A B C D E F G H I J K L M N O  
COUNSELOR Wealth Counseling 1 Update Family Wealth Statement to clarify wealth transfer and legacy plans Develop a Family Mission Statement Conduct a family meeting to unite family members around a common vision Develop shared goals for spouses during a family retreat Mediate conflicts regarding wealth Develop family board of directors Identify and prepare a family leader to guide the next generations Establish appropriate language to guide trustees Clarify guardianship issues Examine ways to align financial and legal documents with a clear purpose and compelling passions Clarify "roles and goals" of family members in the family business Develop a strategic plan for the family business Establish a business succession plan for the family business Establish incentive trust criteria to guide wealth transfers Develop a family governance plan 1
ANALYSTS 1 Accounting: Book-keeping 2 Compile and organize records from rental real estate activities for use in preparing federal schedule E Prepare personal balance sheet and cash flow statement Determine if automobile purchase or lease is most financially beneficial based on your unique circumstances Supplement financial statements with adjusted journal entries as may be required Provide trust and estate administration book-keeping services Implement computerized household financial management systems Give direction in managing vacation homes Assist with bill paying Complete investment accounting required to prepare personal tax returns Determine tax costs for capital gains and losses Evaluate tax loss carry backs & carry forwards Calculate installment payment Calculate self-employment & rental income & expenses Provide periodic manual or computerized bookkeeping services Analyze personal credit reports 2
Accounting: Business 3 Assist with ad hoc financial and legal management matters via telephone or e-mail Prepare reviewed (unaudited) financial statements with full notes, as may be required for bank loan covenants Prepare federal and state income tax returns for a corporation, partnership, sole proprietor or limited liability company Maintain fixed asset depreciation schedule, updating of client-provided additions and deletions Prepare quarterly sales and/or payroll tax returns Receive invitations to business planning workshops, year-end tax planning seminars and other business management matters Prepare annual company budgets with breakeven levels with profit and/or return on investment goals Set up executive dash board and instruct company personnel on monthly updating Identify and begin to track initial key performance indicators Conduct an annual planning session for key managers to set an action plan and goals for the coming year Analyze and interpret financial statements through ongoing written or e-mail commentary Prepare and maintain schedule of fixed assets and depreciation for use in preparing federal form 4562 Review pre-year-end tax reduction strategies to forecast the tax balance Prepare personal income tax returns for company owners with all necessary forms and schedules Analyze personal tax returns from prior years Analyze business credit reports 3
Accounting: Personal 4 Prepare basic federal and state income tax returns Prepare federal schedule C from a spreadsheet of income and expenses provided by client Compile and organize unincorporated business records for use in preparing federal schedule C Prepare federal schedule D Prepare federal schedule E for rental real estate and business interests Prepare a 2106 for employee business expenses and/or 8829 for business use of home Determine whether a married filing separate return or alternate filing status is most beneficial to you Prepare non-resident or partial year resident state income tax returns Prepare amended federal and state income tax returns Review any tax issues prior to the preparation of your annual income tax returns Research and prepare initial response to notices sent by tax authorities Provide ongoing telephone or e-mail assistance on individual tax matters Review pre-year-end tax planning to forecast tax balance and tax-reduction strategies Prepare federal form 1041 and state fiduciary tax returns for estates and trusts Analyze business tax returns from prior years 4
Appraisal Services 5 Appraise real property Appraise a Family Limited Partnership Appraise a business entity Appraise intellectual property interests Prepare updates to existing appraisals Appraise estate assets Recertify prior value appraisal Prepare an "opinion value report" signed by a Certified Valuation Analyst               5
Estate Administration Services 6 Prepare federal form 706 for estate tax filing Prepare federal form 709 for gift tax filing Develop proper post-mortem allocations to A, B, and C trusts Prepare for IRS audit of estate issues Probate wills Account for decedent's assets, pay debts, calculate/pay estate taxes Fund trusts and distribute remaining assets to heirs Represent trustees or beneficiaries in trust administration matters               6
Trust Administration Services 7 Provide charitable remainder trust 4-tier accounting Provide retirement plan administration Review and offer recommendations for CRT tax compliance Handle the intricacies of day to day administration Oversee grant requests and disbursement of funds Arrange for trustees' meetings and minutes Prepare the 990 PF and all necessary accounting, tax and payroll functions Maintain records including the grant compliance file system Monitor compliance with all applicable federal and state laws and regulations Summarize provisions in existing legal documents Provide comprehensive trust administration Guide on estate administration issues Analyze US estate and gift tax returns Prepare GST returns Prepare trust returns 7
PLANNERS Business Planning 2 8 Participate in periodic management meetings in an advisory role Analyze key financial ratios using specialized financial analysis software Prepare a limited calculation of estimated business value Participate in a meeting of business owners to discuss topics related to increasing revenues and profits Calculate annual profit improvement potential Protect assets from tax liability Utilize the personal financial planning questionnaire to give a detailed personal financial analysis Perform activity-based costing and/or management assessment of customer base Establish and monitor key business performance indicators Monitor business indicators on a digital dashboard Assist with a complete analysis of the strengths, weaknesses, opportunities and threats for the business Lead management team through a business development program Analyze corporate benefit plans Analyze issues related to SEC offerings Develop a business succession plan 8
