CFP® Continuing Education

This course is a concise and practical guide to what every insurance professional should know about the law of Wills and Trusts – as well as a range of other matters – while advising others. Before and during the design of a client’s estate plan, the professional can provide value as part of the advisor team.

In a great many scenarios, life insurance products can play a critical role in assuring the financial security the client is looking for. It is the professional’s job and duty to how explain how and why. Getting to a trusted position where that is possible, however, is the challenge. This course is based on real questions, concerns and issues encountered over many years, among people at all economic levels, from modest to quite substantial. There is no better way to build trust, confidence and respect than becoming a source of knowledge on the topics and issues presented here.

There is an unfortunate, widespread misconception that wills, trusts and estate planning are subjects of interest only to the wealthy. In fact, an estate plan provides the legal mechanism for disposing of property upon death in a way that recognizes wishes and the needs of one’s survivors, while minimizing taxes. Too often, however, estate planning is equated with just estate tax planning. Professionals should be sensitive to personal, non-financial issues that are usually of a higher priority.

For many, estate planning involves, even more importantly, planning for the handling of affairs in case of disability, and the deeply personal medical choices to be made as life nears its end. Estate planning is not just for rich people. Wills and Trusts are just tools in a larger process. You must be careful not to give legal advice, of course. But you can provide a great service simply by explaining, in general terms, how “the moving parts” work together.

LEARNING OBJECTIVES:

• Learn the various methods of disposition of property, with or without a will.
• Learn what the consequences are when one dies intestate.
• Be familiarized with the format of a valid will.
• Know the intricacies of the probate process.
• Learn the duties associated with the role of an Executor.
• Be familiarized with the concept of a trust and its variations.
• Know the advantages and disadvantages of a simple, living trust.
• Learn about the ways of disposing property outside of probate.
• Knowledgeable about the various tax issues.
• Be conversant with ways to use life insurance in estate planning.

TOPICS COVERED:

• Introduction
• LESSON 1: The Disposition Of Property, With Or Without A Will
• LESSON 2: The Probate Process
• LESSON 3: Trust Basics
• LESSON 4: The Simple Living Trust
• LESSON 5: Comparing Simple Living Trusts And Wills
• LESSON 6: Disposition Of Property Outside Probate
• LESSON 7: Tax Issues
• LESSON 8: Other Elements Of The Estate Plan
• LESSON 9: Using Life Insurance In Estate Planning
• LESSON 10: Specialized Trusts And Estate Planning Tools

REGULATORY REQUIREMENT:

Please see the state/regulatory requirement from the course catalog page.

SEAT TIME:

This course has been approved for 3 hours.

COURSE PRE-REQUISITE:

N/A

TESTING:

Final Exam – You will be required to pass the final exam with a 70% in order to receive course credit.

COURSE COMPLETION:

Upon successful completion of this course you will be able to print your certificate online.

ABOUT THE SUBJECT MATTER EXPERT:

MICHAEL T. PALERMO, JD, CFP

MICHAEL T. PALERMO, JD, CFP, is an attorney in Lexington, Kentucky. He is an expert in estate and financial planning, and maintains the highly regarded website, “Crash Course in Wills & Trusts” (www.mtpalermo.com). Mike has contributed often to online publications such as CBS MarketWatch.com and the Wall Street Journal Online, and is frequently quoted in online and print publications.<>/p