Estate Planning?
- Thread starter iiyoung
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- 15,041
If you want to do estate planning right, find a mentor. This is not an area to go playing around in.
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- #3
Thanks for the reply. I know this is not something to just go and play around with. Before I go to anyone and say i.e. I want to work with you and learn from you...I kind of wanted to get some more insight to this area first.
What books do you recommend or anything you can think of for me to get my feet wet so to say.
thanks.
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What books do you recommend or anything you can think of for me to get my feet wet so to say.
thanks.
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- 4,132
If you are just starting out as an agent, just go to work. While you work, study courses on estate planning in your off time. While it's great to want to elephant hunt out of the gate, it is also very unlikely that you will be in the business long if you're just seeking the big kill with no experience.
You have to know your stuff in EP as you will most likely work with both lawyers and CPA's in the venture and they will eat you alive if you try and BS your way through.
Go to work with the goal of having EP cases on the books within the first 3 years. Use that time to establish your business and gain knowledge.
Or you can wing it and being doing something else in 6 months.
You have to know your stuff in EP as you will most likely work with both lawyers and CPA's in the venture and they will eat you alive if you try and BS your way through.
Go to work with the goal of having EP cases on the books within the first 3 years. Use that time to establish your business and gain knowledge.
Or you can wing it and being doing something else in 6 months.
I agree with all of the above. Remember that your competition would be experienced CPA's, Financial Advisors, CFP's and attorneys, all of whom have specialized training in Estate Planning.
This is a highly specialized field, so a book or two won't be nearly enough. You need specific intensive training and experience on the fundamentals.
If it were me, I wouldn't even consider it without a few years in insurance and a CLU.
This is a highly specialized field, so a book or two won't be nearly enough. You need specific intensive training and experience on the fundamentals.
If it were me, I wouldn't even consider it without a few years in insurance and a CLU.
- 1,926
Read the book "Beyond the Grave".
- 924
In many states you can get into the gray area of practicing law without a license if you even suggest to a client that you are doing any "estate planning."
You might be better off working with a lawyer who does estate planning on a referral basis.
To the lawyer: "I have a client who has some estate planning issues and we would like to meet with you."
To your client: "Your estate planning should not be taken lightly, that is why I suggest we visit with xxx who I know to be a very knowledgeable lawyer in this area and will meet with us initially without charging a fee."
I really can't think of too much you can discuss with a client in the realm of estate planning that couldn't be considered practicing law.
I know, I know. How can "You need to buy some insurance so your kids have plenty of dough to pay taxes" would not be practicing law, but not too many sales are made with just that. If you are going to be a professional, then pull in some professional estate planning advice from another party which might soldify a sale.
You might be better off working with a lawyer who does estate planning on a referral basis.
To the lawyer: "I have a client who has some estate planning issues and we would like to meet with you."
To your client: "Your estate planning should not be taken lightly, that is why I suggest we visit with xxx who I know to be a very knowledgeable lawyer in this area and will meet with us initially without charging a fee."
I really can't think of too much you can discuss with a client in the realm of estate planning that couldn't be considered practicing law.
I know, I know. How can "You need to buy some insurance so your kids have plenty of dough to pay taxes" would not be practicing law, but not too many sales are made with just that. If you are going to be a professional, then pull in some professional estate planning advice from another party which might soldify a sale.
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- #8
Thank you all for the input. I did not plan on trying to wing it nor do I see this as an over night thing. I just wanted to know more about it and where to start so when it does happen I'm not looking confused. I am also trying to get with a lawyer to explain it even it more...wishful thinking...
I am trying to get this whole INS biz Down right from term to perm. I have given myself 70 days to get at least 19 more apps. in the mean time i'll be reading beyond the grave. I'm like a 2 month old baby still trying the motor skills and a marine sniper waiting in the distance for the white elephant to show it head.
again thanks
I am trying to get this whole INS biz Down right from term to perm. I have given myself 70 days to get at least 19 more apps. in the mean time i'll be reading beyond the grave. I'm like a 2 month old baby still trying the motor skills and a marine sniper waiting in the distance for the white elephant to show it head.
again thanks
- 15,041
I go back to my original advice, find a mentor.
As far as what a good mentor will expect from you: the ability to find good prospects, drive, determination, and the ability and willingness to learn. Odds are, finding the prospects is what the person will least like. So if you can find good candidates and know enough to peak their interest, you'll be quite valuable to your potential mentor.
As far as what a good mentor will expect from you: the ability to find good prospects, drive, determination, and the ability and willingness to learn. Odds are, finding the prospects is what the person will least like. So if you can find good candidates and know enough to peak their interest, you'll be quite valuable to your potential mentor.
