medium · Certified Financial Planner Estate Planning
The Patel family is 8 months into an 18-month engagement that is limited in writing to retirement and education planning. The client suddenly asks for a specific recommendation on a complex 'estate freeze' technique using a family limited partnership.
What is the most appropriate next step?
- Provide the recommendation immediately since you have already gathered most of the necessary financial data for retirement planning. In this case
- Explain that the request is outside the current engagement's scope and offer to expand the engagement in writing if you are competent.
- Provide a general educational overview of estate freezes and then refer the client to an estate attorney for the recommendation.
- Immediately draft the family limited partnership agreement to demonstrate your value and diligence to the client.
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