Assembling Your Estate Planning Team
Who Do You Need on Your Side?
Recruiting outside help is a smart move when it comes to putting together a solid estate plan. Bringing in the professionals can help make sure your plan accomplishes what you want and prevents future disputes.
Here are a few key players you may want on your estate planning team:
- Estate planning attorney: The bulk of your estate plan is made up of legal documents such as a will, a trust, powers of attorney and living wills, all of which should be prepared by an attorney.
- CPA/tax professional: Your estate plan may require a review of complex tax issues relating to income, estate, gift and capital gains, so a tax professional is a must-have.
- Insurance professional: You may wish to review the amount of life insurance needed at your death to provide for survivors’ needs. In addition, for larger estates, life insurance may be needed to pay federal or state estate taxes, so it’s wise to have an insurance agent involved.
- Trust officer: This professional can assist with any trusts in your plan that are created now (such as a revocable living trust) or at your death for your spouse, children or other loved ones.
- Gift planning officer: If you’re considering including a charitable organization, such as Serra High School, in your estate plan, Advancement Office can develop the best gift plan to meet your needs and ours. Contact them at firstname.lastname@example.org or 650-573-9935 to get started.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.