14 Sep Work Together: CPAs, Financial Planners, and Estate Planning Attorneys: Jacob Wooley, Partner
As an Estate Planning Attorney, I often get mistaken for other types of professionals. A potential client may quiz me about how they should handle their investments in volatile markets, or they may have questions regarding the best approach to filing their income taxes. While these topics are certainly woven into the area of Estate Planning, I always encourage clients to use the correct professional for the job.
For example: You should consult with a CERTIFIED Financial Advisor to help grow a portfolio that will last through retirement and fund your legacy. A CPA should help to make certain the taxation of assets is kept to a minimum, and that each asset is handled properly when it comes to the IRS. A QUALIFIED Estate Planning Attorney will make certain that no costly assets mistakes are made while alive (like giving away assets before death) and will ensure the smooth transition an inheritance to beneficiaries.
Each professional supplies expertise in their field. It is imperative that your professionals work together for the common goal: your intentional legacy. A professional should know the limits of their expertise. Make sure that your Financial Advisor sees the value in proper estate planning and tax strategy. Make sure that your CPA offers guidance for tax strategies to help you meet your estate planning goals by avoiding a tax burden for your beneficiaries. Make sure your Estate Planning Attorney can address how best to pass your assets to your beneficiaries while limiting future court involvement, familial disagreement and more.
True professionals are not territorial. Each advisor has a place in your life and by working together can provide an integrated financial, tax and estate plan. A complete estate plan addresses all your assets and encompasses the knowledge of all your professionals.
Some of my most rewarding professional experiences are visiting with Financial Advisors and CPAs regarding how we can support mutual clients in achieving current and future goals. Let’s make sure we are all working together.
As always, if you have a question feel free to email us or comment below.