Core Assessment: Estate Planning Project

Benny and Martha Franklin Estate Planning Project

Introduction

This comprehensive case project will allow you to apply the concepts you learned in this course. Cases similar to this may appear on the Certified Financial Planner (CFP®) examination or other professional level certification exams. Benny and Martha Franklin have come to you for assistance. They are looking for guidance regarding their estate plan. Review the Benny and Martha Franklin case found in Dalton and Langdon (2016) starting on page 550.

Directions for the Case

Your assignment is to list Benny and Martha’s estate planning goals. Goals that should be addressed are stated on page 552. You should also identify any other goals that a client might have given the facts and assumptions of the case.

Next, you should summarize the current situation. Be brief, but include all applicable information that someone not familiar with the case would need to know.

Calculate their probate and gross estate. Provide enough detail so someone can determine what items were included in the calculations. Show your work.

You should detail recommendations for the clients. What are the steps Benny and Martha should take immediately and over the long term to reduce their gross estate and achieve their goals. Be specific and quantify the impact of each recommendation.

You should identify what documents should be completed and why each document is needed. Also identify what professionals Benny and Alex will need to see to complete their estate planning goals. If you recommend they see an attorney, explain why you are making the referral and what actions the attorney will have to implement. If you recommend they use a trust(s), identify what type of trust you recommend, how the trust works, and why they would benefit from the use of the trust.

Don’t worry about preparing a gift or estate tax return (whew!). Your case assignment should be written in Microsoft Word (or other format that is able to be viewed in MS Word). Write the document like you would be sending it to the client. Neatness, spelling, and grammar are important – they make an impression on your client. Maximum length of the document is 10 pages. Clients value clear, concise writing.