Hull e-State Planner™ is based on the 3-2-3 Model© of Will Planning. The Will Plan consists of 3 Scenarios, 2 Types of Gifts and 3 Parts of a Will.The Advisor takes the client through 3 Scenarios:
- Surviving Spouse Scenario – Client has a living spouse at his or her death.
- No Spouse Scenario – Both the client and their spouse are gone, but they have living children or grandchildren.
- No Descendants Scenario – Everyone in the nuclear family is gone.
Within each Scenario, clients need to consider only 2 choices of for making a gift:
- Absolute Gift (Immediate, no strings attached) and
- Trust Gift (The gift is delayed or there are controls on the gift).
Clients can easily understand the difference and use those two options to start an informed decision making process.
There are 3 Parts to a Will.
- Funnel (where all assets fall into the estate or outside by Joint Ownership or Beneficiary Designations)
- Filters (Debts and Taxes and Initial Gifts of specific amounts or assets)
- Bucket (The balance of the estate that is left over).
On screen, the Advisor moves the client’s assets among the 3 parts. The client, in real time, can see what each beneficiary is receiving, as well as the probate tax and income tax implications of the gifts.
Once the client has decided whether a gift is absolute or in a trust, Hull e-State Planner™ cues the Advisor with a checklist of issues to be discussed with the client. This helps ensure that the Advisor has canvassed all major issues regarding the gift.
A complete text summary and graphic representation can be produced to display the final will plan.