Description
Please complete the attached client interview, follow all of the instructions attached in word document. Use the Template for the assignment which is also attached. All of this is based on the transcript ( couldnt send link for video) but the whole conversation is attached.
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BUSI 354
MEMO: CLIENT INTERVIEW ASSIGNMENT INSTRUCTIONS
OVERVIEW
This assignment requires you to use the information you have studied in the first 5 module:
weeks of the course in order to identify the issues and concerns of a client family in the early
stages of creating an estate plan.
INSTRUCTIONS
The family you will be writing about is introduced in the Watch item Meet the Family found in
the module. Watch the video and take notes on the family’s current situation and goals. Next,
review the couple’s Statement of Financial Position given at the end of these instructions.
Then, using the information gleaned from the Watch: Meet the Family, and the material in
Chapters 1–8, and 11, you will write a memo to your supervisor describing the client family’s
current situation and how to best begin to meet their needs and goals for an estate plan. You may
also want to review the general guidelines in Chapter 14. Write your memo in a Word document.
It must be 1,000 words and in current APA format. At least 2 scholarly, legal, or biblical sources
must be integrated into the analysis and appropriately cited. Please review the Memo: Client
Interview Grading Rubric for additional details on expectations.
Within the memo, you will need to calculate the gross estate and probate estate for both the
husband and the wife using the Statement of Financial Position given at the end of these
instructions.
To organize your memo, review the Memo: Client Interview Template provided. The template
includes some help and guidance for each section.
Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.
BUSI 354
Statement of Financial Position
Client: Andrew & Lynn
Assets (Current Market Value)
J – Cash – JTWROS
$
H – Cash
$
W – Cash
$
W – Home – Fee Simple
$
W – 401K
$
H – 401K
$
W – Investment Acccount 1
$
W – Investment Acccount 2 – TOD
$
H – Term Life Insurance 1 (through Work)$
H – Term Life Insurance 2
$
W – Term Life insurance 3
$
Total Assets
$
65,000
2,500
6,000
416,000
460,000
90,000
45,000
115,000
500,000
40,000
40,000
1,779,500
Liabilities
W – Home Mortgage
J – Credit Card
Total Liabilities
$
$
$
37,000
4,000
41,000
Net Worth
$
1,738,500
Total Liabilities & Net Worth $
1,779,500
Notes to the Financial Statements
1. J = Joint, H = Husband, W = Wife; assume equal contributions were made for joint property.
2. Term Life 1 names Andrew’s deceased wife as the primary beneficiary and each of his children as 50% contingent beneficiaries.
3. Term life 2 names Lynn as the primary beneficiary. Term Life 3 names Andrew as the primary beneficiary.
4. Investment Account 2 has TOD titling. It currently names the local food pantry as the beneficiary.
5. Andrew’s 401K names Lynn as the primary beneficary and his children as 50% contingent beneficiaries.
6. Lynn’s 401k currently lists 4 separate charities as equal beneficiaries.
BUSI 354
MEMO: CLIENT INTERVIEW TEMPLATE
{Notes with curly bars should not actually be included in your paper. They are there to provide
some additional commentary. Please reference the grading rubric as well for additional details.
Remember your APA guidelines}
{Memo Heading. This should address your audience}
Date:
To: Professor Jantz
From: Student name
Subject: {Client Interview w/ …. Or something similar}
Intro
{One to three sentences identifying the couple and the purpose of the memo.}
Summary of the Interview
{This section should outline the basic facts of the interview from the video.}
Client Goals
{Here you should outline the client’s goals. Order them by their weight of importance for the
couple. This is a blended family scenario, so it may be a little more complex than others. I
require three goal sections, one for the couple together, one for the husband, and one for the wife
(at least 3 goals each). They should be clearly numbered. You and your supervisor will
reference this section and you want the goals to be easy to identify.}
1.
2.
3.
4.
5.
Gross Estate and Probate Estate Calculations
{There should be four calculations: A gross estate and probate estate for both Andrew and
Lynn.}
{Use the Statement of Financial Position provided in the Client Interview Instructions for these
calculations.}
{Show your work for all calculations}
Plan/Next Steps
{This last section should outline some of your plans to help the client achieve their goals from
above. You can use a bullet or numbered list to differentiate ideas, but these ideas should be
more substantive and detailed. For each idea, explain which goal you are targeting (could be
multiple) and how it helps accomplish this goal.}
▪
▪
▪
▪
{Some action steps can be straight forward, such as Husband needs a will.}
{or, Idea1 solves for Goals 1 & 3}
{or, Need XYZ information to understand Goal 5 further}
{or, Exhibit 14.3 Estate Plan Checklist provides some useful guidance for topics to cover.}
Page 1 of 2
BUSI 354
▪
{etc. You will not be able to plan for all of the goals you’ve laid out above as you’ve only
had one meeting, but at least give me some substantive starters. Focus on the more
important goals and outline some ideas or even additional information you may need to
find out at the next meeting}
Reference List
{APA formatted list}
{Should be on separate page}
Page 2 of 2
Andrew Lynn. Good morning. Welcome. Welcome
to our office. Did you bring the financial statements
that we needed?
