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Do you know how to correction proof your practice? What do I mean? Think of this analogy. You’re on a jet airliner which encounters major turbulence. It can be scary, but it’s not something to fear. Pilots train for this, and the wings on airliners are designed to flex upwards by as much as twenty-five feet in severe turbulence. 
How about your practice? If the market encounters turbulence, or even a correction, do you and your team know what to do? Have you incorporated flexibility into your toolkit? Just like pilots train for turbulence, you can train yourself and your team on how to deal with clients and thrive in the event of a market correction. Why is this important?
If you have a client, who wants to give money to family members while ensuring it won’t be spent frivolously and yet not use a trust, an excellent way to accomplish this is to establish 529 plans to pay education costs for his or her progeny. Higher education costs are a major life hurdle for many people. According to the U.S. Government, one year of undergraduate education at a private nonprofit institution costs approximately $43,065.  That is almost $175,000 for a four year degree. The following are ten key points you should know about 529 plans.
You may have heard the phrase “Hobson’s choice.” Whence comes this expression? Thomas Hobson owned a stable of horses which he rented to people in Cambridge, England in the 1600s. When you needed a horse, you walked over to his stable and paid the man. He then brought out the horse he had chosen for you. What if you didn’t want that horse? Too bad. Take it or leave it. He wouldn’t get another one. This became known as Hobson’s choice. 
Boomer males are getting older. Of their future, only two things are certain, taxes and death. One other thing is highly probable, and that is seven out of ten married women will become widows. Or, to put it differently, seven out of ten married Boomers will pass away before their wives.
Hence, in many of your accounts, the wife of the male boomer will end up with the money and the control. Industry statistics show that within twelve months of the death of the male account holder, seven out of ten widows will transfer the assets of the deceased husband to another manager.
We are not accountants or attorneys, so we are not giving professional advice on the subject of auto insurance. Nonetheless, since you are a Financial Advisor, serving the whole client, we believe you need to know something about automobile insurance and the role it plays in the overall risk management plan of your HNW/UHNW clients.
Who is liable if a thief steals a car belonging to one of your clients and causes a serious auto accident which results in significant injuries to occupants of the other car?