Client Care Program
At Milvidskiy Law Group P.C., we understand that creating an estate plan is a critical step in securing your legacy and protecting your loved ones. However, an estate plan is only as effective as its alignment with your current assets. That’s why we’ve developed our comprehensive Client Care Program to ensure that your assets remain in sync with your estate plan, safeguarding your intentions and providing peace of mind.
Benefits of Participating in the Client Care Program
Coordinated Funding Process
A meticulously crafted estate plan can fall short if it’s not properly funded. Funding refers to the process of transferring your assets into your trust, ensuring they are distributed according to your wishes. Without proper funding, assets may not be covered by your trust, potentially leading to probate and unintended consequences.
Imagine you establish a trust but fail to transfer your home into it. Despite your wishes, your home may have to go through probate, causing delays and additional expenses for your beneficiaries. Proper funding can prevent such scenarios, ensuring the seamless execution of your estate plan.
Funding of Subsequently Acquired Assets
As you acquire new assets over time, it’s essential that they are properly included in your trust. Our program ensures that any new assets you acquire are promptly funded into your trust, maintaining the integrity and effectiveness of your estate plan.
Annual Meetings with Clients
We conduct annual meetings to reevaluate your estate plan, review your assets, and provide advice on any necessary adjustments. These meetings ensure your estate plan remains aligned with your current situation and goals. For example, during an annual review, we might discover a newly acquired property that hasn’t been transferred to your trust and take immediate action to include it.
Ongoing Coordination with Financial Advisors and Tax Professionals
We maintain ongoing coordination with your financial planners and tax professionals to ensure a holistic approach to your estate planning. This collaboration ensures all aspects of your financial life are considered and integrated into your estate plan. If your financial advisor suggests a new investment strategy, we work together to ensure these investments are properly titled in the name of your trust, maintaining the integrity of your estate plan.
Trust Protector Services
Serving as your Trust Protector, Milvidskiy Law Group P.C. offers an additional layer of oversight and protection for your trust. Our role as Trust Protector includes:
- Ensuring that the trust is administered in accordance with your intentions.
- Overseeing the actions of the trustee to prevent mismanagement or abuse.
- Amending trust terms if necessary to adapt to changes in law or circumstances.
- Resolving disputes between trustees and beneficiaries to ensure the smooth operation of the trust.
Changes in law or unforeseen circumstances can impact the administration of your trust. A Trust Protector can make necessary adjustments, ensuring that your trust remains effective and aligned with your wishes.
Regular Amendments
Laws change, and so do personal circumstances. Our program includes regular amendments to your estate plan prompted by changes in the law or significant life events, such as marriage, divorce, or the birth of a child. For example, if you experience a significant life change, like the birth of a grandchild, we will promptly update your estate plan to include provisions for their future care and education.
Legal Guidance and Assistance with Administration During Incapacity
Our program provides ongoing legal guidance and assistance with the administration of your estate during periods of incapacity. This support ensures that your estate is managed according to your wishes, even if you are unable to oversee it yourself.
Post-Death Administration and Probate at a Flat Rate
Provided that the client participated in the program and adhered to the recommendations, we offer post-death administration and probate services at a flat rate. This service provides a clear and predictable cost structure, allowing your beneficiaries to handle the administration of your estate with minimal financial stress.
Ensuring Effectiveness
The effectiveness of an estate plan lies in its continuous alignment with your assets and goals. Our Client Care Program is designed to provide you with the highest level of service and support, ensuring your estate plan remains a true reflection of your wishes. Without regular updates and proper funding, an estate plan can become obsolete, leading to unintended consequences such as assets being subject to probate or distributed contrary to your wishes. Our program prevents such outcomes, offering peace of mind that your legacy is secure.
Contact us today to learn more about our Client Care Program and how we can help you maintain an effective and comprehensive estate plan. With Milvidskiy Law Group P.C. by your side, you can rest assured that your estate plan will always be in perfect alignment with your assets and goals.
Frequently Asked Questions
What is the Client Care Program?
The Client Care Program is our ongoing maintenance program for clients who have completed an estate plan with the firm. Its purpose is to keep your assets in sync with your plan over time so the plan continues to work the way you intended. The program combines coordinated trust funding, annual review meetings, updates prompted by changes in your life or the law, and coordination with your other advisors.
Who is the Client Care Program for?
The program is designed for clients whose estate plans include a trust that must be kept properly funded and current. It is a good fit for people who expect to acquire new assets, experience family changes, or simply want someone monitoring their plan rather than revisiting it only when a problem arises. If you are unsure whether the program fits your plan, contact us for current program terms.
How often are reviews held, and what do they cover?
We conduct annual meetings with program participants. At each review we reevaluate your estate plan, go through your current assets and how they are titled, and advise on any adjustments that appear necessary. A review often surfaces items such as a newly acquired property or account that has not yet been transferred to your trust, which we can then address.
What changes should prompt an update to my estate plan?
Significant life events such as marriage, divorce, the birth of a child or grandchild, a death in the family, or a change in who you want serving as trustee or agent generally call for a review. Changes in your assets, such as buying or selling real estate or opening new accounts, and a move to a different state can also affect how your plan operates. Changes in the law are another common trigger. The program includes amendments prompted by these kinds of changes.
How does the program relate to funding my trust?
Funding is the process of transferring your assets into your trust so they are actually governed by it. A well drafted trust can fall short if assets are left outside it, because those assets may have to pass through probate and may not be distributed as you intended. The program provides a coordinated funding process so that the assets you meant to place in your trust are titled correctly.
What happens when I acquire new assets after my plan is signed?
New assets do not automatically become part of your trust. Under the program, assets you acquire after signing are funded into your trust as they come up, so the plan keeps pace with your holdings. Annual reviews serve as a backstop for anything that was missed during the year.
Does the firm coordinate with my financial advisor and accountant?
Yes. The program includes ongoing coordination with your financial planners and tax professionals so that your estate plan and your broader financial picture stay aligned. For example, if your advisor recommends a new investment, we work with them so the investment is titled in the name of your trust where appropriate.
What is a Trust Protector, and how does that fit into the program?
A Trust Protector is a role written into a trust that provides an added layer of oversight separate from the trustee. Under the program, the firm can serve as Trust Protector, which generally involves monitoring that the trust is administered according to your intentions, overseeing the trustee, amending trust terms when a change in law or circumstances requires it, and helping resolve disputes between trustees and beneficiaries. Whether your trust includes this role depends on how it was drafted.
Can I bring in estate planning documents that were signed elsewhere?
The program is built around keeping a plan and its assets aligned, so the starting point is a review of your existing documents and how your assets are titled. Whether documents prepared by another attorney can be brought into the program depends on what they provide and whether they need to be updated first. Contact us to discuss your existing plan and current program terms.
How do I enroll in the Client Care Program?
Contact our office to schedule a conversation about the program. We will review your current plan and assets, explain how the program would apply to your situation, and go over current program terms. Enrollment generally follows once you decide the program is right for you.
