When it comes to planning for the future, estate and financial planners are vital. Since both types of planners are highly specialized, it’s worth educating yourself on the differences before you begin working with either type of professional. Understanding whether you need an estate planning attorney in Little Rock AR, a financial planner – or both – can help.
The Role of the Financial Planner/Advisor
Financial planners help put long term financial goals into perspective. They’ll help you create a financial plan that includes a statement of your net worth along with a risk profile and your financial and retirement goals. An individual risk profile evaluates your willingness to take on financial risks that could impact your future. For example, the older you are, the less likely you’re probably willing to take on financial risks.
A financial plan serves as a road map to your goals. Financial planners look at your investments and analyze them in the context of how likely they are to serve those goals. They may make recommendations to bring your investments more in line with your goals. Ultimately, a financial planner’s job is to educate you on how to best handle your finances.
What Estate Planning Professionals Do
While your financial planner helps you manage and accumulate wealth, an estate planning attorney helps protect your assets. They also assist with planning for potential incapacitation. If you develop dementia, for instance, your estate plans can help direct your loved ones on how to proceed medically, legally, and financially. A fully developed estate plan should include a will and trust along with medical and financial powers of attorney.
Ultimately, estate planning attorneys help you evaluate your goals and create a customized estate plan to provide security for you and your loved ones. They can also help minimize taxes and avoid probate if privacy is especially important. The law, your assets, and your loved ones are all subject to change at any time, but estate plans help control and maintain stability in uncertain times.
Working Together For Your Future
The work of financial planners and estate planners is complementary. It’s important to keep your estate planning attorney apprised of your financial plans and vice versa. When working together, these professionals help to keep your affairs in order no matter what might lie ahead. At Stan Miller Law Group, we can work with you and your financial advisor to ensure your plan works the way it should. Give us a call to set up a meeting: (501) 221-7776 or you can reach out to us via email at firstname.lastname@example.org.