Financial planning and estate planning go hand in hand when it comes to planning an estate for an individual’s passing, making financial planning crucial for either to succeed. The most important part of financial planning for an estate plan is ensuring assets are titled properly and designed to maximize tax benefits. Financial planning can also help identify any potential liabilities.
There are several things that financial planners can assist clients with, including assessing financial situations, identifying goals, developing financial plans, investment management, retirement planning, tax planning, risk management, and of course, estate planning.
When financial planners assist clients preparing their estate, they can help customize their plan, provide expertise on the subject, offer object advice, assist with investment management, tax efficiency, and modify their plan with any potential updates in the future.
Without a financial planner involved in the estate planning process, individuals may be subject to poor investment decisions, improper asset allocation, possibly failing to comply with legal requirements, no objective advice, and tax inefficiencies.
It is strongly recommended for individuals and their family to use the expertise of both an estate planning attorney and a financial planner to help maximize the potential of an estate plan.
Financial planners can help each client reach their fullest potential with their estate plan. Combined with an estate planning attorney, clients can rest assured their estate plans are in the right hands.
For more information, call Ball Morse Lowe at 405.701.5355 or email clientintake@bml.law.