- Today’s ever-changing tax laws and regulations affect nearly every aspect of a client’s business, estate, benefits and retirement planning. It is imperative that there be coordination among a client’s professional advisors to ensure that their efforts are fully integrated with the client’s overall objectives. In order to work effectively in this environment, FBR Group utilizes a “team approach” to planning.
- Acting as the “quarterback” in orchestrating the work of the client’s professional team (i.e., attorney, trust officer, actuary, accountant, etc.), the FBR Group coordinates a planned strategy especially important when working with owners of closely held businesses.
- Very often a client’s business or pension planning will directly affect his estate planning. Therefore, to isolate one area without considering the overall implications can be harmful and result in costly duplication of work.
- The team approach recognizes that even in the course of a simple pension plan review, there may be a need to consult with a client’s estate tax attorney to ensure that any changes made in the pension area will not adversely affect the client’s estate planning objectives.
- After an initial meeting, the FBR Group begins a detailed study of the client’s existing financial situation by performing what amounts to a financial x-ray. All relevant documents will be closely reviewed including:
- Wills & trust agreements
- Business contracts
- Pension plans
- Major medical plans
- Corporate and personal tax returns
- Insurance policies
- Prenuptial agreements
- In family-owned businesses, it is often helpful to meet separately with key family members to determine individual goals and to see how these individuals may influence the total picture.
Mini-Board of Directors
- Beyond the team approach to planning, the FBR Group often recommends that the client create a permanent “Mini-Board of Directors.” Such a Board may consist of a client’s lawyer, trust officer, actuary, accountant and key family members.
- Under the direction of the FBR Group, the Mini-Board meets periodically to review program planning and monitor relevant changes in tax, benefit and inheritance laws and to discuss and react to circumstances which might have an effect on achieving client goals and objectives.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.