Who’s On Your Estate Planning Team?

Gabriel Katzner - December 26, 2019 - Estate Planning
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Estate planning doesn’t just determine who gets to inherit your belongings when you’re gone. This process also helps you coordinate all aspects of your life so 1) you can be taken care of financially and healthcare wise if you’re ever unable to care for yourself, and 2) your money and property are distributed to the individuals you have selected upon your death, under the terms and conditions that suit your wishes.

While you may visit an estate planning attorney to have your legal documents prepared, this is only one component of the process. In order to accomplish this large and important task, you need a team made up of all-star players.

Introducing the Starting Lineup

An estate planning attorney arranges your legal affairs so that trusted people are authorized to make decisions for you when you can’t make them yourself, and so that your money and property are distributed as you desire after your death and healthcare decisions are always made in accordance with your wishes. As your legal counsel, the members of our team have the experience and knowledge to approach this process correctly.

A financial advisor works hard to understand your specific financial goals and investment objectives. He or she can craft a financial plan to ensure you have sufficient cash to meet your needs and live the lifestyle you want. They can also help ensure that resources are available to pass on to your loved ones after you’re gone. If you are an individual with a high net worth, financial planning often moves beyond retirement planning to multigenerational wealth transfer or philanthropic goals.

An insurance professional analyzes your current and future insurance needs. Life insurance may be critical to ensuring that funds will be available to take care of all your beneficiaries. If you own your own business, have complex accounts or valuable property that are difficult to divide between beneficiaries, or have minor children, insurance becomes all the more useful.

An accountant or CPA brings tax strategies to the estate planning process. Although much of the focus in estate planning has historically been on estate taxes, a comprehensive plan must consider the impact of all taxes you and your beneficiaries may owe. While you may have great goals for the future, a CPA can help you reach them while limiting your exposure to high tax costs.

Who Needs This Type of Planning?

Employing a large number of advisors can seem like an overwhelming task, one that’s only for the very wealthy, but everyone can benefit from this comprehensive approach. Your team can work together seamlessly to make sure everything is taken care of.

If any of the following descriptions apply to you, then you will benefit from comprehensive estate planning:

Your will or trust is outdated
Your existing trust is unfunded
You have minor children
You have a child with special needs
Your child does not know how to handle money or is vulnerable to other legal claims
You have gotten remarried and are now part of a blended family
You have gotten divorced or been widowed
You are unmarried but in a committed relationship
You are in a same-sex marriage
You own a large retirement account
You have charitable interests
You own your own business
Your children wear fur coats (in other words, you have pets)
You’ve never taken the time to put an estate plan in place

Let Us Help You Get Started

We are happy to work with any of your existing advisors or recommend advisors if you are interested in engaging their services. Contact us to schedule an appointment to review your existing plan or draft a comprehensive new estate plan using the team approach.

You can use the link below to schedule a call with Gabriel Katzner, or just call us at 855.528.9637 to learn more about how best to plan today to protect those most important to you




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