On Friday April 16, Jeffrey G. Marsocci taught the “Estate Planning Boot Camp” continuing education course for attorneys and life insurance agents. The course focused on the basic principles of life and estate planning using plain English rather than legalese. “Many attorneys looking to expand their practices into the life and estate planning area are on the same level with life insurance agents, and both wish to be able to explain documents so their clients can easily understand them,” Mr. Marsocci said. “I wanted to fill that educational gap as well as bring attorneys and financial advisors together to show that working as a team is better for the clients in the end.”
The course focused on the basics of property titling and ownership, the five basic life and estate planning documents, a discussion of Wills versus trusts, and tax savings planning. In addition, the proper integration of life insurance without adding to estate tax problems became a focused discussion. “Most clients, and some advisors and attorneys, do not realize that life insurance owned by a person who passed on has the payout value included in their taxable estate,” Mr. Marsocci said. “By using an irrevocable life insurance trust or other techniques, a life insurance payout can boost an estate’s value without adding to the tax problem.”
Through his company Partners Practice Development and Consulting, LLC, Mr. Marsocci teaches combined CE/CLE courses at least twice a year for both attorneys and life insurance agents. Plans are in the works for a course called “Estate Planning and Divorce” for August to focus on the different estate planning needs for the divorced or divorcing client.