Why is Dynasty Planning so Important to Your Estate Plan?
Dynasty Planning involves more than just a Trust or a means of protecting a few assets to pass on to your kids. At Durfee Law Group, we bring together all of your assets and the parties responsible for managing them. With everyone on the same page, it is possible to optimize your entire Estate and make it work harder for your family.
Preserve Wealth and Relationships for Multiple Generations
Hard working families tend to generate wealth and also want their family relationships to continue strong. The proper planning allows for family members to know what comes next when mom and dad die. This makes it more likely children won’t fight over who gets what. Eliminating litigation from estate planning saves money and saves relationships.
Estate Planning vs. Dynasty Estate Planning
Estate Planning with Durfee Law Group
Integrity Agreement
Durfee Law Group includes a plan for times when family disputes arise. This is called an Integrity Agreement. The Integrity Agreement has four steps: 1) Communicate 2) Negotiate 3) Mediate and 4) Arbitrate.
Communicate
First, Communication. Communication is important because without communication families tend to fight and argue more. This stage of working out the problem allows the family members involved a system to use to communicate. The focus, tone, timing and other communication principles apply here and to the other resolution stages.
Negotiate
If the Communication stage doesn’t work, we move to Negotiation. The parties involved must deliver to the others a written request for Negotiation. This request lists the items still in dispute. It shall also provide two 2-hour blocks of time available for the Negotiation. The parties meet together at the agreed upon time within 10 business days for a Negotiation Conference.
At the Negotiation Conference, the parties meet privately with no other persons in the room. Those involved may agree in writing to others being there if they wish. The parties undergo a series of steps, which include: First party stating their case, Second party stating their case, Discussion between the parties, Itemized Statement of Resolution and record of remaining disputes.
Mediate
If the Negotiation Conference does not resolve all concerns, the parties move on to Mediation. They must choose a mediator within 10 business days. They then follow the steps of mediation.
Arbitrate
If the Mediation does not remedy all concerns, the parties may undergo arbitration. This involves hiring a licensed attorney to preside at a trial outside of court. It’s typically cheaper, faster, and easier.