Although there are three models, the third model is reached only by setting up estate transfer and asset protection plans. For this reason, you must first determine which model best aligns with your goals.

Remember, a plan has three components: 1) understanding a situation; 2) envisioning a desired future, and 3) laying out effective ways of brining that future about.

What is Your Situation?

Lawyers refer to situations as “fact patterns.” Legal solutions apply fact to law to reach a result. This formula is true for litigation, trade mark law, contracts, or estate planning. You must first lay out the facts, your facts, to have a better understanding of the situation.

The BoomX Assessment

Many struggle to get started because they do not know which facts are important. This can be frustrating and counter-productive because too much time is spent diving into irrelevant facts. While a detailed understanding of your financial accounts might be important, very important to an accountant or a financial advisor, they matter less when planning your estate. Do you know why?

Estate

You will likely tire of hearing this definition but the word “estate” refers to the assets of a deceased asset owner. Estate plans ensure transfer of title of those assets. See? The assets you own now may bot be the assets you own when die. That is why asset information is not important compared to knowing the value of all of your assets. This is important if you live in a state that has its own estate tax.

The BoomX Assessment tool will appear to be very easy to use. However, its easy of use is deceiving. The assessment will present fact-finding questions such as your age, marital statute, residence, etc. Behind the questions, the code is beginning to apply fact to law. Your state of residence will tell us a lot about your planning profile. Ten states have an estate tax. If you live in Oregon, the total value of your property is an important thing to now because Oregon has an estate tax with a low exemption amount. Idaho, however, has no estate tax.

All of the questions the assessment asks will lead you to not only your Money Model, but also list the legal documents and provisions necessary to build your plan.