Creating an effective estate plan is not a one-person job. The overall success and efficiency of your plan improves when you, as the client, are an active participant in the plan. It is also improved by engaging the assistance of a team of trusted advisors. Estate planning should be a team approach, involving your attorney, your family, and a trusted group of Orange County estate planning advisors. This may include financial advisors, corporate trustees, and accountants.
Why should you consider involving a team of Orange County estate planning advisors as you create your plan? The following is an overview:
- By working together, your attorney and accountant can prepare and file tax returns more efficiently.
- A financial advisor and estate planning attorney should cooperate in order to properly fund trusts.
- Your attorney and accountant can work closely together in order to structure your plan to provide you with maximum tax-savings benefits, using tools such as valuation discounts, gifting, and specialized trusts.
- If you become incapacitated or pass away, your team advisors will have the ability to work together to easily round up your assets and ensure that property is properly managed.
- Your financial advisor, accountant, and attorney can work together to identify the best investment opportunities for your overall estate plan.
- Since your team of advisors will already have a relationship with each other before your passing or disability, the transition from creating your plan to administering your plan will be smooth and efficient.
- With three advisors working together, rather than each advisor working separately, potential estate planning opportunities may be identified that otherwise would have been missed.
When it comes to your estate plan and living trust, three minds are better than one. To learn more about how the living trust can benefit your plan, view our guide, Understanding the Revocable Living Trust – In Language that Anyone Can Understand in 8 Minutes. For more information, contact an experienced Orange County estate planning lawyer today at (714) 459-5481.