Q: KOSMOSGifts.com helps preserve wisdom digitally and pre-plan gifts can they partner with estate planning offices?

A: It depends on what you mean by the term “partner.” Lawyers define the term as someone in a limited partnership or general partnership. The ethics code prohibits lawyers from splitting profits with non-lawyers in almost all circumstances. So, if you are asking whether lawyers can be in a partnership with your company, I’d say, “highly unlikely.” On the other hand, if you are interested in having lawyers market your product for you, I’d say it is possible, but not likely. Estate planning lawyers review their clients’ entire financial portfolio and help them solidify a plan to accomplish the clients’ goals, whether keeping taxes low, making charitable contributions, paying for grandchildren’s education, or something else. Estate planning lawyers also draft generation skipping trusts, so those lawyers would have no need for a product that does what the lawyers already do. Plus, generation skipping gifts can have serious tax consequences if not handled properly. If your product offers a service different from what lawyers already offer, they might suggest your product to clients. Although, smart lawyers do not endorse other business’ products because, if something goes wrong with the product, lawyers don’t want to be liable. Maybe you should meet with an estate planning attorney in your city and see what the lawyer says. Best wishes.

A: From a legal perspective, integrating KOSMOS' gifting service with estate planning requires careful consideration since it involves future financial obligations and trust administration. The company would need robust legal frameworks and possibly state-by-state licensing to function as a financial custodian handling post-death distributions.

Your estate planning office should thoroughly review KOSMOS' terms of service, financial stability, and corporate structure before considering a partnership. While marketing collaboration might be possible, incorporating their services directly into trusts could raise regulatory concerns under trust and banking laws. The key question is whether KOSMOS qualifies as a legitimate trustee or financial institution under California law.

Consider exploring alternative structures where KOSMOS operates as a service provider to the trust rather than being built into the trust itself. You might establish clear contractual relationships between the trust, KOSMOS, and named beneficiaries, with specific performance requirements and financial safeguards. It would be wise to consult with your legal team about compliance with California trust laws and Securities and Exchange Commission regulations before proceeding with any formal partnership arrangements.