At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.

What is an Estate Plan?

I’ve commented a number of times about Estate Plans and their role in a family’s financial world. In a recent article about the tragic death of Philip Seymour Hoffman in Trust and Estates, Greg Monday and Christine Rew Barden have added some additional thinking. They are speaking to estate planning attorneys but I think the message also applies to anyone who is creating or has an Estate Plan.

In reality, an estate plan isn’t just a static set of documents that are signed and then stuck in a safe deposit box until the client dies.  An estate plan is a system of contracts, transactions and property arrangements that address and are dependent on financial, personal and legal facts that change frequentlyAn estate plan is never complete.  Like a financial plan, a business plan, income tax compliance and healthcare strategies, an estate plan is dynamic, reflecting our clients’ lives and our estate tax system.  It needs consistent review and regular attention. 

The plan is not just about death, taxes and asset protection. It reflects the lives of the wealth holders and needs to be reviewed based on family considerations as well as tax law changes.



What is an Estate Plan?