In this video, attorney Aaron Miller discusses why it is important to have a whole team of professionals when you put your estate plan in place.
Hi I’m Aaron Miller attorney at law, and today we are going to talk The Team Approach to Estate Planning, Why it is important to involve all your Professional Advisors and Your Family in your estate plan.
When it comes to estate planning, a team approach ensures that you’re getting complete advice that encompasses the legal, financial, and health aspects your family will need as you transition from your working years into retirement. Your team should consist of your elder law attorney, your tax advisor, insurance agent, banker, and financial advisor, as well as your family, and, if it applies, a qualified health care advisor. Here’s why.
Your elder law attorney is essential because they will make sure all of your legal documents are in order to protect you from having 3rd party interests control your assets and decisions. Without the right legal documents and planning in place, you lose options and control over your affairs.
Your accountant can provide valuable information to your elder law attorney, such as when you purchased a piece of real estate and for what price, or how your business is structured. Aside from this, your accountant will need to know, particularly if you do any advanced estate planning or asset protection planning, the tax status of the trusts you’ve created and the tax consequences of the gifts that you’ve made.
Your banker, insurance agent and financial advisor can also provide important information to your elder law attorney, such as how your accounts are titled, cash values and beneficiaries of your life insurance policies, and values and beneficiaries of your retirement accounts and annuities. In addition, these professionals should be instrumental in making sure that your accounts are properly funded into your Revocable Living Trust and your beneficiary designations are updated to comply with the terms of your new or updated estate plan.
Involving your family in your estate plan from the beginning can promote harmony and avoid confusion and distrust later. If you keep everything a secret, then your estate plan will be more prone to challenges after you die since no one other than your attorney and professional advisors will understand your true intent. Also, involving your family in complex estate planning transactions from the beginning will give them peace of mind after you’re gone since they’ll already understand what was done and why. Your elder law attorney can assist you in creating an action plan that ensures all family members know their role and who becomes responsible for financial and health decisions. This plan will eliminate confusion, bad decisions, and prevent discord.
Well those are the reasons why it is important to have a whole team in place for your family’s financial and legal affairs. You can find more videos at aaronmillerlaw.com/resources/videos
This is Aaron Miller and thank you for watching.