Planning for the Higher Net Worth Client
We provide sophisticated planning for a variety of higher-net-worth clients to help them achieve their enlightened dreams and goals. Wealthy families have unique opportunities and different challenges to achieve their goals that go beyond simply minimizing or avoiding estate tax and income tax. Wealthy families are more likely to have a family business and may wish to ensure that the continuation of the family business is not threatened by the loss of a key person. You may wish to seek guidance for the next generation to become competent stewards of your wealth. We establish master wealth plans by which we map out in detail potential lifetime planning vehicles to achieve your goals and objectives, including reducing applicable gift and estate taxes. Those objectives may include protecting your assets from lawsuits and creditors. We use a variety of sophisticated gift and estate planning vehicles, representing a "state of the art" understanding of applicable income, gift, and inheritance tax laws. The plan is specifically tailored to your specific needs, goals, and objectives including tax and other desires.
Laureate planning builds upon the family's foundational estate plan and utilizes a process of review, design, implementation, and maintenance. We guide you to the best ways to achieve your goals or enlightened dreams without jeopardizing the legacy and assets you worked a lifetime to accumulate.
The review process begins with a pre-engagement - introductory visit. During this visit, we will ask questions to gain a basic understanding of the client's particular situation. We will explain the planning process and set up an additional time to meet along with their trusted advisors.
During the review phase, we are devoted to learning about our clients, their goals, and objectives, and other challenges or expectations, or desires. We also gather detailed financial information and existing legal planning documentation. This information is used to heighten and expand the client's expectations and objectives.
In the design phase, we work as a collaborative team with your trusted advisors and attorneys to create a plan by analyzing, testing, and challenging combinations of planning theories and strategies that specifically meet the clients' needs. The design phase will include an analysis of the following data:
- Most current financial statements, including the ownership and basis of all holdings;
- Past three (3) years of individual and business tax returns;
- Existing legal planning documentation; and
- Supporting data and documentation; such as stock option plans, buy-sell agreements, and insurance portfolio papers.
During the plan implementation phase, we assign every detail of the plan to the appropriate advisors for immediate action. On the signing date, you complete the documentation enabling each advisor to implement the complete plan, including the legal documentation.
After the plan is implemented, we provide ongoing maintenance to be sure the plan adapts to any changed circumstances, conditions, and additional goals of the client.