We have found that clients of substantial means often have complex estate plans. Unfortunately, their plans sometimes lack coherence. Clients wonder what role the various elements such as asset protection trusts, family limited partnerships and charitable trusts play in their overall plan, and whether they work together or at cross-purposes.
Our Wealth Strategies Planning model starts with an analytical and diagnostic tool that is objective and impartial. We integrate and analyze all elements of a client's current plan and lifestyle with the clients' income and assets, such as investment accounts, annuities, life insurance, IRAs, qualified retirement plans, stock options, real estate, closely held business, asset protection trusts and the like. We project how the plan will perform today and in the future using agreed assumptions as to income, investment return, inflation, tax law, etc.
Our analysis develops a critical baseline of information. This baseline analysis enables us to determine what elements of the plan are working well, and it also helps us diagnose gaps in planning that should be addressed and opportunities that should be explored. Clients are reassured when the baseline analysis indicates that their plan is working well, and grateful for any early warning we may give them as to an element that may fail to perform as anticipated.
If the baseline analysis reveals gaps in planning, we work with clients to adjust and improve their plan. For example, we may suggest that clients add a family limited partnership or asset protection trust. If a proposed addition or alteration "sounds good," we then subject it to careful analysis, including financial projections and testing.
After our clients have considered and approved a revised planning blueprint, we assist them in putting new elements in place. We can also arrange for ongoing maintenance and periodic review. Close professional collaboration with the client's CPA, investment and financial advisors is critical in these aspects, and indeed all aspects, of a Wealth Strategies Planning engagement.
If you feel the need to gain control over the provisions of a complex plan, please contact us by telephone (401-331-5050) or e-mail to learn more about our Wealth Strategies Planning process.
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