How Does the Planning Team Work Together?

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Learn How a Planning Team Works

What is a planning team and why do I need one? Do I assemble this dream team or are there ones already in place that I can work with? Let us explain one of the new ways to do estate planning.

Imagine that you are going to build your dream home. You have the perfect piece of property and money is no object. You are free to hire the very best to construct every facet of your new home. But then you inform them that they are expected to build your dream home without a blueprint, and without ever speaking to one another. How do you think your home will turn out?

This is a common occurrence in estate and financial planning. Clients begin without a blueprint. They have typically hired an attorney to handle business and estate planning issues. They usually have a CPA who takes care of all the tax issues. Other advisors often include insurance agents, investment professionals, bankers, realtors, and others they rely on to make important decisions. But there is typically very little communication between members of the client’s advisory team. What they need is a planning team.

This estate planning team should consist of, at the very least, the following professionals: certified public accountant (CPA), estate planning attorney, financial advisor; and may also include a  professional trustee, insurance professional, and appraiser/valuation expert. Each advisor on the team should be able to form cooperative relationships with others and work together to shape and implement the client’s estate plan.