Wealth Transfer + Estate Planning

Wealth transfer encompasses the entire process of moving assets from between generations. It includes a number of activities: estate planning, estate document preparation, implementation and monitoring. Wealth transfer planning normally happens in phases and evolves over time.

Every individual and family with any assets will experience wealth transfer. Unfortunately, for many who have not planned, wealth transfer is directed by the state in which they live and often results in emotional and financial disaster. Every one of our clients has wealth transfer planning needs. Many have outdated estate documents and some have none at all. Many have not taken advantage of substantial estate tax savings opportunities.

Many clients think of wealth transfer planning as encompassing only the leaving of property to their heirs. However, there is a living aspect to estate planning. What happens if you are incapacitated? Who will help you? Just because you have a spouse or adult relatives does not mean they can, will, or should automatically step into your shoes. They must have legal authority. We address all possible situations by discussing each incapacity-related decision in terms of family, financial, and tax considerations.

We work with our clients throughout the entire wealth transfer process, often with succeeding generations. We help you design your estate plan in phases. We assist you in understanding the issues inherent in planning the transfer of assets, addressing tax planning, trusts for younger family members, charitable giving, the selection of executors and trustees, and asset titling. In some cases our professionals even serve as contingent or co-trustees.

In the first phase of wealth transfer planning, living wills, durable powers of attorney and advance medical directives are a critically important part of your estate plan. In succeeding phases of planning, advanced techniques including family limited partnerships, irrevocable trusts -- including charitable, grantor retained interest, defective and other specialized trusts -- are used in combination with other planning tools as family needs and goals evolve.

TMG Estate Planning Procedure

Meeting No. 1: Planning

We start by presenting an estate ”tutorial” to educate you with a review of the most important estate-planning and tax savings concepts. We go through the planning process together after you have read the materials, making recommendations for the structure of your plan. We work with your estate planning attorney. If you do not have an estate planning attorney, we refer you to one and send your plan details to him or her. The attorney prepares drafts and mails them for your review.*

Meeting No. 2: Draft Review

You meet with the estate planning attorney in their office (certain attorneys we refer you to may come to our offices for this meeting) and discuss the drafts. Corrections and final decisions are made.

Meeting No. 3: Execution and Trust Funding

We help you execute all documents and distribute copies to all concerned. Based on your location and the attorney you have selected, he or she may send completed final documents to our office. Otherwise, the final meeting will be in his or her office. We recommend how you should fund your revocable trust if you have one (almost all of our clients do) and we manage the funding process./p>

* Since we do the preliminary work, we have negotiated special discount rates for document preparation with several attorneys who are estate specialists in the Washington, DC metro area. (Please note attorneys' fees are not included in the fee you pay TMG. However, the wealth transfer planning services The Monitor Group, Inc. provides are included at no extra charge as part of your wealth management fee).