10 Step Plan Plan - Family Wealth & Values Transfer

10-Step Wealth & Family Values Protection Plan™

McManus & Associates has developed a clear process for the preparation and completion of a client’s estate plan. At every step along the way, our team ensures that the client’s wishes and intent are fully integrated into the final product. The partnership begins with the initial conversation and continues throughout the professional relationship to include coordination with the client’s other professional financial relationships, recommendations concerning asset allocation, and more advanced planning.

1. Strategic Planning and Document Execution

Strategic Planning and Document Execution

• Review and revise each client’s unique Wealth Transfer Plan
• Deliver first drafts of all documents within five business days
• Incorporate client’s other professionals in the planning process
• Review, revise, and execute all documents within 30 business days

2. Post-Execution Asset Allocation

Post-Execution Asset Allocation

• Continue to collaborate with client’s financial advisors to ensure financial plan is properly coordinated with estate plan
• Identify all assets to be retitled and prepare a summary letter to provide directions to client and non-legal advisors
• Obtain Tax ID numbers and provide Crummey Notices to beneficiaries for executed trusts

3. Organized Review of Estate Plan

Organized Review of Estate Plan

• Meet with client regularly (as needed based on complexity of plan) to address changes in family dynamics and estate tax laws
• Review progress on advanced planning strategies, including transferring assets into GRATs, using Self-Cancelling Installment Notes, gifting shares of a closely held businesses, and planning with life insurance
• Review new vehicles and new jurisdiction choices for asset protection

4. Continuing Educational Focus Series

Continuing Educational Focus Series

• Hold monthly, 30-minute “Top 10” calls for client enrichment on timely and relevant topics – based on new research, the firm’s published articles, and recent speaking arrangements

5. Family Advisory Services Beyond Estate Planning

Family Advisory Services Beyond Estate Planning

• Serve as the family resource, connecting each new client with the appropriate professional to assist, as needed, including financial advisors, specialty lawyers, bankers, and accountants

6. Family Mission Statements and Preparing Heirs for Their Inheritance

Family Mission Statements and Preparing Heirs for Their Inheritance

• Develop the family mission, the most effective means of preparing heirs for their legacy and ensuring that family values are passed on to future generations
• Organize and create a family home team through annual meetings to discuss family philosophy, family governance, and asset protection

7. Philanthropic Planning and Consulting

Philanthropic Planning and Consulting

• Create the Family Foundation, Charitable Remainder Trusts and Charitable Lead Trusts to prepare the next generation to join as active members of the charitable giving process
• Advise on charitable mission and tax-efficient gifting for family members

8. Pre-Mortem and Post-Mortem Planning

Pre-Mortem and Post-Mortem Planning

• Provide focused irrevocable transfers in highly sensitive, pending mortality situations
• Provide immediately thereafter post-mortem planning to address income tax savings strategies and disclaimers to honor the decedent’s intent

9. Estate Litigation

Estate Litigation

• Engage in regular “stress testing” of the estate plan to protect against the threats of a will contest or challenges by tax authorities
• Review protection against egregious affronts by beneficiaries and non-beneficiaries seeking to challenge the estate and undermine testator’s wealth transfer plan

10. Income Tax Planning and Trust Advisory

Income Tax Planning and Trust Advisory

• Provide income tax advice, advise trustees, and, as needed, serve as trustee to ensure that the trust properly conforms with its terms, makes appropriate distributions and investments, and complies with federal and state laws

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