How to Build a Purposeful Trust Practice An Intensive Two-Day Workshop for Estate Planners and Attorneys Created and Presented by John A. Warnick and Scott Farnsworth The Purposeful Trust Day 1: 8:00 AM to 6:00 PM Day 2: 8:00 AM to 4:00 PM Bringing Life and Energy to Estate Planning Welcome and Overview Discovering Trust Language within Purposeful Conversations Why Typical Estate Plans Fail * Listening with a New Set of Ears * Why they fail to energize clients * The Power of the Client’s Own Words * Why they fail to inspire heirs and * Integrating the Client’s Voice, Vision beneficiaries and Values Into the Documents * Why they fail to satisfy planning professionals Increasing Revenue and Profit with Purposeful Trust Planning The Case for Purposeful Trust Planning * Greater Value, Greater Rewards * The Six Paradigms of Planning * Seizing a Blue Ocean Opportunity * The Seven Secrets of Purposeful Trust * More Excitement, More Referrals * Applying the Seven Secrets Creating an Implementation Plan for Your How to Use the Purposeful Conversation Tools Practice * Engaging Clients at the Story Level * Five First Steps * Words Matter * Written Plan of Action * Hands-On Training with Purposeful * Follow-up Coaching Calls Conversations Workshop Presenters John “JohnA” Warnick was a senior partner with Holme Roberts & Owen LLP, a firm of 250 lawyers with offices in Colorado, Los Angeles, Phoenix, San Francisco, Salt Lake City, London and Munich, where he chaired the firm’s Wealth Transfer Planning group until July 2009. Today, JohnA is a frequent national speaker and workshop presenter, and he collaborates with advisors and attorneys nationwide to serve clients with Purposeful Trust™ Planning. Mr. Warnick is a Fellow of the American College of Trust and Estate Counsel and the Philanthropic Editor of The Journal of Practical Estate Planning. He is the author of two BNA (Bureau of National Affairs) Tax Management portfolios. He will publish two new books in 2010: Beyond Ethical Wills – The Secrets of Creating Purposeful Trusts and The New Vocabulary of Family Wealth. Scott Farnsworth is an attorney and Certified Financial Planner with more than 30 years in “These swords are accompanied with an injunction not to the estate and financial planning field. He is the CEO of SunBridge, Inc. and the founder of unsheathe them for the purpose of shedding blood, except The SunBridge Legacy Builder Network. He has authored three books for planning profession- it be for self-defense, or in defense of their Country and its als. Scott was recently named one of Financial Advisor Magazine’s “Innovators of the Year.” He rights, and in the latter case, to keep them unsheathed, and designs and delivers transformative workshops for professionals, including “The Legacy Builder prefer falling with them in their hands to the relinquish- Retreat,” “Mastering the High End Close,” “The Double Your Sales Professional Workshop,” “The ment thereof.“ George Washington’s bequest to his nephews, Wealth & Wisdom Summit,” and “The Philanthropic Legacy Builder Retreat.” He is the creator of The SunBridge Money & Success Client Connection System™, and is a certified Time to Think® hand written in his last will and testament. Facilitator, Coach and Consultant. He serves on the board of The International Association of Advisors in Philanthropy. 3214 Bayflower Ave. Created and presented by: SUNBRIDGE Harmony, FL 34773 John A. Warnick and Scott Farnsworth www.PurposefulTrust.com 407-593-2386 SUNBRIDGE www.PurposefulTrust.com Purposeful Trust Planning The Seven Secrets of Purposeful Trust Planning We have discovered the seven keys that open the door to a beautiful and meaningful new world “If someone were to rip off the first and last pages of my will or of planning for us and our clients. trust, could anyone even tell that it belonged to me?” Those words, spoken by an astute, well-educated, but deeply disappointed cli- Secret #1: Focus—The estate planning process is robust and engaging when it ent, reflect the reality of most estate planning. Most documents do very little focuses primarily on the clients’ deepest hopes, dreams, and purposes. to convey the clients’ real human caring and concerns. Lost in all the legalese Secret #2: Purpose—The trust itself is infused with life and energy when the is the love clients feel for their children and grandchildren, their faith in their descendants’ poten- clients’ own words are used to express the rich human purposes of the trust. tial to grow and develop, and the hope they hold for the future. Secret # 3: Name—The clients’ name for the trust can be a succinct and powerful Many wills and trusts have a damaging and corrosive long-term impact. They spawn litigation, expression of their fondest hopes and dreams for the trust and its beneficiaries. rupture family harmony, and sever relationships. They snuff out initiative and industry, and Secret #4: Guidance—Directions