Even the most carefully designed Wealth Preservation Solution SM can encounter hurdles. Our lives are continuously changing. Life-altering moments such as marriage or divorce and birth or death can impact your Wealth Preservation SolutionSM. Additionally, income, estate, and gift tax laws continue to change. As your personal and financial lives evolve, coupled with ever-changing tax laws, your Wealth Preservation SolutionSM will require constant review and revision to ensure that it meets your family’s goals and objectives.
With the complexity of your business interests and personal investments, you should look beyond the present to envision how your legacy can continue for generations. At Morris Law Group, our experienced team of attorneys and paralegals can design and provide you with a sophisticated wealth preservation plan tailored to meet your financial and planning objectives. However, it does not end there. As your trusted planning advisor, we work with you to monitor all the activity that occurs afterward. It is essential for us to maintain a high level of involvement to ensure your generational plan continues on the right course.
Morris Law Group Is Proactive
By being proactive and keeping your Wealth Preservation SolutionSM on track, we will work together with you to review and minimize your tax obligations, address liability concerns, discuss business succession strategies, and make adjustments to your Wealth Preservation SolutionSM as your needs evolve. By planning ahead, you will feel safe and secure knowing your estate and business affairs are in order. You will be confident knowing you have a team of professional attorneys and advisors who will work closely with your family and others whom you have entrusted to carry out your wishes.
Our vast experience in estate and tax planning reveals that while our clients’ lives change, they often fail to make the appropriate modifications to their Wealth Preservation SolutionSM. This is why we, as your trusted advisors, have developed a program that allows us to work closely with you to review your Wealth Preservation SolutionSM, align your assets, advise you of tax-efficient strategies, and give you and your loved ones peace of mind that your legacy will last for generations. Let Morris Law Group be your GPS (Generational Planning SolutionSM) for your Wealth Preservation SolutionSM.
Access to the Firm
Your questions, concerns, or requests are our highest priority. Our team members are available to assist you.
Counsel You On Matters Involving Your Wealth Preservation SolutionSM
Our team of professionals are available to counsel you on matters involving your Wealth Preservation SolutionSM and additional planning options as your personal, financial, and business circumstances change. In addition, if you have other legal, financial, or business matters with which you need assistance, we will connect you to other attorneys or advisors in our network who can assist you.
Wealth Preservation Updates
We believe your Wealth Preservation SolutionSM is an ongoing, evolving process, not a one-time transaction. Just as your life changes, your goals, objectives, and the law may change. Our team is here to ensure your plan is updated as your needs evolve.
Collaboration With Other Advisors
Our team will collaborate with your other professional advisors, so all are working together with the common goal of taking care of you and your family. We will provide copies of your estate planning documents to your advisors upon your request, with instructions to implement your goals and objectives.
Asset Review, Tracking, and Continuous Alignment of Assets
While expertly drafted documents are the foundation of your Wealth Preservation SolutionSM, the proper titling of your assets is critical to the success of your Wealth Preservation SolutionSM.
Our team will review the ownership of your assets and provide you with an annual report to confirm all of your assets are properly aligned and all beneficiary designations are coordinated with your overall plan.
Wealth Preservation Team Meeting
The Wealth Preservation Team Meeting allows an opportunity for you to meet, review, and explain your plan to your trusted family members, fiduciaries, and advisors who will implement your plan should you become incapacitated or at your death.
Continuing Client Education and Events
Our firm will provide educational workshops, videos, and teleconferences for you, your family members, and trusted advisors on various wealth preservation planning and other topics to keep you abreast of the latest trends and techniques. We may also host periodic social events for you and your family.
As each Wealth Preservation SolutionSM is designed to your unique situation, we customize the GPS program for your individual needs. The GPS program may include the items outlined on this page. Contact Morris Law Group today, so we can design a customized program for you!
Entity Compliance AuditSM
As your Wealth Preservation SolutionSM may include entities holding assets or operating business, the review, oversight, and compliance of these entities are critical to assure that they are current. Our team will oversee and ensure that the following are completed on a timely basis:
- Annual Report filings/state payments
- Review of Managers/Directors/Registered Agents/Addresses
- Payment of Registered Agent fees
- Continued review of assets owned/sold by each entity
- Preparation of Annual Minutes
- Advice and facilitation of contributions and distributions
- Review of tax returns and Schedule K-1s for companies to ensure ownership accuracy for tax purposes
Irrevocable Trust Compliance ExaminationSM
You may create Irrevocable Trusts as part of your Wealth Preservation SolutionSM. These trusts are commonly designed to hold assets that will be outside of your taxable estate for estate tax purposes. In order to maintain the integrity of the trust, as well as reap the estate and gift tax benefits, there are compliance actions that need to be taken on an annual basis. If the cash flow needs of the trust exceed the annual exclusion gifting threshold, Split Dollar Arrangements and other techniques are used to avoid or minimize gift taxes. Our team will oversee the timing, preparation, and verification of required documents to confirm all necessary formalities are being met. Be advised that failure to properly document these transactions on a timely basis may result in increased gift and estate taxes.
Estate and Trust Administration Services
Our firm will provide you and your family with a 15% reduction from our standard rates for your estate and trust administration.
You may have selected an attorney on our team to be a trustee for one or more of the trusts you have created. While acting in a fiduciary capacity, we are legally bound to act within the confines of the law and in the best interests of the beneficiary(ies). As trustee, we must follow the terms of the trust, such as when and how the trust property will be distributed. The trust will dictate the allowable actions and investments.
Trust Protector Services
You may have selected an attorney on our team to be a trust protector for one or more of the trusts you have created. The trust protector is given unique powers designed to provide flexibility within a trust. The breadth of the trust protector’s powers varies depending on the objectives of the grantor, but the protector’s purpose remains the same: To ensure the grantor’s interests are protected and the planning intent is carried out, even with changing legislation and tax laws.
Estate Tax Liquidity AnalysisSM
A critical component of your Wealth Preservation SolutionSM is the liquidity of your assets. Our team will prepare an analysis of your current assets and advise as to the postmortem effects of having certain illiquid assets. We will provide strategic recommendations to assure your estate has the necessary liquidity for estate taxes.
Transactional Integrity AssuranceSM
Your Wealth Preservation SolutionSM may include transactions that will require continuous monitoring and future action. It is critical that the appropriate transactional actions are taken on a timely basis. The failure of proper compliance on these transactions may result in additional taxes, penalties, and interest and may compromise your entire wealth preservation strategy. Our team will diligently oversee and prepare the necessary documents and assure that the actions are taken when due. Some examples of these types of transactions may include the following:
- Payments and satisfaction of promissory notes
- Grantor Retained Trusts (GRAT, GRUT, QPRT)
- Charitable Trusts (CRAT, CRUT, CLAT, CLUT)
- Payment of private annuities
For more information about setting up a GPS Perpetual Plan, contact us today to schedule a consultation with one of our attorneys.