Process
InKnowVision is a national advanced estate and income tax planning design firm serving high net worth individuals, families and business owners.
InKnowVision delivers superior plan designs to mitigate risk and leverage opportunities while securing cash flow and lifestyle needs.
We do this in collaboration with the client’s team of professional advisors including estate and business attorneys, financial planners, and accounting firms to ensure that the client’s planning goals are met.
We follow a 4 step, proven process in each case.
Discover
The first step in our planning process is to learn as much as possible about the client. We do this with you through data gathering and goal setting.
We provide our Client Goals and Data Tool to help you in this process.
We will collect substantial amounts of data, financial information, legal documentation and tax returns all with the goal of making sure the plan fits the client.
This is critical for a successful outcome.
Plan Design
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team.
While all design plans vary from client to client, most will contain certain elements.
We start with the Periodic table of Estate Planning Elements, a tool that outlines many of the strategies we could consider for a client's given situation.
Implement
The next step in the process is plan implementation. This typically involves legal work, financial work, accounting work and insurance work.
Other providers may also be needed.
We are usually in this part of the process as a facilitator, to help make sure the plan is implemented as designed.
Maintain
We have seen several plans completely unravel after the death of the client. The tax costs associated with these plan failures have been significant and there will likely be numerous claims against the advisors involved.
However, the basic problem lies in the fact that the plans were not properly maintained.
Every plan should be reviewed at least once each year. Plan numbers rerun, balance sheets and cash values updated, plan documents reviewed for compliance and for continued suitability, and funding updated. In addition, actions of the plan participants should be reviewed to make sure that errors are not inadvertently made. Tax returns should be reviewed (preferably before filing) to make sure that they are being done consistent with the plan itself.
In practice, most plans do not undergo such review. Whether it is an unwillingness to pay additional fees or to dedicate additional time or resources, we can’t say. But we have started to more urgently impress on our clients and advisory teams the need for updating and maintenance. Paying a little money now to avoid millions in taxes and litigation costs later seems like a very smart move indeed. One that we can support wholeheartedly.