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Embed code for: Preliminary Planning Docs 101516
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JOHN RETFORD PRELIMINARY
STRATEGIC PLANNING OUTLINE
ROBERT A MORRIS, JR
OCTOBER 15, 2016
A - MORRIS FAMILY TRUSTS (Covey 1)
Robert A Morris, Jr. (Morris) needs to instruct John Wagner (Wagner) to write a new Last Will and Testament that incorporates the contents of the document drawn up by John Berteau and all the Codicils since signed and any additional changes as a result of recent discussions between Wagner and Morris.
Prior to the execution of the new Morris Will, the individual trusts for Robert A Morris, III, Randall A Morris, Rachel A Morris and Rebecca A Morris (Trusts) need to be dissolved and the liquidated assets transferred to DB-RAM Associates, Ltd (DB-RAM) subject to the approval of John Meshad (Meshad) in his capacity of Trustee for the Trusts.
Initial methodology proposed by Chris Brandon (Brandon), a colleague of Wagner, for calculating the percentage ownership in DB-RAM after liquidated assets from the individual trusts have been added to the existing asset base of DB-RAM, needs to be reviewed. John Retford (Retford) has prepared an analysis that provides some alternatives in the calculation process and these and any other suggestions by Morris need to be reviewed by Allen Mast (Mast) for his recommendations. This analysis will be delivered by October 21, 2016.
Retford needs to obtain the most recent financial data on the Trusts from Meshad’s office and use it to compile a formal proposal from Morris to Meshad requesting his approval to dissolve the Trusts and transfer funds to DB-RAM.
Morris needs to release Wagner to draft all appropriate legal documents to achieve the results of the proposal in para A-4) above, pending approval by the Trustee.
Morris needs to set up a meeting Meshad to review the proposal and execute all documents upon Meshad’s approval.
Completion by December 1, 2016, subject to Wagner’s ability to produce documents in para A-1) above in a timely manner.
B - LIFE INSURANCE CASH FLOW PLAN (Covey 1)
Retford to contact John Hancock Insurance (Hancock) to research:
Implications of long term loan arrangement and impact on future earning capacity and/or death benefits
Details of any restrictions in seeking loans on a quarterly basis.
Confirmation that all loans do not trigger a taxable event
Review the research with Morris and Mast by November 28, 2016
Retford to review material from Dailey and extract anything pertinent
Retford to obtain all appropriate documents from Hancock, by December 15, 2016, in order to initiate the draw-down of funds to commence on January 1, 2017
C - COMPLETE COX TRANSACTION (Covey 1)
Retford to review numbers presented in Mast e-mail of 10/14/16
Morris to write personal letter to Bob Bourne, attaching all pertinent financial data and checks in settlement
Retford review due October 21, 2016
D - DB-RAM (Covey 2)
Retford to prepare a financial report to include:
All assets of entity
All outstanding receivables/payables
Recommendation as to timing for debt repayments/reductions
Review of advances to individuals and long term implications
Meeting between Morris and Retford to review status, November 15, 2016
E - PERSONAL BUDGET (Covey 2)
Retford to prepare financial report to include:
Historical expenditures for 2014, 2015 and YTD 2016
Recommendation as to reduction in number of line items recorded in QuickBooks
Preliminary proposal for 2017 Personal Budget
Findings from para E-1) above to be presented to Pamela J Morris (Pam) and Morris on November 7, 2016
Response from Pam and Morris to be given to Retford by November 30, 2016
Final Personal Budget for 2017 to be distributed by December 15, 2016
F – BUSINESS BUDGET (Covey 2)
Historical expenditures for 2014, 2015 and YTD 2016.
Recommendation as to reduction in number of line items recorded in QuickBooks.
Preliminary proposal for 2017 Business Budget
Findings from para F-1) above to be presented to Pam and Morris on November 15, 2016
Final Business Budget for 2017 to be distributed by December 15, 2016
G – ASSESS AND MANAGE LIABILITY RISKS (Covey 2)
Retford to research local insurance agents well versed and currently active in both Personal and Commercial lines of insurance
Retford to present a report to include:
Data from agents’ websites
Details of Partners
Weiss Ratings or other pertinent third party evaluations
Personal observations from discussions with other users
Retford to deliver report from para G-2) above to Morris by November 30, 2016
Morris to respond to Retford by December 15, 2016
Meetings with newly chosen insurance agent(s) will include thorough examination of all insurance products appropriate for personal, business and asset protection
Morris will be encouraged to participate in meetings with newly chosen agent(s) in order to establish a sound personal relationship
H – EVALUATE JOHN HANCOCK LIFE INVESTMENTS (Covey 2)
Retford to review current investment portfolios offered by Hancock and evaluate options
Retford to rely on new chosen insurance agent(s) for advice as to options for change within existing Hancock policies and the possibility of a change in carriers.
Retford to report back to Morris by December 20, 2016
I – OBL MANAGEMENT TURNOVER (Covey 3)
Morris to set up a meeting with Seider to review minutes by October 31, 2016
Retford to update minutes as required by November 7, 2016
Deliver final documentation to Casey Management by November 30, 2016
J– BANK RELATIONSHIPS (Covey 4)
Until recently, Sharon at Wells Fargo Landings office was an extremely useful ally in clearing funds and generally cutting through extraneous restrictions. Sadly, she is no longer at the Landings and I was told recently that she has returned to her former branch in Charlotte County where she lives.
Once again, I am left with no personal relationship at any Wells branch. A few weeks ago I need to execute a living will etc., and was served by a young Personal Banker named Daniel Tompkins. He impressed me with his direct response to my needs and his personality but I doubt whether he has the authority to bypass holds on large checks.
Any decision to change banks has to be with you as I have no preference at this time. You told me Jeff could provide you with an introduction to BB&T but beyond that I have no suggestions.