Yipes!

We’re not talking light work, here, when we put together a legacy plan! G____ wants pretty much everything related to our financial and legal situation:

• The last two years’ personal tax returns.
• All the documents associated with creation of all our legal structures (S-corps, LLCs, RLLLPs, ILITs, trusts, etc.).
• All our “final documents” (wills, trusts, powers of attorney, etc.).
• Balance sheets for all our structures except our 501(c)(3)’s (our corporate and private charitable foundations).
• Tax returns for all the structures.
• Full information about our current life insurance situation–policies, values, beneficiaries. . . .
• Full information about our savings.
• Full information about our investments.
• Full disclosure of all assets and liabilities. . . .

I don’t know what else he’s going to ask for. But this is a lot!

I’m having to appeal to our corporate (internal) comptroller and our CPA to help me gather all of this stuff together. . . .

I’m struck by the fact that our attorney didn’t ask for even a tenth of these kinds of documents when he put together our estate plan 8 or 9 years ago.

I wonder why?

Was it because our lives were so much simpler back then? (I mean, most of the legal structures were created pretty much at the same time that we put together the estate plan.)

Or was it that it’s just not that difficult to draft the legal documents required to pass on an estate with minimal tax consequences? Or is G____ “merely” attempting to throw a lot of dust in the air to make his services seem more valuable? –What else does G____ have up his sleeve that our attorney doesn’t? . . . Or . . . ???

It makes you begin to think.

What comes next?

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This entry was posted on Monday, March 5th, 2007 at 11:31 am and is filed under estate planning, legacy planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.