What was once routine becomes increasingly more challenging due to the complexity and inherent size of the family and/or business structure. You can move forward without knowing where you are at the present. Many times the last time a new client reviewed their plans was when they were first established. We believe in and have implemented a systematic review of our clients’ wealth transfer and estate planning goals.
Step 1. Understanding the Present
Chances are significant that your family’s personal and financial interests have likely grown and shifted over time. Keeping pace with these changes is difficult without a plan. To ensure our clients’ plans are up to date, we review your current strategies and:
- meet with you, your family and your advisors to discuss your current needs;
- prepare a comprehensive financial statement for your entire estate that documents the current ownership structure of all your assets;
- illustrate your situation using flowcharts and spreadsheet analyses;
- estimate the costs of business transfer, tax liability, and administration of your current estate plan;
- help you identify what assets would be liquidated to cover business transfer and estate costs;
- list both challenges and opportunities for your family as well as your business, based on your current plan.
Step 2. Shaping the Future
Once you have a clearer view of your current situation, we will:
- work with you and your advisors to reformulate, if necessary, your long-term objectives and present a revised plan that reflects your current intentions;
- recommend additional opportunities that may further reduce taxes, improve efficiency and enhance liquidity;
- illustrate the proposed changes, comparing and contrasting “after” views of the same flowcharts and spreadsheets;
- suggest revisions regarding which assets should be liquidated to cover estate and business transfer costs;
- assist in the acquisition of life insurance, if appropriate.
Step 3. Implement the Plan
A plan only works if it is fully implemented. We work with your advisors to see that the plan is implemented. We provide:
- an implementation plan showing the timeline and responsible individuals that will be involved in the process;
- timely reports to you as we implement your plan with any changes that may come during this process;
- a final review of your implemented plans;
- a private web site where your plans are kept in a virtual vault along with a net worth statement that is updated every evening, where applicable.
Step 4. Monitoring the Plan
Mack Financial provides monitoring as part of our ongoing services to ensure that your plan continues to address your family and corporate objectives as they evolve over time. As part of our annual client review, we:
- continue to propose additional strategies designed to reduce your estate and business transfer costs, as tax laws and opportunities change;
- evaluate your life insurance portfolio, including ownership structures, policy performance and benefit calculations;
- review other key aspects of your overall wealth management/transfer plan, including where applicable, split-dollar considerations, insurance and investment diversification and gifting administration;
- coordinate our efforts with other advisors in the implementation of approved changes to your plan