There are compelling reasons why individuals of all degrees of wealth should create an estate plan. You may need to protect your assets and ensure for an efficient transfer of wealth—to your heirs, your spouse, your favorite charity – or a combination. You may need to provide for the guardianship of your children. Regardless of the motivation, a properly-crafted estate plan will help protect your intent, so there are no “gray areas” when it comes to executing your wishes.
We take into consideration your overall financial and family situations so your estate plan works in conjunction with your goals, and to be sure you are comfortable with the life-changing decisions you are making. Because estate planning is a multi-disciplined function, we also work closely with your attorney, accountant and other advisors. And, of course, constant changes in IRS rules and regulations present a challenge to the planning process. Our close relationship with Cohen & Company CPAs informs our recommendations on tax issues related to planning.*
Estate planning for business owners adds another layer of complexity, including ownership succession, business valuation and asset liquidity. Our many years of working with entrepreneurs have provided exceptional insight into the needs and concerns related to the business—and how to address them.
Process
We approach estate planning as the sensitive and complex process that it is:
Understand
Our estate planning professionals begin with an open discussion with you. This is critical, as there could be conflicting goals within your estate and financial independence goals. We work to make sure we have a clear understanding of your goals and objectives as well as your current situation before going any further.
Develop
Using your current and projected situation as a starting point, we develop a plan that incorporates those goals with the numerous estate planning strategies and techniques available. The plan includes basics, such as wills and revocable trusts, as well as more advanced strategies such as generation-skipping trusts and family limited partnerships. We also may recommend proactive gifting and wealth transfer techniques such as Grantor Retained Annuity Trusts (GRATs), sales to Intentionally Defective Grantor Trusts (IDGTs) and Qualified Personal Residence Trusts (QPRTs).
Implement
A plan is just a piece of paper until all aspects have been implemented fully. Because of the critical importance of implementation, we work closely with you, your attorney and any other parties involved to see the process to “completion.” We then determine an ongoing monitoring schedule to make sure the plan keeps pace with your situation over time.
Monitor
As tax and estate laws change, so must your plan. Your Sequoia advisor remains well versed in the most current tax and estate legislation, and will recommend required changes as your personal situation and the legal landscape evolve.*
We are ready to help you be the architect of your own future. Contact XXX directly at xxx or any of our
planners to begin a conversation.
*Sequoia Financial Advisors, LLC does not provide tax or legal advice. These professionals should be consulted separately before implementing changes to your tax or legal matters.