SUDOKU
Estate Planning Takes a Team
Why You Need a Legal and Financial Expert to Create a Comprehensive Estate Plan
My husband Robert and I recently finalized our estate plan. We were so relieved to have it done because it was a very complex process, what with having to account for our multiple businesses, real estate, and our minor daughter. Compounding this complexity was the fact that Congress is in the process of negotiating new tax laws that could drastically impact our plan and the plans of many, many other people. In fact, as we signed on the dotted line, the new tax laws were breaking news. Talk about timing! Creating an estate plan can be an exhausting responsibility — especially when the laws are ever-changing — but throughout this process, we were reminded of a crucial lesson I often preach to my clients: Estate planning must be a team effort. Robert and I often work with our estate planning attorney, Chad Ritchie. Many of my clients are in need of a legal estate planning professional as well as a financial expert, like myself. I do this often, and unfortunately, I regularly find estate plans that are operational failures. Imagine feeling the peace of mind that comes with an estate plan only to have it be completely defunct because it wasn’t set up correctly. It’s devastating. That’s why I encourage teamwork when it comes to your estate plan. It’s important to have an estate plan that is legally sound as well as protective of your financial assets. When you work with a trustworthy estate planning attorney, the legal needs of your estate plan are often met, but what about the financial side? Often, attorneys are not certified public accountants (CPAs), tax experts, or financial planners. They may see aspects of your plan in a legal sense, but they don’t have the lens of financial protection and growth. That’s why it’s also advantageous to work with a financial planner when crafting or updating your estate plan. While your attorney manages the legality of the document, my goal is to ensure that your plan includes targeted financial planning that honors your final wishes and protects your monetary legacy. Together, financial planners like myself and attorneys can create comprehensive estate plans that truly offer peace of mind and protection for you and your loved ones. If I haven’t already, I would love to do this for you. Please call my office to schedule an appointment. I even know a great estate planning attorney if you need one!
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“The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.” –Winston Churchill
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