Most often the answer to this question is simple - yes. This is because planning is about much more than "the money". Ultimately, it is about people, yourself, your loved ones; it is about security and prosperity; it is about you and your family's unique dangers, opportunities, and strengths.
Two early pioneers in the field of Estate Planning summarized the most common Estate Planning goals of their clients as follows: “I want to control my property while I am alive and well, care for myself and my loved ones if I become disabled, and be able to give what I have to whom I want, the way I want, and when I want, and if I can, I want to save every last dollar, attorney fee and court cost possible.” Robert A. Esperti, Renno L. Peterson with Dennis B. Sullivan, Legacy, The Institute Incorporated, Denver, Co. We have shared this quote over the years with many families, and we have found that almost universally, if this quote embodies the substance of one's wishes, then we are a good fit for engaging in the Estate Planning Process together.
There is not an income threshold at which planning does or does not make sense. While the particular planning strategies involved may differ based upon your goals and the complexity of your family dynamics and assets, proper planning remains important. We offer three processes to select from:
The first, is our Estate & Asset Protection Planning Process, which is the right process for very many of our clients. This is designed for many who are even considered rich these days (as in being millionaires), as well as those of very modest wealth. These clients have worked hard for what they have, and are often keenly sensitive to the risk of either failing to maintain their autonomy and dignity as they age or outliving their assets. They also hope to arrange their affairs so their remaining assets can be distributed to their beneficiaries after they pass with the least fuss (that's a "legal term") and complexity as possible. A properly designed Estate & Asset Protection Plan will address these priorities. If you believe the Estate & Asset Protection Planning Process may be right for you, we invite you to schedule an Introductory Call.
The second, is our Wealth Strategy Planning Process for Ultra-High Net-Worth families, who have accumulated or inherited a bit more, and that additional wealth has resulted in more complexity in their lives than the overwhelming majority of other families. For these, problems relating to income and death taxes and the risk of harming beneficiaries by passing large amounts of wealth to them become considerable. It also becomes critically important that the planning process allows for the expertise of each of the clients' trusted advisors - whether they be legal, accounting, or financial advisors. For these, a comprehensive and integrated Wealth Strategy Plan is appropriate. If you believe the Wealth Strategy Planning Process may be right for you, we invite you to schedule an Introductory Call and Visit.
Finally, there is our Business Exit Planning Process, which is designed for those who own a lower middle market business. (Generally speaking, a lower middle market business will have annual sales of between $5 million and $125 million). The Business Exit Planning Process may or may not actually result in a sale of the business; but these families realize that sooner or later they will exit from their business. The Business Exit Planning Process focuses on critical aspects of Business preservation and transition, as well as ongoing Family Governance. If you believe our Business Exit Planning Process may be right for you, we invite you to schedule an Introductory Call and Visit.
In conclusion, planning for your family and your wealth is right for virtually everyone because whether one has a modest or sizable estate, we each possess unique dangers, opportunities, and strengths that are important to address if we are to plan for everyone we love and everything we own. We have organized three different processes (the Estate Planning Process, the Wealth Strategy Planning Process, and the Business Exit Planning Process) corresponding to each of them.