Estate Planning

Financial Advisers - How They Work For YOU! 

All property owners have done some estate planning for the distribution of their estate to their heirs whether they are aware of it or not. Without a will or a trust the inheritance laws (laws of intestacy) of your state will determine how your property will pass to your heirs. If you have no heirs that fit the state's formula, the assets will be taken by the state. Often times the state's formula and rules for moving assets to your heirs will not be what you would have chosen if you had done some planning.

Financial Planning professionals focus on total accuracy in serving their clients. And a key component to achieving that goal is having the most reliable valuation information on real property possible.
 

Why Do Estate Planning?

We need to do estate planning to avoid dying "in testate". Dying in testate means dying without having created either a will or a trust that provides instructions for passing your estate on to your heirs. Dying in testate is like taking your property and attempting to throw it to your heirs on the other side of a deep chasm, a chasm that is filled with hazards. These hazards (otherwise known as: Probate, creditors, lawyers, and estate taxes) can damage much or most of the value of your estate.

One of the best ways to get your estate over the in testate chasm is to build a bridge, otherwise known as a trust, to your heirs. This provides for the estate to be taken safely over the financial risks that are posed by creditors, probate, estate taxes and the legal system.
 

Financial Advisers Who May Work With You

In addition to being qualified to provide you with general financial planning services, many financial planners are also registered as investment advisers or hold insurance or securities licenses that allow them to buy or sell products. Other planners may have you use more specialized financial advisers to help you implement their recommendations. With the right education and experience, each of the following advisers could take you through the financial planning process. Ethical financial planners will refer you to one of these professionals for services that they cannot provide. Similarly, these advisers should refer you to a planner if they cannot meet your financial planning needs.

Accountant
Accountants provide you with advice on tax matters and help you prepare and submit your tax returns to the Internal Revenue Service. All accountants who practice as Certified Public Accountants (CPAs) must be licensed by the state(s) in which they practice.

Estate Planner
Estate planners provide you with advice on estate taxes or other estate planning issues and put together a strategy to manage your assets at the time of your death. While attorneys, accountants, financial planners, insurance agents or trust bankers may all provide estate planning services, only attorneys can prepare legal documents such as wills, trusts and powers of attorney. Many estate planners hold the Accredited Estate Planner (AEP) designation. Click here Family Estate for additional information.

Financial Planner
Many financial planners have earned the Certified Financial Planner or CFP mark, or the Chartered Financial Consultant (ChFC) or Personal Financial Specialist (CPA-PFS) designations. Financial planners can take you through the financial planning process. Click here National Association of Financial & Estate Planning for more information.

Insurance Agent
Insurance agents are licensed by the state(s) in which they practice to sell life, health, property and casualty or other insurance products. Many insurance agents hold the Chartered Life Underwriter (CLU) designation. Financial planners may identify and advise you on your insurance needs, but can only sell you insurance products if they are also licensed as insurance agents.

Investment Adviser
Anybody who is paid to provide securities advice must register as an investment adviser with the Securities and Exchange Commission or relevant state securities agencies, depending on the amount of money he or she manages. Because financial planners often advise people on securities-based investments, many are registered as investment advisers. Investment advisers cannot sell securities products without a securities license. For that, you must use a licensed securities representative such as a stockbroker.

Stockbroker
Also called registered representatives. Stockbrokers are licensed by the state(s) in which they practice to buy and sell securities products such as stocks, bonds and mutual funds. They generally earn commissions on all of their transactions. Stockbrokers must be registered with a company that is a member of the National Association of Securities Dealers (NASD) and pass NASD-administered securities exams.

Real Estate Appraiser
Let us help your estate planning professional evaluate the real estate involved.

Accuracy. Reliability. Integrity. The designated difference in real estate valuation.