based on the clients’ wisdom and life-lessons foster “affluenza”, entitlement, victimhood, and irresponsibility. Children, grandchildren, and and written in the clients’ own words can guide the trust to achieve its grandest charities, whose lives are often governed by these cold, impersonal, and sterile documents, grow purposes. rebellious or resentful. Secret #5: Heirlooms—When a gift of tangible personal property includes the cli- ents’ story and the item’s background, it turns an object into a priceless treasure. Wrong Questions: Wrong Answers Secret #6: Gratitude—Expressions of appreciation and an attitude of gratitude We in the planning professions are largely to blame for the impersonal nature and the ultimate in givers and receivers can turn transfers into gifts and financial riches into true human failure of the process. Too often our client conversations start, end, and are centered wealth. on the subjects of parental control, tax benefits, and asset protection. When we ask the wrong Secret #7: Principles—Statements of the clients’ guiding bedrock principles can questions, we almost always end up with the wrong answers. The questions we have been asking provide pole star and compass in navigating the trust through an unpredictable our clients have not produced desirable results. Perhaps we need to ask ourselves some different future. questions: * What would have to change so that clients would leave the estate planner’s office energized, The Purposeful Trust—The Trust with a Personality and a Voice engaged, and optimistic, rather than confused, disillusioned, and frustrated? Purposeful Trust Planning produces a richer and more satisfying experience for both clients and * What is the likely real-world impact of our planning in the lives of our clients’ loved ones, the planning team. The planning team helps clients ascertain and articulate their deepest pur- and do those outcomes match our clients’ purposes, hopes, and dreams for those they love? poses then crafts a plan that expresses trust and respect for beneficiaries and honors the clients’ * Is there a way to think afresh about the meaning and purposes of planning, a way that honors bedrock principles and values. legal roles and relationships yet also produces something generative, inspiring, and connective? Clients come alive as they are able to express their deepest concerns and fondest dreams both in * How can we construct wills and trusts so that both grantors and beneficiaries are seen within the design of their plan and in the documents themselves. They often weep for joy at the signing the documents as living, caring, intelligent human beings rather than as objects or infants? ceremony, for they sense the difference their Purposeful Trust Planning will make with the people and causes they cherish. It Starts with a Purposeful Conversation™ When children, grandchildren, and other beneficiaries read the grantors’ expressions in the docu- ments themselves, they are able to recognize that the grantors understood them and wanted the Given an opportunity, most clients are interested in deeper conversations around the impact of best for them. They appreciate the financial bequests, priceless heirloom objects, life-lessons and their wealth on their children, grandchildren, and favorite causes. They want to discus the “How wisdom handed down to them, and they acknowledge and receive them as Purposeful Gifts. As much is enough?” and “How much is too much?” questions. They want to know how to pass a result, they have more gratitude and greater purpose in their own lives. on more than money. They want their wealth to be a blessing to those they love and not a crip- pling handicap. Purposeful Trust Planning—Innovative, Revolutionary, and Rewarding Purposeful Conversations provide a simple, enjoyable, and gratifying process for helping clients think deeply about the significant issues underlying their most important estate planning deci- Purposeful Trusts can be used across the spectrum of wealth from abundance to ultra-affluence. sions. From their answers, we can discern the real purposes behind their planning and we can The Purposeful Trust is about to trigger a revolution that will completely transform our practices glean the words to express their purposes, hopes, and dreams to trustees and beneficiaries. The and the clients we serve. It not only can increase client satisfaction significantly but it can be clients’ own words and stories are the best source for the name of the trust, for the lessons and richly rewarding (and not just in a financial sense) to both the client and the advisory team. wisdom that should inform trust decision, and for the bedrock principles that should guide the trust through uncharted waters. With their words and their stories in hand, we’re prepared to start creating Purposeful Trusts. Welcome to the Purposeful Trust Revolution— the future of estate planning!