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The Plain English Attorney

Who’s On The Team?

Or more specifically who’s on your team?

When it comes to your legal and financial picture in the long run, and who is working with you and your family, it takes more than one professional to know, understand, and monitor everything. This is why a new business model is emerging for the very wealthy called a “Family Office.”

The Digital Family Office is a single business hired to oversee everything, usually under one roof, and usually costs a hundred thousand dollars or more. For that money, the client gets a team with an estate attorney, financial advisor, accountant, and insurance agent at a minimum.

Your estate attorney is going to look for titling and beneficiary issues to keep your estate out of probate, your financial advisor is going to make sure those accounts are earning the most they can, your accountant is going to review the tax implications of those growth and titling choices, and your insurance agent is going to ensure your assets are protected from disasters.

One item being overlooked could cost tens or hundreds of thousands of dollars in taxes or missed profits, and those problems and opportunities are much less likely to be missed with these different professional viewpoints examining the situation together.

However, most people don’t have an extra hundred thousand dollars or more to hire this one team, so they end up coordinating their own professionals on an ad hoc basis and hope everyone is independently getting everything right. Unfortunately, they usually aren’t getting everything right, or at least they are not maximizing outcomes by their professionals coordinating on your overall plan. In some cases, they don’t even have all of the core members of the team helping them out.

Your Digital Family Office

Enter the “Digital Family Office” with these different professionals consciously working together on an ongoing basis. This is the model our law office is adopting, and we have even added a mini-course to explain the concept and gather information so we can begin coordinating. This course is at waiting to review things with you. Here are more on the four or five core professionals needed on the team:

Our office is starting today to coordinate this process for our clients, and, especially if you have a revocable living trust, you should be looking into this. So how do you get started? It’s a simple process:

So what is the downside? Nothing in life is really free, so we are charging the usual $100 Annual Review meeting fee for clients who aren’t subscribed to the Client Resource Center for the first year. The other professionals may have their own fees, but we’ll address those when we reach out to them so we can let you know prior to any meetings whether or not there are charges for their attendance.

Catching mistakes and seizing opportunities through a Digital Family Office can make all the difference in the world to you and your loved ones, and it is well worth your time to look into this. We look forward to working with you… and the other professionals looking out for you.

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