We can bring in a myriad of new experts to the working group with specialized skills that are applicable to a complex client challenge. Unlike some firms, we enjoy collaborating with outside experts. We learn from their experiences and from their unique perspective on the planning discipline. Because of our experience and vast network of experts, we can bring valuable resources to almost planning challenge that comes across our desks.


We have seen several plans completely unravel after a divorce or the death of the client. The tax costs associated with these plan failures can be significant and there will likely be numerous claims against the advisors involved. The problem wasn’t with the plans themselves—the plans just weren’t properly maintained. Every plan should be reviewed thoroughly at least once each year. If nothing else make sure:

  • Plan numbers are re-run.

  • Balance sheets and cash values are updated.

  • Plan documents are reviewed for compliance and for continued suitability.

  • Funding is updated.

  • Actions of the plan participants are reviewed to ensure against inadvertent errors.

  • Tax returns are reviewed (preferably before filing) to ensure they are consistent with the plan itself.

In practice, most plans do not undergo such thorough review and maintenance. Isn’t it worth it to spend a little time updating your clients’ plans to avoid millions in taxes and litigation costs?

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