The Eckert Byrne LLC Sequoia Plan
Who Is The Sequoia Plan For?
Ideal Sequoia Plan clients:
- Have varied, sometimes complex, assets that total more than the Federal exemption amount; or have a significant amount of life insurance or retirement accounts
- Value privacy and seek to reduce estate administration costs for loved ones
- Have a blended or unique family situation
- Have beneficiaries with Special Needs
- Desire to protect their heirs’ inheritance from creditors or divorce
- May be a non-US Citizen
- Own a business, or is a founder of a closely-held company, or an executive with significant stock holdings (founder stock, restricted stocks, non-qualified, and/or incentive stock options)
How Does The Sequoia Plan Help You?
Sequoia plan clients benefit by:
- Reducing Federal and Massachusetts estate taxes and passing the most money to their loved ones (including a non-US spouse)
- Providing asset protection for their heirs
- Determining who will inherit their property, how, and when, including the ability to provide for both a ‘future’ spouse and children
- Reducing or eliminating the role of the Probate Court at their death, with fully organized assets
- Maintaining privacy by not having their plan made public through the court process
- Providing a seamless transition of assets during periods of disability with instruction
- Providing remarriage protections (for married couples)
What Does The Sequoia Plan Include?
The Sequoia Plan includes:
- Revocable Living Trust (Separate or Joint)
- Certification of Trust
- Pour Over Will
- Health Care Proxy
- Living Will
- HIPAA Authorization
- Power of Attorney
- Basic Disability Trust Provisions
- Customized Disability Provisions through a Disability Panel
- Letter of Instructions to Health Care Agents & Trustees
- Basic Funding Instructions
- Detailed Asset Summary with Specific Funding Recommendations
- Recommendations for Beneficiary Designations for Retirement Accounts
- (1) Deed, Homestead, & Trustee’s Certificate (recording fees included -additional charges for multiple deeds and out-of-state properties)
- Letters to Update Homeowners Insurance (if applicable)
- Instructions for Successor Trustee
- Personal Property Memorandum
- Common Trust Provisions for Minor Children (if applicable)
- Customized Ongoing Protective Trusts for Beneficiaries
- Guardian Appointment for Minor Children (if applicable)
- Letter of Instructions to the Guardians & Trustees of Minor Children (if applicable)
- MA Credit Shelter Planning for Surviving Spouse (if applicable)
- Remarriage Protections (if applicable)
- Location List and Binder
- Notarization and Scanning of Documents
- Electronic Copies of Documents
- Guidance on Achieving your Philanthropic Goals (if applicable)
- Planning for non-US citizens or international real estate holdings (if applicable)
- Planning for complex asset types (e.g., closely-held stock, retirement accounts, life insurance)
- Planning for a blended families/domestic partners
- Planning for a federally taxable estate
- Planning for complex multi-generational wealth
- Strategic integration of various advanced planning tools
- The creation and incorporation of up to two advanced-planning tools (life insurance trust (ILIT) and/or retirement benefits trust (SRT))
How The Sequoia Plan Process Works
*Please note that because Sequoia clients have complex situations, the typical engagement is 6+ months long.
The Sequoia Plan process will begin with an initial design meeting. This meeting will provide a time for you to discuss and make general decisions regarding your plan. A completed PIF, payment, and engagement letter will be need to be submitted prior to the meeting. After the design meeting, you will need to review your initial flowchart and provide any missing pieces for the second design meeting.
The next step will be a second phase of the design process. In this meeting you will discuss the specifics regarding your plan. If more convenient, the second meeting can be held remotely. You will need to review your flowchart before the flowchart review call.
Once the design phase is completed a flowchart review call will be scheduled. This call will provide you with a time to have any follow up questions answered. You will also confirm any outstanding decisions regarding your flowchart.
You’ll need to provide approval on your flowchart before your estate plan can be drafted. Once the flowchart is approved, your attorney can begin drafting your estate plan.
The final step will be a delivery meeting. In this meeting, you will review your documents with an attorney, making note of those provisions specific to your plan. You will sign the documents in the presence of two witnesses and a notary public. Clients are encouraged to continue an ongoing relationship via the firm’s Legal Checkup or Life & Legacy Review programs. Eckert Byrne LLC can also assist with trust funding if help is needed.