Estate Planning Financial Adviser Team Bloomington Normal

It's taken a lifetime of hard work and sacrifice to accrue your wealth. It's provided well for you and you wish to pass it along to others someday. So, who do you need and who do you choose to do that for you, when you're no longer in control?

As part of a wealth management team when working with estate planning attorneys, I often work closely with attorney Chad Ritchie of Ritchie Law Firm. 

Wealth management for an estate plan will include legal structures that advantageously transfer wealth to the next generation. Additionally, a comprehensive estate plan may include other legal documents that are important for peace of mind and to protect family from unnecessary burden. Estate planners must consider components such as planning for mental incapacity and guardians for minor children or even beloved pets in addition to a will.

Often, those with sufficient assets may benefit from establishing financial and legal vehicles such as trusts. When put in place, these can facilitate the wishes and desires of an individual in transferring assets more easily, while often reducing the tax burden.

It's important to have an estate plan created, implemented and executed with the assistance of many professionals that work together. Of course, the primary team members will consist of Estate Planning attorneys such as Chad Ritchie and Wealth Managers such as myself. In addition, when implementing the plan, it’s important to choose the correct team that will execute the plan at the designated time.

By planning ahead, designations can be made in legal documents to assign executors, trustees, power of attorney and even guardians as necessary. These documents can give an individual peace of mind in protecting their wishes.

Attorneys and financial advisors will both agree that an estate plan and the financial plan that goes along with it are living documents. Over time, such instruments may require adjustments as life changes occur and/or financial positions and preferences alter. Similar to the need for evaluating financial strategies as we age, our estate plans often need reviewing. While procrastination is easy with a busy life, it only takes a minute to call and set an appointment for a financial review or an estate plan review.

 

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