Valuable questions to Ask!

A valuable question for a lawyer to ask to assist a succession or estate plan is “what are the goals you hope to accomplish through the planning process that allows us to produce the documents to guide your family in the future? What are the family principles and values that guide your decisions?”

Just changing the names in a document already residing in the law firm computing system is a dangerous practice, and can be costly and confusing.

Our “Discovery Process” at PFI identifies goals and family principles which give a useful direction to a legal and tax specialist when drafting wills or shareholder agreements. This not only saves time and costs, but it sets a more predictable future based on family collaboration and discussion at a Family Council (facilitated).

Silo advisors and boiler plate documents are not the way to go. Sequencing planning creates share visions, harmony and a useful pathway for the tax and technical team. As Gordon often quips “don’t shower with your clothes on!” – doing planning in the right order sorts out a myriad of tax issues and avoids costly messes.