what we’ll
Right. Now
do with these is as we get farther
into the planwill use these for the
actual numbers as we start writing documents and actually
developing plans. Will this will give us the back the back
though to what we need. But for today
what I’d like to do is get to know you
a little bit more. Find out a little
bit about you. Find out what your
goals are for your plan and for the kinds
of things that were that we’ll
be doing for you. So I think when you called to set up
the appointment
you told me
You’re newlyweds.
we like Well
to
think we still are. We were married
in Decemberthe
of right.
2011 And we’re here
because of that. We figured that is probably about
time that we get some stuff
together and figure out what changes
we need to make. And especially since
we’re both married now to get those
finances in line. Great. Now is this a first marriage
for both of you?
but it’s
Is lens first
my second marriage. My wife died in
2010 and soyou
okay. And indeed
have children with in that
first marriage? I had two children with my first wife and
they’re both my
grown.
daughter
One is
and
30she has two
children of her own. And then my son is 26 and he’s still trying to find himself
in graduate do
school.
eitherOkay.
of Now
those children
youlive
know
with we moved into lens home
after we gotwhat
married.
whatVery
kinds
of your
good.
of first
things
Um
wife
have
andhappened
now that that
between
have the
kinddeath
of of your
shaded whatwhat
you’re
you’re looking for. Some of the things
maybe that you’ve done already in terms of
planning or have you? I guess the some of the
issues that we that I dealt with after
my wife wasI died
sold that
house and he was able to pay off the
mortgage for that house. But my wife had
didn’t have any insurance
and so we have funeral bills to pay and there were
other things to pay off as well. And so that kind of put us where we are to
realize that you know I don’t want that to
happen if I die
then
before
does that
length?
wereOkay.
on theAnd
same
thatwidth
was one of
the first things that we did when we
got married. We took life
insurance policies
but enough
out ontoeach
coverother. Okay. Not a lot
those expenses that Andrew had to deal with after the death of
his first wife. Okay. Tell me a little bit more about those
insurance policies. Who’s who actually
owns that? Whose name or they end? I bought a policy
that name’s me
Andrew
as the
as the beneficiary and he took out one nicknames
beneficiary. Okay. I also have a
policy right now that names my wife
has beneficiary
as well as our
two children. You do? I have it from work. I don’t know that that’s one of the reasons that we have these sorts
of meetings things like this to
do tend to pop up. And I did I hear you
tell me that you’re living now in
in Linz house?
we Yes
are. Okay. Then tell me tell
me about that. Is the house still titled entirely
in your name?
it is.Yes
II
bought the house about 15 years ago and I’m a pretty
good saver so that mortgages
almost all paid off. And I have a few
other investments like 401 k plan
through my work. I have some stocks
and mutual funds
those sorts of things. I also sit on the board of a local food pantry. Okay. And so I’ve given them a fair a
over the years. And do you have any of
that set up in a in any kind of a
structured plan
et al
marketing plan.
I’ve given
Now
donations tothat
thatfood pantry
but sometimes
into some at
other
the charities through special projects
end of the year for additional tax
deduction benefits but no structure
plan. Okay. we’ll
Well look at those numbers
and we’ll look at some of the things
you’ve done before. We might actually
want to start looking at perhaps
a charitable 2trust.
could
Atgive
some
you
point
income
2 and then the remainder to the charity or give to charity income and
then the remainder
one of one
to you
of those
or to Andrew
sorts of things. So that might be
something that we want to start
looking at. Inhave
terms
either
of gifts
of you
over the years given gifts to
individuals? Some larger
either amounts of money or to specific
individuals maybe a family
parents
member
or maybe
your children? I bought my dad
a golf cart one time a couple
of years ago.
how
That cow it it may well need to look at that. Andrew
about
you know? IHmm
put both of our children
through schools. They’re going to pay
for their education. And did you pay the
school directly for that? Did you pay the tuition directly to the
school? Yes. Okay. And then when they graduated from their
undergraduate
my degrees
wife and I bought
them each aokay.
usedVery
car. Oh
good. We will need to
look at those. Do you recall either for the golf cart or
for the useddid
cars?
youAt the time
do any calculations on gift taxes or end up filing any gift
tax returns?that’s
Okay.that’s
Welland
something
we’ll take
else that we’ll put in the pile and and
a look at those as we go through
the actual numbers.
