Legacy Course Review: Article #4
Building Your Legacy Team
Source: Apartment News Magazine
By Timothy Gorman
Real Estate Broker/CPA/Entrepreneur
Welcome to the third edition of my new series, where we explore ongoing learnings from our Estate & Legacy Planning workshops. This series aims to be interactive and practical, offering big-picture insights while ensuring participants leave with a solid framework for their estate plans and actionable steps for themselves and their advisors.
In this article, we’ll focus on Week 3: Assembling Your Legacy Team. We’ll discuss who should be on your team, how to interview them, and what to watch out for. Six of our ten instructors joined us for mock interviews, sharing valuable insights into their professions and how best to select someone in their field.
Each week, I’m continually surprised and inspired by the power of the class. Bringing together a group of intelligent and caring individuals with diverse experiences, training, and perspectives is truly remarkable. The questions, insights, and dialogue help frame our discussions in new ways and introduce fresh ideas. It’s a perfect example of the power of communication and community.
This article will highlight some of the “a-ha” moments and key insights we’ve shared. While there are too many to list here, these will give you a sense of the valuable lessons learned.
For starters, not everyone is the same; there must be a right “fit” and personal connection on both sides. Even if someone is highly respected in their field, they might not be the right match for you, which could affect the results you achieve. Remember, solid professionals are interviewing you just as much as you’re interviewing them. Don’t be surprised or offended if they suggest someone else for the job—it’s actually a sign of respect and understanding.
Another key insight is the overlap in the information each professional requires. You may find yourself providing the same information in different ways to different people. Who’s to say you provided the same details to your attorney as you did to your CPA or financial planner? Even small discrepancies can significantly impact strategy and execution. Our certified financial planner, Kelly Clyde highlighted how one professional can often cover multiple areas, emphasizing the need for a method to control the flow of information. You should proactively provide each professional with the same information in your format, ensuring they learn on your terms. If they can’t or won’t do that, it may be time to find someone who will.
Nicholas Dunlap, wearing several hats as the Mayor of Fullerton and a property manager, shared insights on local political changes affecting rent control and insurance. He discussed the importance of technology and organization in property management. A good property manager handles essential tasks from an estate planning perspective, such as maintaining leases and contact information. Even if you want your heirs to manage on their own, it may be wise to transition to a professional manager temporarily for a fresh set of eyes and a reset on your paperwork. Additionally, having a professional manager can provide legal protection through their own insurance coverage.
Nick Lieberman, representing lender brokers, emphasized the financial solvency of your executor or successor trustee. In the interest of efficiency, they may be asked to assume the role of guarantor on loans, as the property may not qualify on its own. If the deceased needs to be replaced on the note, the executor or successor trustee is typically the most obvious choice. If they are insolvent, that could lead to complications, delays, and unnecessary costs down the line.
Our trust attorney, Ryan Young, provided insights into the repercussions of failing to plan correctly, choosing the wrong professionals, or selecting the wrong successor trustee. He shared real-life examples of time and money lost due to poor planning—situations that could have been avoided with the right guidance.
Anthony Vultaggio, a Philanthropy Officer, shed light on the importance of having a charitable donation expert at the table. Many people aren’t aware of the benefits and returns associated with charitable giving strategies. Even if you don’t consider yourself charitably inclined, these strategies can provide significant advantages, making it a no-brainer if you do have charitable goals in mind.
As a Real Estate Broker, I discussed the importance of having a broker who understands your plan and portfolio. Every property serves a different purpose—some are for legacy (to be kept long term), while others may be cash cows (to be sold at the right time) or “dogs” (to be offloaded immediately). Too often, agents are programmed to sell properties without asking why you’re selling or if there might be a better option. It’s essential to slow down and understand the bigger picture. Avoid listing too quickly; instead, focus on building the right relationships before passing on your assets.
In the next article, we’ll cover Week 4: Legal Preparation, focusing on how to gather and organize your information effectively. We’ll explore the different types of wills and trusts, as well as the crucial Health Care Directive and Power of Attorney.