Anchor Bay Capital Now Offers Affordable Estate Planning Through a Partnership with EncorEstate Plans

June 1st, 2022 by Jim Allen

The COVID pandemic has taught us that nothing is certain and we need to help our clients plan for every eventuality. This often means encouraging each of our clients to have an estate plan in place.

I recently worked on the administration of a trust and estate for someone who died unexpectedly. The individual had incomplete and poorly drafted documents and I saw firsthand the negative effect this had on the family. Assets weren’t properly titled and ended up subjecting hundreds of thousands of dollars to probate fees and delayed disposition to heirs. Accounts were frozen leaving little liquidity to pay expenses and the home was not properly titled in the trust. This could have all been eliminated with a properly executed estate plan.

That’s why we’re excited to announce our recent partnership with EncorEstate Plans. We are now able to offer easy, quick, and affordable estate planning services to our clients. Depending on your fee arrangement with Anchor Bay Capital, the service will be provided at no-charge, at our cost, or will be quoted prior to engaging in the process.

Estate planning is one of the most misunderstood and delayed elements of financial planning. People assume they need millions in assets to create a plan, or they think the legal documents are too expensive and time consuming. Sometimes, people just don’t want to think about their eventual mortality, or they disagree with their spouse about the correct path to take. By combining our decades of estate planning experience with the ease of legal document prep from EncorEstate, we can guide you through the entire experience and get a solid estate plan in place.

Through the EncorEstate process, our clients will simply answer questions around five big issues:

  1. Who they want to inherit their assets.
  2. How they want that transfer to go.
  3. Who they want to take care of their finances if they can’t.
  4. Who they want to take care of their health if they can’t.
  5. Who they want to take care of their kids if they can’t.

In many ways, answering these questions is the hardest part. Encore not only has a team of estate planning experts creating and reviewing legal documents, they also partner with legal teams locally to make sure every estate plan complies with state and local rules. Documents are optimized as much as possible for tax savings and are created to incorporate as many “what if” scenarios as possible.

The Anchor Bay team will help develop your estate plan, guide you through the process with EncorEstate and then help you execute the documents (notarize & witness) if you are near one of our offices. We then securely store digital copies of your documents in the “vault” in your personal financial plan portal.

Clients ultimately receive:

· A will

· Trust

· Certification of trust

· General Transfer

· Property Agreement (if needed)

· Financial Power of Attorney

· Medical Power of Attorney (or advanced health care directive), and

· HIPAA release from EncorEstate.

Once the documents are executed, beneficiaries may need to be updated and accounts transferred into your trust which our team will help with.

It is important to note that Anchor Bay Capital is not a law firm and will not be providing legal advice. All documents are prepared by EncorEstate which is independent from Anchor Bay. If your estate planning needs are complicated, for example a second marriage or special needs heirs, then this service may not be sufficient, and we will need to refer you to an estate planning attorney for advice.

In addition to these initial estate planning services, Anchor Bay can help you through the estate administration process by serving as trustee or executor, provide guardian and conservator services, file all necessary tax documents and returns, and assist your heirs through the estate settlement process.

If you would like a complementary estate plan review, please contact us to schedule your consultation.

Jim Allen, CFP, ChFC, EA, CDFA is President, Sr. Advisor and a Principal at Anchor Bay Capital. In addition to his 30+ years of financial planning experience and his professional credentials, he holds a Master’s Degree in Financial Planning and is a former instructor in the CFP program at the University of California Irvine. He is also the co-author of the book “The Tools & Techniques of Charitable Planning.” Jim can be reached at [email protected]