Andrew Now
tell
me tell me a little bit more about
about your family. You said now
that you already
havehave
havetwo
yougrandchildren
done any
planning for them? Do you want to do planning directly for the
grandchildren or do you have more in
mine planning for your children and
then letting things flow through to the
next generation.
I thinkUm
I guess all of those options might
be available. I’m thinking that it
would be kinda nice to have some things specifically for
the grandchildren. But I also want to make sure that the
children are Icovered.
want to make
But now
sure
because
it’s a little
of bit
my son
protected for him. Maybe a condition
of age or something like
that of when when he would be able to get to those finances
I guess. Okay.
up And Lynn
until this point
your most of your assets have been strictly yours. Is that something of
a concern orare
question
you anticipating
that you have
merging
in terms
everything
of planning
or now?
for his
I’d like
children
to keep
them separate.
I love
I mean
his children but
andI the
have
grandchildren
worked hard for for the money
that I have. And I do have some
charities andokay.
someOkay.
places
Good.
that IWe’ll
would like to designate in mind. Well
need to know
you
that
said
and
your
we wife
can didn’t
we can
have
certainly
any plan for that. Now
your first wife didn’t have any insurance. Did did you tell me
did she have a Will? She did not have
a will either go.
some
That
of the
wasissues
again that we have. So I wanted to or
we had so I want to make sure that Lynn and
I don’t face though. Okay. Do you do either of you or the
two of you together now have any
of your assets already in a trust
of any sort? No. Okay. And do you have accounts
that have named beneficiaries so that
they’re inherited. Outside probate
outside of the will. Investments do have
beneficiariesnames like and
my 401
andkmy various
investment accounts. But I don’t have
anything more structure than that. No. Nothing for
the bank accounts or assets or anything
like that. Okay. And then the insurance
policies are are with with named
beneficiariesso well each other. Okay. And we’ll take a look
at that and we’ll need to take a look at your work policy and deal with the
beneficiaries of that now that your
your first wife is no longer a
living beneficiary? Okay. I think that’s
a good place for us. A good amount of
information for the general
estate planning for your transfer
of assets. I want to spend a
couple minutes thinking about something
that’s a little harder to think about. Have you given any
thought or made
drafted
any plans
any documents? What happens if one of you becomes
incapacitated
either either physically
or mentally ill
can’t make either
any decisions
health for yourself anymore
care decisions or financial decisions. Do you mean like
a living well well living well. Advanced medical
directive. That’s certainly one of the things we
want to look at. And that is aimed
at when you have to make decisions
about treatment for sustaining life. But the more
basic planning that we need
to do are theare the basic
powers of attorney. What happens when you’re in a position where you can’t make decisions for yourself about
your health care. What happens when
you can’t make decisions for yourself
about your finances?
have you Said
given any of that any thought? Yeah. I guess we put each other. Okay. And that’s that’s a really
good place to start and that is where
most people start. We need to think
beyond that. We need to think
the next step.
who
You
would
know
the successor be if something happened
to both the view at the same time
or or to one of you before the
plan ran out. And the other
thing we hadyou each have some
side situations that you’ll want to
consider
for example. And hopefully none
of this would happen if at all for
quite some time.
you have
But Andrew
adult children. And as much as
they like limbare they going to
want to leave all of your medical care and your finances
in her hands. So that’s something
that you may want to think about
and talk to them about as you’re as we’re putting together
these powers of attorney and lend the same thing with
your investments
with your
charitable giving
that sort of thing. Who do you want to take care of
that if you get to a point where you
can’t add something
we definitely need
to think about it. All right. Well
we’ve talked about a lot of things
and I think we’ve made some
good progress in basic getting some
basic things started. I think I have an
understanding of where you’re coming from
at this point.I’ll
Our
putnext
together
stepsa real
rough outline
a basic plan with
some suggestions for you of the things
that we need to do. Both things for the two
of you as a couple. And we’ll be looking at the marital deductions and things related to a
marital relationship. And also then some of the situations that
you have onyour
the side
family your
situations
your investment
situations and how we deal
with those. So the next step would be for you to think
about some of those things and then come back in
and we’ll talk about that basic
plan and will start to answer some
of those questions. Start to put some
flesh on those bones. How about how about this time next
week with that
Would that be a
good time for
They
you?
should
I thinkbe
that
fine.
works.
Okay.
Yeah
Very good. We’ll plan up
for next week and I’ll I’ll
see you then. And pleasure meeting. I’m looking forward
to working with you. Thank you. Thank
you very much.
o I’ve given them a fair amount
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