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.
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.