11. Progress thru Phases at Your Pace

The model reveals how Phase 1 of our process begins with the Discovery Dialogue. This conversation can be completed in about two-three hours, provided the client is clear about his or her goals and current situation. In most cases, however, clients welcome assistance in clarifying their goals in the context of their unique financial and family situation. Many families choose an extended dialogue, which we call The Legacy Interview (Family Retreat). This discussion focuses on the family's history, what they want to leave for a legacy, and the decisions that need to be made. This exercise concludes with the drafting of a Family Wealth Statement. Frequently clients ask us to check the status of their current plan, in order to check for any inconsistencies between their goals and their current path. The current plan is portrayed in a document known as The Financial Checkup.

Phase 1 culminates with a Value Proposition Letter ("VPL"), which details the financial and other benefits Legacy Resources anticipates providing. If a client wants to focus on reducing taxes or achieving some other goal, the next step may be a relatively simple tactical plan or executive summary plan. If the client wants a more comprehensive process, we review the process and deliverable of the comprehensive plan (Family Wealth Blueprint). This document illustrates an optimal combination of strategies for minimizing taxes, increasing transfers to heirs, enhancing charitable giving potential, and achieving other personal or financial goals.

Phases 2, 3, and 4 are described in the chart on the left and on the following slide:

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