Advanced Planning exists at the crossroads of estate planning, wealth transfer, and life insurance. Catalyst takes a coordinated approach to Advanced Planning by including all of the trusted advisors of high-net-worth clients. From there we leverage a carefully curated network of specialists to implement the best practices used by other wealthy families.
Businesses leave themselves open to risk if they lack a buy-sell agreement, or have a buy-sell agreement that’s not funded. Business owners that depend on a key person that’s not a partner should consider incentives that help retain talent. Additionally, business owners may leverage life insurance as an efficient way to plan for retirement and business succession. A proper plan bridges the crossroads of asset protection, risk mitigation and tax planning.
Nobody likes to think about the risk to a family associated with losing key providers. Providers are not just those who work outside of the house, but also any member that actively manages the household. Life insurance on all key providers can help reduce the financial impact of losing one of these members of the household.
1. It all starts with a conversation. Discovery includes hearing the families' thoughts on their goals and needs, along with the context that their other advisors bring to the table.
2. Through discovery, we’ll identify the documents that make up the current state for the client. We analyze these documents and report back to the family to make sure they understand their current estate. Our job is to point out any gaps we identify in the area of tax efficiency, asset protection, and risk management.
3. Once we understand the family's goals and current documents we start gathering options for consideration. This process includes collaborating with current or outside advisors and specialists to bring best practices to the table.
4. When a plan is formed it’s time to put it into motion. We work with the team of advisors to ensure it’s placed and documented correctly.
5. That’s not all! It’s important to service all plans that are put in place. Servicing helps make sure that the plan is able to adapt to the family when circumstances and goals change.