When you create an estate plan, you need the assistance of professionals from several fields. Primarily, you need to meet with the following:
- An estate planning attorney who can help you design and create your will and/or trust. Not only will this professional create your estate plan, they will ensure that your plan meets both federal and state law requirements.
- A tax planning professional that can assist you in minimizing the amount of income taxes that your beneficiaries would be obligated to pay on the income and assets they inherit.
- A financial advisor that can assist you in designing a suitable investment portfolio for your assets. Your financial advisor should be knowledgeable about estate planning needs and the laws concerning retirement accounts.
When you work with a team, a team who routinely communicates with each other per your direction, you maximize your opportunity for your assets to grow with minimal impact to yourself and your beneficiaries. If you are unsure as to whether your estate is large enough to consider the services of an estate planning team, arrange complimentary consultations with professionals to determine whether their services are necessary.