{"id":1,"date":"2016-11-22T20:07:26","date_gmt":"2016-11-22T20:07:26","guid":{"rendered":"http:\/\/fahlaw.com\/?p=1"},"modified":"2016-12-13T14:43:54","modified_gmt":"2016-12-13T14:43:54","slug":"is-a-financial-plan-enough-why-experts-say-you-need-an-estate-plan","status":"publish","type":"post","link":"https:\/\/fahlaw.com\/2016\/11\/22\/is-a-financial-plan-enough-why-experts-say-you-need-an-estate-plan\/","title":{"rendered":"Is a Financial Plan Enough? Why Experts Say You Need an Estate Plan"},"content":{"rendered":"

If you want to leave a robust financial legacy for your family, a financial plan alone is like trying to guide a boat with just one oar. It\u2019s only part of the big picture for your overall monetary health. A well-informed financial plan is worth your time for several reasons, but let\u2019s look at how financial and estate planning<\/a> can work in tandem to create the best possible future for you and your family in the years to come:<\/p>\n

What\u2019s included in a financial plan<\/strong><\/p>\n

Financial planners take stock of an individual\u2019s fiscal landscape and come up with approaches to maximize his or her overall financial well-being. Take Emily for instance, an energetic project manager in her late-twenties. She\u2019s found a successful career track after graduating with her bachelor\u2019s and now has the steady income necessary to start daydreaming about buying a house with bay windows like the one she passes on her morning commute.<\/p>\n

But before she can take such a big leap, Emily tracks down a skilled financial planner who will take an honest look at her foreseeable cash flow and her spending and saving habits. People from all walks of life use the help of financial planners<\/a> to make sure they\u2019re in good shape for making big purchases, saving for their children\u2019s education, and ensuring a comfortable retirement. This also includes developing an investment portfolio, which the financial planner monitors and manages.<\/p>\n

But financial planning only goes so far. To have a comprehensive approach, Emily also must also consider her estate and the wills and trusts she should put in place so her assets go where she wants them to in the long run. That\u2019s where a trusts and estates attorney comes in.<\/p>\n

What\u2019s included in an estate plan<\/strong><\/p>\n

Estate planning attorneys are lawyers who give sound advice about what will happen to a person\u2019s assets if he or she becomes mentally incapacitated or when he or she dies. While this may not sound like the sunniest of topics, knowing that what you pass on to your family will be legally protected lets you focus on enjoying the best things in life without worrying about your loved ones\u2019 futures. Estate planning includes defining how you want your loved ones to benefit from the financial legacy you leave behind, implementing tactics to protect your assets from creditors down the road, providing a framework so your loved ones can make medical decisions on your behalf when you can\u2019t, developing strategies to help you reduce estate taxes, and more.<\/p>\n

And at the end of the day, your attorney is a teacher. He or she should be equipped to clearly explain your legal options. Even though estate planning can be highly technical, your professional bond with your attorney can and should feel like a friendly partnership since it involves taking an honest look at many personal wishes and priorities. There is no one-size-fits-all estate plan, so choose an attorney whom you trust and enjoy working with and who is responsive to questions and needs.<\/p>\n

Remember Emily? While financial planning helped her get from point A to point B with some pretty big money milestones, she now knows she needs an estates and trusts attorney to make sure her wishes are carried out and her money stays in the right hands\u2014her family\u2019s.<\/p>\n

How these two efforts work together<\/strong><\/p>\n

There are several ways these two components of your financial wellness work in harmony. Asking your financial planner and estate planning attorney to collaborate is common practice, so don\u2019t be concerned that what you\u2019re asking is outside their regular scope of work. Knowing who else advises you will help both parties get the information they need do their jobs at peak effectiveness. For example, your estate planning attorney may prepare a living trust for you, but your financial planner may help you transfer certain assets into that trust.<\/p>\n

What are you waiting for?<\/strong><\/p>\n

If you already have a financial planner and are thinking about working with a trusts and estates attorney, you\u2019re in an excellent position. We can often collaborate with your advisor to begin working on your estate plan. This might save you time and money, as we\u2019ll get up to speed with the help of your financial planner.<\/p>\n

The right time to plan your estate is right now. The sooner you put yourself and your family in a position to rest easy knowing a solid plan is in place, the better. And now that you know your financial plan is a wonderful start\u2014but not a complete solution\u2014you\u2019re ready to take the first step on the path to total financial security.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you want to leave a robust financial legacy for your family, a financial plan alone is like trying to guide a boat with just one oar. It\u2019s only part of the big picture for your overall monetary health. A well-informed financial plan is worth your time for several reasons, but let\u2019s look at how […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/posts\/1"}],"collection":[{"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/comments?post=1"}],"version-history":[{"count":0,"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/posts\/1\/revisions"}],"wp:attachment":[{"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/media?parent=1"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/categories?post=1"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fahlaw.com\/wp-json\/wp\/v2\/tags?post=1"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}