12 Tips for Generational Estate Planning


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Course Description

This program was recorded on February 20, 2019

During this presentation, attorneys will learn about key estate planning and estate administration topics that they are grappling with more than ever before. Today’s estate planning client often seeks comprehensive estate planning services that provide for not just the particular couple but their parents, siblings, and children. This creates a host of challenges for estate planning attorneys. Defining Client, Heirs, and Beneficiaries. Multiple-party representation is not new. It is not atypical for attorneys or firms to represent families; still, it is a journey fraught with malpractice traps if the appropriate engagement letter, waivers, consents, and other check-points are not established early in the attorney-client relationship. Collaborating with Other Trusted Advisors and Key Professionals. One source of referrals for estate planning attorneys are trusted advisors in related fields, such as financial, insurance, or tax professionals. Depending on where and how the attorney was introduced into the process, attorneys may have to provide additional information to advisors and clients and strive to create a diligent and conscientious environment that will help ensure that their clients’ interests are always protected. Additionally, the first generation’s financial professional may not be the professional the third generation prefers and likewise may be said of generation three’s perspective on the attorney. Still, creating a successful collaboration for all parties is essential to establishing a solid plan that will move through the generations. Instruments, Provisions, and Processes. Like the professionals that suit Gen-1 may not be suitable for Gen-2, so might not the instruments, provisions, or processes. Estate planning attorneys servicing the needs of multi-generational clients must consider these issues.

Speaker Bio
2 General CLE Credits
Course Agenda

Attorney Max ElliotMax Elliott
Max Elliott, Managing Attorney and Founder of The Law Offices of Max Elliott, Ltd., is a licensed, Illinois estate planning, estate administration, and wealth preservation attorney. Her firm focuses on unique families and women small business owners, and services include estate planning for taxable and non-taxable estates, estate administration, and advising small businesses in start-up, growth, restructuring, and succession planning phases. On behalf of her firm, Ms. Elliott is also General Counsel for the Bernie Mac Foundation, Inc., a private non-profit foundation, and spearheaded the organization’s most recent restructuring.

Ms. Elliott routinely speaks to lawyers, students, and community groups on the intersection of estate and retirement planning; small business essentials, including legal entity selection, Intellectual Property rights, succession planning, and generational wealth transfers; and fiduciary selection and other protective measures for seniors and the LGBTQ community.

Contact Max Elliott

2 General Credits

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Course Agenda

  1. Learn about the ethical obligations involved with representing multiple family members
  2. Identify cultural and familial planning and administration issues and what attorneys can do to resolve potential or emerging conflicts
  3. Determine how to ethically collaborate with professionals in other disciplines
  4. Comprehend the instruments that may serve the entire family over generations
  5. Draft provisions that are flexible and encourage family participation
  6. Create processes and guides that communicate the family’s objectives considering various stakeholders and work toward achieving those goals
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