The exercise of planning for one’s death is never an easy one, but it is a necessary one. Our initial role in this area is to help you to discover what your objectives are. For some, minimizing estate taxes is important. For others, passing assets to their children in a non-disruptive and healthy manner is their primary goal. We will guide you through a collaborative process that will identify your goals and outline the appropriate mechanisms to achieve those goals. From there, we work with an attorney of your choice to finalize the plan design and draft the appropriate documents.
You may have a need for use of sophisticated planning strategies to accommodate you complex situation. We have decades of experience working with clients in all types of situations and take pride in our ability to design creative strategies when needed.
A client story:
Like many of our clients, James was an entrepreneur. He created a business from nothing and after many years of hard work built it into a multi-million dollar enterprise. After assisting James with the valuation and sale of his business, we began to explore ways that James would transfer his wealth to his three adult children at his death. All of the adult children were doing fine in their own lives and careers. James was concerned that leaving them a lot of money might unintentionally disrupt their lives. After several collaborative planning sessions, we developed an estate plan with James that minimized his tax liability and addressed his family harmony concerns. Part of the process included meetings with James’ children to bring them into the process in a way that James was comfortable with. This allowed us to educate them in an effort to avoid the negative consequences that can often accompany inherited family wealth.*
*The above client story involves a current or former Pathway Client. Personal details, including names, have been modified to protect client confidentiality.