Sokolow CPA takes a proactive approach to estate planning, the primary objective being to ensure that the intentions of the client are being met.

Our approach involves the following processes:

(1) Reviewing all financial data including:

• Preparing an informal personal balance sheet listing assets and liabilities at current estimated values.
• Obtaining ownership and beneficiary designations for all assets.
• Analyzing retirement accounts and the current retirement vehicles being utilized.

(2) Evaluating the existing wills and other legal documents such as trusts, partnership agreements, and other powers and directives, if applicable.

(3) Flow-charting the estate plan as described in the will, detailing where each asset will go in the overall estate plan, and computing projected estate tax liabilities on each spouse's estate.

(4) Addressing the specific concerns of the client.

(5) Identifying the strengths and weaknesses in the overall estate plan.

(6) Preparing a letter to the client detailing our findings and suggestions.

We also handle all compliance requirements, such as filing of the Federal Estate Tax Return and related Inheritance Tax Returns. We handle as little or as much of the estate administration as a client wishes. These duties may include handling insurance claims, changing asset ownership and funding trusts.