Our first step is to provide you with a comprehensive review and assessment of your current plan. Then our financial specialists work closely with your existing advisors to develop innovative strategies that focus on proven business/estate tax savings and funding solutions that are employed by many of the nation’s most prominent families.
Step 1. Illustrating the Present
Chances are, your family’s personal and financial interests have likely shifted over time. But has your planning kept pace? To answer this question, we review your current strategies and:
- meet with you, your family and your advisors to discuss its current needs and aspirations;
- prepare a financial statement for your entire estate, documenting the current ownership structure of all your assets;
- illustrate your situation using flowcharts and spreadsheet analyses;
- estimate the costs of business transfer, tax liability, and administration of your current estate plan;
- identify what assets would be liquidated to cover business transfer and estate costs; and
- list both challenges and opportunities for your family as well as your business, based on your current plan.
Step 2. Reshaping the Future
Based on a clearer view of your current situation, we may then:
- help you and your advisors reformulate your long-term objectives and present a revised plan that is reflective of your current intentions;
- recommend additional opportunities to potentially reduce taxes, improve efficiency and enhance liquidity;
- illustrate the proposed changes, showing “after” views of the same flowcharts and spreadsheets we initially reviewed;
- revise which assets should be liquidated to cover estate and business transfer costs; and
- assist in the acquisition of life insurance if appropriate.
Step 3. Monitoring the Plan
Molewski Financial Partners provides ongoing services to ensure that your plan continues to address your family and corporate objectives as they evolve over time. As part of our annual client review, we generally:
- continue to propose additional strategies designed to reduce your estate and business transfer costs;
- evaluate your life insurance portfolio, including ownership structures, policy performance and benefit calculations;
- review other key aspects of your overall wealth management/transfer plan, including split-dollar considerations, investment diversification and gifting administration; and
- assist other advisors in the implementation of approved changes to your planning.