Working as an estate planner

Planning for death is rarely something people relish. But coming up with a viable estate plan is a good idea for many reasons. Estate planning allows a person to decide how his or her assets will be managed in the event of death or incapacitation. It ensures that decisions about end-of-life medical care and funeral arrangements are carried out as the person would have wanted. And it can reduce the burdens -- financial, logistical and otherwise -- on family, friends and caregivers.

What they do:

Estate planning is a specialty of both lawyers and financial planners. Legal expertise is essential for many estate planning tasks such as setting up wills and living wills, granting powers of attorney and naming guardians for any dependants. Though wealthy people rely heavily on estate planners, their services are useful for people of many income levels.

An estate planner should also have a thorough knowledge of accounting and tax issues. Depending on the size of a person's assets, he or she may or may not have to pay estate taxes. The estate tax, which taxes property transferred after death, is extremely complex, and the laws governing it have undergone numerous changes. A taste of the complexity: It was repealed on Jan 1, 2010, but then a new law passed in December 2010 reinstated it retroactively to the first of the year, while also establishing new rules for 2011 and 2012. At the end of 2012, the law will sunset, and 2001 laws will take effect again.

Estate planners navigate those kinds of legal and regulatory mazes on behalf of their clients. They also provide advice about investments and insurance. For example, they may offer guidance related to IRAs or 401(k)s, suggest life insurance plans or establish a schedule of regular giving to family members or charities, in order to reduce taxable income. They may suggest ways for seamless transfer of funds to a person's family after death, for instance by avoiding probate court.

What they need:

Estate planners who are primarily personal financial advisors need at least a bachelor's degree, preferably with an emphasis on business and finance. Some also choose to get master of business administration degrees. If they buy or sell investment advice, stocks, bonds or insurance policies, they need to become licensed in the appropriate area. Lawyers generally need bachelor's degrees, law degrees and to have passed the bar in the state where they work.

What they earn:

According to CBSalary.com, the national average salary for an estate planner is $69,867, with the 25^th percentile at $53,614 and the 75^th percentile at $88,942.

Job outlook:

The U.S. Bureau of Labor Statistics, which tracks employment data for a wide range of occupations, doesn't have a category for estate planners. But it does track both attorneys and personal financial advisors. The BLS projects 13 percent employment growth for lawyers between 2008 and 2018, which is about as fast as the average for all occupations. Employment prospects are best outside traditional law firms, the agency notes.

The picture is much brighter for personal financial advisors, who are expected to see 30 percent employment growth during the 2008-2018 period. The aging of the baby boom generation means that a huge population will be retiring from work and eventually reaching the end of their lives, which means financial advisors with experience in estate planning will likely find their services in demand.