Risk Assessment: Do It At The Outset of All Estate Planning
Financial professionals do it. Insurance professionals do it. Actuaries certainly do it. Yet we, as tax and estate planning professionals, all too often recommend techniques and strategies without doing it. And that “it” is risk assessment.
Time to change. We all should use a risk assessment checklist at the outset of estate planning to help us determine which planning techniques to recommend and then monitor that checklist throughout the planning process. After the planning is implemented, clear the checklist one final time and then monitor it on an annual basis. (See “Risk Assessment,” p. 54.)