There are many different professionals that you may wish to engage as you approach the process of estate and retirement planning. Who you choose to work with you will have a major impact on the tools and strategies that you ultimately decide to use as well as your own sense of confidence and peace of mind about the estate planning process.

One person that you may wish to engage is known as the family wealth advisor. Other professionals include investment managers, estate planning attorneys, CPAs, insurance brokers, philanthropic advisors, business consultants and mortgage brokers.

Any family with significant wealth, however, should consider a family wealth advisor.

If a client’s charitable intentions are unknown, then an estate plan may miss the mark. An insurance broker may not know about the potential estate tax liability if there is a small business in place and a family may not be aware of the steps they need to take to ensure that their wealth is spread out over multiple generations. These are just a couple of the services that can be accomplished with the help of a family wealth advisor. Several steps that need to be considered in this procedure include:

  • Calculating estimated estate taxes
  • Explaining the estate plan to a client in layman’s terms
  • Putting together an estate plan summary diagram
  • Reviewing beneficiary designations
  • Facilitating family communication
  • Retitling taxable accounts under the name of a revocable trust of the client

A trusted family wealth advisor can help to boil down these complex procedures and requirements into smaller steps.

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