It is foolhardy for the layperson to try to tackle this complex area without proper advice and guidance.  The “I’ll save hundreds of dollars by doing it myself” mentality has been quickly translated into numerous examples of disasters that have cost individuals hundreds of thousands of dollars, and in some cases millions of dollars, that could have been completely avoided with proper planning.  

One of my clients made the observation that he could have done all of this planning that we were able to complete successfully in four hours, but it would have taken him five years to understand it enough to try to do it himself, “if he dared.”  He pointed out that if he tried to do it himself, he would be looking at years of study on federal and state tax law, investment planning, insurance rules and regulations.  He also believed he would need extensive personal experience of friends and associates for him to feel comfortable with the process, so that he would not feel he had missed important steps in the process.  Missing steps can mean paying substantial additional income and estate taxes, sometime during your lifetime, or denying those you care about, the benefits assessed in estate taxes after your passing.

What We Can Do For You
Estate planning starts with your financial objectives and includes a thorough inventory of your assets and liabilities. Each asset, business agreement, property deed, insurance policy, or other interest must be reviewed. Family objectives and circumstances must be clearly discussed.

Certain assets, such as a closely held business interest or real property, may need to be appraised. Succession planning for the business and for the management of family assets will need to be reviewed or formalized. This should include an assessment of family relations, needs, and skills. Generational planning for the protection and preservation of assets might be important.

Retirement and financial security issues should be carefully analyzed and projected before major decisions are implemented. This should include a review of living expenses and cash flow sources. Medical and health care concerns and risks must be considered.

Income and estate tax planning must be integrated throughout the plan. In summary, a will is not enough. A professional estate plan is prepared by a team of advisors working together to accomplish your particular goals with solutions and documents that have been specifically written for you and your family needs and is not a by-product of boilerplate or confined thinking. The plan must be comprehensive and ongoing. Your advisors should be individuals whom you trust and who will be at your side for many years to come.