1. Planning your estate
• Review your personal income tax returns, personal financial statements and list of beneficiaries/heirs, and compile a list of assets with their approximate values.
• Review prior gifts and trusts and establish the estate plan objectives (i.e., tax mitigation, asset protection, avoiding probate, etc.).
• Calculate the required funds necessary to live or provide spousal support.
• Determine the necessity of Medicaid planning or of a living will and determine the individualsresponsible for healthcare decisions.
2. Implementing your estate plan
• Compile appraisals and business valuations, debt schedules, and working capital requirements.
• Establish terms for the trust/will – including trustees and guardianships – and allocate assets to beneficiaries.
• Allocate assets to remain with parent/spouse based on cash flow, and establish a management fee/salary/interest stream to supplement income.
• Determine the estate tax exposure and compile a list of assets to be moved out of the estate and the method of transfer to the children/trust (i.e., gift or sale).
3. Filing and documenting your estate plan
• Collaborate with an attorney to create trusts and wills, financial power of attorney, healthcare proxies, living wills, assignments/stock certificates and promissory notes.
• Work with the proper agencies to file deeds and titles.
• Prepare and file gift tax returns.
4. Monitoring your estate plan
• Review income tax returns and personal financial statements annually for new assets, to update beneficiaries, and for potential changes to the plan.
• Conduct a periodic compliance review – including tax return filings, Crummey payments, debt payments, and unreported gifts.
• Review life insurance plans and buyout/succession plans for necessary updates.
• Revisit and review plan for estate tax law changes.

Ancillary Services to Support Estate Planning

1. Trust and Fiduciary Services
a. Independent Trustee Services
1. Review investment and asset management plan
2. Calculate and facilitate distributions
3. Prepare periodic statements and accounting reports
4. File income tax returns (Form 1041)
 
b. Executor Services
1. Execute the will and estate plan
2. File petition with the probate court
3. Compile listing of estate assets and liabilities
4. File Estate Tax Return (Form 706)
5. Distribute assets to beneficiaries or trusts