Step One: Initial Consultation
We will meet to discuss your general goals and expectations for our work together. I will explain my approach to developing a plan that is personally tailored to your values, goals, and financial situation and address any questions you may have about the process. I will ask you to fill out a form with information about your sources of income, your assets, and your legal planning goals. The more information I have, the more effective your finished plan will be.
Step Two: Designing a Comprehensive Plan
(Note: This step may be omitted for simple planning needs.)
I will review the information that you have provided and develop a comprehensive strategy for accomplishing your goals while minimizing your overall tax liability. This stage of the process may include working with an appraiser and other financial professionals with whom you have a relationship. If necessary, I will perform a thorough analysis of your estate, inheritance, and income tax liability in connection with various planning alternatives.
The ultimate plan may include a combination of wills, trusts, business entities, life insurance, and other tax-saving and asset-protection techniques. Depending on the complexity of your situation, the plan design process may involve only one meeting, or it may require several consultations before we arrive at a plan that best suits your needs.
Step Three: Implementing the Plan
Once we are in agreement on a strategy for moving forward, we will proceed to implement the plan. While the vast majority of work at this stage generally involves drafting, executing, and filing legal documents, there may be tasks for you to complete. For example, if your plan contains life insurance, long-term care insurance, or annuities, you should make an appointment to meet with an expert on these products and choose a policy that will best meet your needs.
I am happy to assist you with a referral to a trustworthy, no-pressure representative who will take the time necessary to explain various policies and their respective costs. It may be helpful for me to meet with you and the advisor during the plan development stage to ensure that our wealth planning strategies are complementary to each other.
Step Four: Follow-up and Monitoring of the Plan
Our relationship doesn’t end when the documents are signed. Tax and legal planning is a life-long process. Major family events, such as marriages, births, divorces, etc., can alter how you want your assets managed and allocated. Additionally, tax and estate laws can unexpectedly change, requiring updates or revisions to your plan.
While I will do my best to anticipate future changes in the law and design a plan that will remain effective through major family changes, it is impossible to plan for every possible eventuality. I am committed to working with you on a long-term basis to keep your plan up-to-date and make revisions as needed.