You’ve finally made it to an estate planning/wealth
preservation attorney. You’ve spent countless hours going over who you want as
your fiduciaries, how your assets are to be distributed upon death and in what manner.
The documents are signed, sealed and delivered. Your estate plan is finally in
place.
Now what?!
The most common question asked is, “how often do my
documents need to be reviewed?” Life changing events trigger the need to review
one’s current estate plan. Our lives are continuously changing. From marriages
to divorces, births to deaths, all these moments affect one’s wealth
preservation plan. Additionally, income, gift and estate tax laws are
constantly in flux. With the combination of the changes in our lives, coupled
with the changes in the tax laws, it is vital that your estate plan receives
constant review and revision to ensure that it continues to meet your goals and
objectives.
While the above seems obvious, history and
experience tells us that while our clients’ lives have changed, they have not
been proactive in making the appropriate modifications to their estate plan.
At Morris Law Group we have created the
Generational Planning Solution (“GPS”) program. Initially, we will assist the client
with the task of making sure that their current assets are aligned with their estate
plan. With the client's assistance we prepare a thorough spreadsheet with all of
the client's assets and liabilities and how they are currently titled. We then
advise and assist the client with aligning their assets with their current
plan. Most importantly, we will verify that all the assets have been
titled in the manner in which we have recommended. At that point the GPS takes hold.
Each GPS plan is tailored to the client as each
client’s plan involves different levels of complexity and oversight. With the
GPS program there is a continuous annual review of the client’s life, assets
and goals. We will meet with the client and their trusted advisors to have
everyone in line with the estate plan strategy. We also hold special events and
continuing education for those clients who are enrolled in our GPS program.
There are add-on services to the GPS program depending on the complexity of the
client’s plan (i.e. we provide an Entity Compliance Audit of each of the
client’s entities and an Irrevocable Trust Compliance Examination for those
irrevocable trusts that require formalities to be met for their validity to be
upheld.)
The GPS program allows for continuous alignment of the
client’s assets, advising them of tax efficient strategies and gives them and
their loved ones peace of mind that their legacy will last for generations.
Please contact Morris Law Group for more information.
