Archford Assistance with Estate Planning

At Archford, we aim to simplify the estate planning process, from the creation of the estate planning documents to the estate administration after the passing of a client. This assistance is summarized below:

STEP 1 – GATHER AND REVIEW CURRENT DOCUMENTS (as applicable)

• Gather all the current estate planning documents.
• Gather any gift tax returns filed to date.
• Gather any trust income tax returns filed to date.
• Gather all the LLC, Partnership and real estate documents.
• Gather all information on other assets owned.

STEP 2 – CREATE FLOWCHART TO MAP ALL ASSETS TO ESTATE PLAN

• Flowchart the existing estate plan and map asset flow under governing trust document.
• Create projected valuation of assets in Revocable Trust.
• Map any assets previously gifted or sold to an Irrevocable trust.

STEP 3 – DISCUSS CURRENT ESTATE PLAN MAPPING TO DESIRED ESTATE PLAN

• Discuss family vs. corporate trustee choice (Archford Trust Service).
• Discuss desired asset distribution if different from current mapping.
• Determine what changes need to be made to estate plan to match desired plan.
• Discuss if insurance plays a role in investment review with Buckley Financial.

STEP 4 – WORK WITH OUTSIDE ESTATE PLANNING ATTORNEY

• Provide estate planning attorney recommendations to client as needed to assist client with implementation of estate plan updates.
• Create a memo to share with drafting attorney to assist with updating conversation between client and drafting attorney.
• Participate (with client’s consent) in the estate planning discussions.
• Review draft estate planning documents.

STEP 5 – ASSIST WITH TRUST FUNDING

• Assist with the re-titling of assets into the name of the trust(s) and coordination of beneficiary designations to complement the trust distribution plan.
• Work with the estate planning attorney to handle any real estate deeds or company LLC/Corporation transfers to the trust(s).

STEP 6 – ESTATE TAX PROJECTIONS (as applicable)

• Calculate projected federal (and state) estate tax due at death now and after sunset of current estate tax law.
• Discuss additional strategies to reduce or eliminate the death taxes.

STEP 7 – FAMILY CONVERSATION ON NEW OR UPDATED ESTATE PLAN (recommended)

• Update flowchart based on newly executed documents.
• Provide an opportunity, if requested by client, to go over estate planning documents with their children for how estate would be handled.

Important Disclosure: This brief summary is for discussion purposes only and should not be relied upon for the implementation of any proposed changes prior to consultation with your independent attorney for legal advice, including specific interpretation of your documents. Archford Capital Strategies, LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.