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Business owners leaving behind $100,000 or more? 

 

We received a number of inquiries on last week's e-newsletter last week which referred to business owners leaving $100,000 or more behind.   So this is to follow-up.

 

It's a Convergence 

 

From a financial planning perspective a business is an asset and a source of income.   We want to protect and maximize both.   How to do that most effectively?    Through a collaborating team led by attorneys with this specific expertise.  It's a convergence of advanced tax planning, succession planning and estate planning.  It's complex but at the same time, the team minimizes the complexity - to get the maximum benefit for the level of complexity required to achieve the client's goals.

 

Immediate Savings Likely 

 

With such planning, it's not unusual for the owners of a closely held successful business to have an immediate savings of $100,000 or more in taxes alone from this advanced planning.   This firm is not inexpensive.   The rate-of-return is significant and the fees easily justifiable.

 

Unique Firm 

 

We scoured San Diego County looking for the best such firm.  In the second section below, we've provided more information on their process.    By the way - they teach these techniques to attorneys from through the region and country.

 

It's important to know this firm (and ours) is conservative in their application and implementation.   They know that you won't be upset if you end up with more than was expected.  The reverse is unacceptable.    The design and implementation must work very reliably.  It will require monitoring of course.

  

Process Driven 

   

As you'll see below, there is a step-by-step process and each solution is unique to the situation.   They need every bit of information, your specific goals, to assemble the team, test and analyze different combinations of strategies, propose an initial solution to you - and finally to implement it.   You have the chance to send the team back to the drawing board if you don't like the solution proposed.  That's why it is the process that must be understood- and answers can't be provided until after analysis.

  

After last week's e-newsletter generated interest we talked with this outstanding Law Firm that takes care of most of our clients and they preferred to field inquiries through O'Reilly Wealth Advisors.   Contact us.   We'll offer to join you for a first free meeting with them - but that's not required - we'll tell you who to call at the Law Firm. 

 

So, what is their process?

The Process - begins with an Introductory Meeting
  
They listen and ask questions to gain a basic understanding of your particular situation and concerns.  Where appropriate, they explain their planning process and set a time for you to meet with them and your trusted advisors.
 
Gathering and Evaluation
 
If you wish for them to review your affairs, they will quote a fee for this initial review and will request your:

*    Most current financial statements (including asset ownership and basis);
*    Past three years of individual and business tax returns;
*    Existing legal planning documentation; and
*    Supporting data and documentation.

Initial Visit

If they determine that their services can be valuable to you and your family, they visit with you and your selected advisors for a one or two-day retreat to more fully understand your family, business, assets, concerns, and goals - far more than tax savings and asset protection.  

Based on your needs and desires, they formulate the parameters of the Design Engagement, including design fees, deadlines, and responsibilities.

Analyzing, Testing and Building the Plan

With your advisors they create a plan by analyzing, testing, and challenging combinations of planning theories and strategies that specifically meet your needs.  Where appropriate, through the use of narratives, graphs, charts, and schedules, they build your comprehensive, dynamic, workable, and understandable Wealth Strategies Plan.

Presenting the Preliminary and Enhanced Plans

They take you step-by-step through the Preliminary Plan for your understanding and input to further tailor the plan.  Where desired, they refine and re-present the Enhanced Plan.  Together, they set the specific fees, timelines, and goals for the Implementation Engagement.

Plan Implementation

Every detail of the plan is assigned to the appropriate advisor for immediate action.  Each advisor then implements their portion of the plan, including funding, reporting, management, and legal documentation.  

Following implementation they meet with you and your other advisors for a Confirmation Meeting to review and address the Implementation Details; Exception Reports; and Remaining Questions.

You've worked very hard to get to this point - you deserve a team that will maximize the impact on you and your loved ones of every penny of income and asset value.  
 
We chose to surround ourselves with the best of the best so that our clients can maximize the probability of their goals.  We want everyone to benefit whether our client or not.

 
Until next month.

 

Sincerely,

John O'Reilly

O'Reilly Wealth Advisors
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