Do you have a "deep bench" when it comes to the professionals who advise you about your financial and estate planning?
Not sure or not even sure where to start?
There are four players you should consider as the "starters" of your dream team?
In fact, this was the theme of a recent Millionaire Corner article titled “Financial Planning--Who's On Your Money Team?”
Here is an introduction to each of these four players and an overview of their respective roles:
CERTIFIED FINANCIAL PLANNERTM.
As part of his or her training, your CERTIFIED FINANCIAL PLANNERTM can help you paint the “big picture” when it comes to coordinating your financial plan with your estate plan.
Consequently, subjects covered will likely include money management, investing advice, estate planning, insurance planning, business planning, and other strategies specifically intended to help you to enjoy financial peace of mind during your senior years.
An accountant or an attorney experienced with tax matters is also a key position player on your team.
Remember: It is not just how much you make, but h0w much you keep, too.
The taxman is waiting to tap your cash flow.
Make sure you have an accountant or attorney who will prepare your taxes and, even more important, offer appropriate tax shelter recommendations.
I attend a lot of visitations and funerals.
When a loved one passes away, I have made this consistent observation - the only professional advisor who shows up with a check for the widow is the family insurance agent.
In addition to life insurance, a savvy insurance agent can make sure you have disability income insurance to protect your income during your working years.
Then, when you retire, he or she can help protect all of your assets from nursing home poverty through appropriate long-term care insurance (but secure the policy well before you retire to lock in lower premiums and your good health).
Estate Planning Attorney.
As the original article confirms, your estate planning attorney is the “pivotal” advisor on your money team.
In this regard, your estate planning attorney is your quarterback.
He or she is crucial in coordinating the play of the other advisors and will prepare the necessary legal instruments to effect your goals whether you are healthy, incapacitated or deceased.
Make sure you engage an experienced estate planning attorney.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "estate planning Overland Park KS".
Third, either way, verify. Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri..
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Millionaire Corner (August 18, 2015) “Financial Planning--Who's On Your Money Team?”