Personal and Estate Planning 2 9 Update Financial Checkup to report on how current plans achieve goals Prepare a Value Proposition Letter to review benefits of developing a complete plan Create a comprehensive Family Wealth Blueprint Review benefits and costs of a just one planning instrument by creating a tactical plan Analyze specific financial decisions in a Tactical Plan Prepare a basic personal financial blueprint with a net worth analysis, summary of goals and funding targets to achieve goals Prepare and implement a comprehensive education plan that helps ensure the availability of college funding Assist with the preparation of a household budget and provide guidance on cash flow management Analyze job severance or job offer Restructure debt repayment Prepare a cash flow summary Analyze mortgages Recommend how to minimize estate and income taxes for estate beneficiaries Consult regarding the timing and structure of sale or disposition of estate assets Evaluate stock option exercise plan 9
Retirement Planning 10 Analyze likely retirement cash flow needs Analyze retirement plan thoroughly for age, rate of return, or spending Analyze employee census to recommend maximum contributions or withdrawals Analyze control group and affiliated services group rules Examine potential effectiveness of an ESOP Examine optimal non-qualified deferred compensation structures Assist with annual pension plan contribution calculations and with coordinating information to third party administrator Develop a Monte Carlo analysis to examine impact of different portfolios on retirement income Examine compliance with fiduciary standards Designate current and successor investment advisers Review beneficiary designations         10
ADVISER COORDINATOR Case Coordination 11 Meet with CPA to review proposed income statement and balance sheet Meet with family foundation board to review social capital plans Meet with insurance agent to review underwriting issues Meet with lawyer to review design and drafting checklist Meet with money manager to review portfolio design Meet with spiritual mentor to review family goals and values Update case status through monthly calls Update case status timeline through monthly emails Meet with business partners to clarify implementation timelines and action steps             11
BINDER PUBLISHER Illustrating/ Publishing 12 Assemble estate and asset optimization strategies in an Excel file formatted for printing Combine wealth design pages in a leather binder with tabs Prepare wealth design copies for other advisors Digitize wealth design binder contents in a pdf file, or on a CD with hyperlinks Post planning documents to a secure lock box on the web                     12
LICENSED IMPLEMENTERS Banking 13 Provide online access to all bank accounts Facilitate online bill-paying Report on credit card and checking charges in electronic and hard copy formats Download account value data to generate Family Wealth Blueprint net worth summaries Download transaction data to generate Family Wealth Blueprint cash flow summaries Offer competitive HELOC rates Offer competitive home mortgage rates Offer competitive business credit line rates Offer competitive auto loans Set-up direct deposits Facilitate wire transfers and electronic fund transfers Prodive Letters of Credit Offer merchant banking capital contributions Offer venture capital and mezzanine financing capital contributions   13
Insurance 3 14 Evaluate property causality insurance Evaluate health insurance Evaluate life insurance policy Evaluate cafeteria plans Evaluate insurance policies sales on the viatical market Determine the adequacy of life, homeowners, and other insurance Facilitate 1035 roll-overs Develop an Investment Policy Statement for Trust Owned Life Insurance Evaluate split dollar agreements             14
Investments 3 15 Audit portfolio Determine investment activity from incomplete statements Aggregate data online to give access to an online balance sheet that marks to market Analyze and evaluate stock options and tax rollover Analyze stock options or stock grant projections Develop an Investment Policy Statement Conduct a comparative performance review Summarize investment fees and returns Calculate portfolio performance Allocate assets and analyze manager mix and costs Conduct a manager search and/or review Research and compile information required to determine capital gains and losses relating to the trading and sale of investments Review investment portfolios in regards to risk tolerances, desired rate of return and inconsistencies with your approach Assist with personal financial planning via telephone or email Recommend tax-efficient investment alternatives 15
Legal Documents 16 Draft revocable living trusts and wills Draft deferred compensation agreements Prepare durable powers of attorney, living wills, and health care proxies Draft buy-sell agreements Draft charitable split interest trusts  Draft employee stock option trusts (ESOTs) Draft employment contracts Draft family limited ("discount") partnerships, Draft grantor retained annuity trusts (GRATs) Draft Irrevocable Trusts (eg, IDITs) Draft life insurance trusts Draft low-interest intrafamily loan agreements Draft qualified personal residence trusts (QPRTs) Draft self-canceling installment note sale agreement Draft Life Estate Agreements 16
Real Estate/Oil & Gas 3 17 Review optimal property financing arrangements Evaluate investments in pooled mortgage funds Evaluate investments in tenant in common properties Evaluate oil and gas tax shelters and income programs Evaluate partnership valuations Evaluate real estate management Provide tax shelter analysis Study depreciation, depletion allowances, and/or IDC impact on cash flow               17
EVALUATORS/ EDUCATORS Periodic Reviews 18 Track wealth optimization plan on internet Monitor goal status, investments, and insurance Acquire, sell, and/or monetize assets Develop family office services Educate regarding responsibility of wealth Encourage stewardship and charity Develop, implement, and monitor grant-making policy Foster family involvement; develop youth advisory board Help with defining foundation guidelines Consult on grant making policy Assist with review of charitable projects Educate regarding foundation management  Clarify family mission statement Implement a comprehensive estate plan that preserves the family legacy Update plan in response to tax law changes 18
      A B C D E F G H I J K L M N O  

1. Accountants/Administrators/Appraisers
2. Other than retirement planning

© Tim Voorhees, JD, MBA, 1996-2005