November 7, 2022

There are various parts of your future plan that may require an estate planning attorney. But there are some conversations that are better off had with your financial advisor. This is because your financial advisor is more familiar with your money, risks, action items, and can help to prepare you for what to expect in the estate planning process.

Estate planning is about so much more than organizing your affairs and assets before your death. It also includes decisions about the best ways to transfer assets to people either at the time of your death or before that point in time. You may have already discussed some components of your estate plan with your financial advisor, such as your gifting strategy.

In 2023, for example, you will be eligible to transfer $17,000 per person per year to someone else without incurring gift taxes. Your financial advisor can help with the foundational conversations about your current financial situation and what you want to achieve in the future. You can then use the information gained from this conversation to meet with a qualified estate planning lawyer.

Certainly there is some overlap between the work done by a financial advisor and what is needed from an estate planning lawyer. Ideally, all the people on your financial team can work together to make sure that your plans and documents reflect your personal situation.

Your estate planning lawyer will be able to help you to review all of your information and to discuss how your current and future financial strategies align with your intentions and next steps. We’re here to help you and answer your most important questions about the financial planning process so that it aligns with your strategies across the board.