to shed light on some of the powerful leakage options that you may want to consider when planning real estate with clients.
Ask a problem and ask for a solution from four different consultants (insurance professionals, investment professionals, lawyers and accountants), and you will receive four different solutions, each of which will be different. This is due to the fact that different advisers have different opinions that it is difficult to understand who is right. When this happens, most often, the end result ... NOTHING! The client does not do anything, because he or she is not sure who and what is right. “That's why estate planning doesn't work! That's right, traditional estate planning doesn't work. ” This is exactly what Gordon, a successful planner in creating and preserving wealth, said during a recent meeting with our clients. When they listened attentively at our office, Gordon successfully recreated the thought of his dad's decision to create a plan for the preservation of wealth, which modeled his life values.
“Didn't our dad already have a real estate plan?” Son and daughter of David were asked. They simply could not understand why their father, being a retired owner of a small business, was engaged in wealth planning at the age of 78, after he was already engaged in real estate planning when he left his business more than 13 years ago.
When I listened to their questions and concerns. Gordon replied: “David, your father wanted to leave his family as a legacy more than just money.
“It's all about dreams and fingerprints. This is what people want to use for their wealth. ” Gordon continued. “Have you ever spoken?” One day, when I have more money, I will do it and so? “Well, these are dreams. Fingerprints are those things that you want to leave your mark on even after you left, people, causes and institutions that you deeply care about. ”
“Even at the age of 78, your father still had dreams that he wanted to fulfill. Unfortunately, none of them ever asked about them: grandchildren every month from Florida? ”Asked Gordon. "Well, those were some of his dreams."
As Gordon continued, he told about David’s passion: “You know that your dad’s big bow allowed him to be the first in his family to go to the university, as well as his grandchildren as other scriptwriters, and you know how much he loved his community. These were the things for which he wanted to leave his fingerprints.
“This new approach goes beyond traditional estate planning. It starts where traditional estate planning leaves.
“Your dad was able to increase his financial security by reducing his impact on BCE shares, which was one third of his total wealth. Cash flow of $ 40,000 a year, an increase in inheritance for heirs by almost 20 percent, the creation and care of $ 1,000,000 for charity. ”
"Oh!" - interrupted them. “A million dollars for charity! Wow, that! ”
I jumped up and said: “In addition to the benefits to him personally, let’s look at the influence on you and your family again. In accordance with traditional estate planning, CRA will receive $ 1 million, you would get $ 3.3 million and charity would get nothing. ”
“Now CRA will receive only 300,000 dollars, you will receive 3.9 million dollars instead of 3.3 million dollars, and charity will receive 1 million dollars.”
It took them several times to understand the power of use, using planning tools and financial tools to create more wealth at the end of the process than ever before. Finally, the light went out! The reasons why their dad, at the age of 78, decided to transform his traditional real estate plan, became clear for his peace of mind, a richer life, increased financial security, greater inheritance for his children and grandchildren, and tax dollars aimed at his cherished charities. organizations.
As we continued: “The problem with traditional estate planning is that it is one-dimensional and narrowly focused only on the financial dimension.
As we travel around the country, I said, teaching accountants, lawyers, and other financial professionals about promoting wealth and preserving wealth, people do not want “planning,” real estate, or any other kind. give your heirs more and yet ensure that their wealth does not harm them; and they want to leave a legacy that has positive differences. "
Gordon and I could not help smiling, as we thought about David, as in the last few years of his life he saw some of his dreams come true and how happy he was when he spoke of students who would go to school because of his planning and the lives of people who will be affected by its local charities.
I can't help but smile when I write this day about how it will all continue long after he leaves because of David’s desire to leave his fingerprints. I am sad that David is gone, but deeply pleased, knowing that his influence is not there, and we had a small role in this.
What about you and your customers? Are there any dreams that you and your customers would like to achieve? Will you leave your fingerprints on people, causes and institutions that you really love? There are more than a hundred tools, tactics, strategies, options and opportunities that will help you and your customers live their dreams and leave their fingerprints.
If, as a client’s primary financial advisor, you are not comfortable with a conversation leading to what is related to the main real estate planning process, although you can refer your clients to work with CERTIFIED FINANCIAL PLANNING ™ (CFP ®), which specializes in this area. CFP® is an internationally recognized professional certification that belongs to the Financial Planners Standards Board. Through education, training, and experience, CFP® Professionals are designed to be financial psychologists. who understand life and what customers want to create for themselves, their families and charities in the future and the life they live in today. Through training in financial planning, Six Step CFP® Professionals can help their clients. overcome their gaps in the planning of real estate.
Remember, if a client has a need for real estate planning, and if this need is not eliminated, the client will eventually find a way to satisfy this need. So think and be an active and creative force in your customers, providing solutions for your customers. very real needs for planning, today, being a legal entity.
