Each client’s experience will vary, as everyone has different goals and priorities. Some clients want to discuss comprehensive estate or business planning, some have lost a loved one and are trying to decipher the estate administration process, and still others have tax questions or are trying to make sense of notices they received from the Internal Revenue Service (IRS) or Pennsylvania Department of Revenue. I work with you to determine your needs and create and implement a plan that is right for you, your family and/or your business.
Life is constantly changing, and your tax, estate and business planning needs will change and evolve over time as well. I try to create relationships that are life-long, and often work with multiple generations, so that your tax, estate and/or business plan evolves with you, as your life, needs and priorities change.
First Line of Communication - Initial Meeting
This is the first step, where we schedule a time to meet and discuss your needs and answer questions. This often involves discovering more about you, your objectives and any specific problems or concerns that may need immediate attention. This is a detailed process, leaving no stone unturned. What is discussed at this meeting will vary based upon your immediate needs, and may include any or all of the following:
creating a potential estate plan, which involves a deep dive into your assets, your family make-up, your goals and a review of the tax issues associated with your estate
estate administration, for those who have lost a loved one and need guidance
tax representation or resolution, for those who have received notices from government taxing authorities, including the IRS, and are trying to determine first or next steps
tax and business planning for a new business, including choice of entity and tax considerations
tax and business planning for an existing business, including discussion and preparation of agreements to help the business run harmoniously, and/or to think about exit strategies and succession plans
tax and business planning issues associated with the sale or purchase of a business or its assets
tax return preparation questions
review of relevant tax laws
Once key issues are identified, I will answer any questions, listen to your concerns and, together, we will come up with a path forward.
Second Line of Communication - Drafting, Questions and Review
Once we have met and have a plan, my office will draft any relevant documents, whether that means estate planning documents (generally, a Last Will and Testament for each person, along with General Durable Financial and Medical Powers of Attorney, but may also include trusts and other agreements), business agreements (which may include Buy-Sell Agreements, Limited Liability Operating Agreements, Partnership Agreements, Phantom Stock Agreements, Asset Purchase Agreements, Consulting Agreements, etc.) or other documents. In most cases, you will be sent draft documents for review. I will take the time to answer any questions, either via e-mail, telephone conference or by scheduling a meeting, to make sure we address every concern.
Implementation and Execution
Next, once all questions have been answered, and the documents, if applicable, are revised and in good shape, we will implement your plan. For estate planning clients, that generally consists of a meeting to fully explain the documents at a high level, make sure I answer any questions, then having you sign the documents. For tax matters, it often involves reviewing tax returns, finalizing letters to tax authorities, signing petitions or other relevant documents. For business planning and/or sales, implementation often involves scheduling a meeting to review and sign agreements, discuss tax considerations, provide updates on negotiations, if applicable, and/or prepare for closing.
Review and Updates
Once everything is complete, I recommend clients review their estate and/or tax plans every three to five years, or more often depending upon when questions or issues arise. We work to build ongoing relationships, so that we can be called upon to answer both simple and complex questions at any time.
Fees
We bill by the hour for our services. My current rate is $425/hour, Nik’s is $300/hour and Orpha’s rate is $175/hour. We pride ourselves on being cost-efficient and working as a team. I shift costs downhill, having as much work done at lower rates as possible. I do not charge flat fees for projects.
As a general rule, I bill monthly, providing line-by-line itemization of time spent on your project so that you have an opportunity to ask questions and adjust the work.
For estate plans, however, I like to bill at the end of the process, so that I can look at the bill overall and make sure it is in line with what we accomplished and the time spent on your documents and planning. In those cases, if the project is not completed within six (6) months of sending draft documents for review, I will bill for time up to that point, with the understanding that additional hours and cost will be necessary to finalize the plan. Estate planning is not something most people want to think about, so I try to be patient, but find that billing after a period of time encourages clients to complete this important process.