A recent Millionaire Corner article, “Financial Planning--Who's On Your Money Team?,”
CERTIFIED FINANCIAL PLANNER™ Practitioner. Along with your estate planning attorney, this player is responsible for helping you paint the “big picture.” This perspective allows you to identify your financial goals and prepare for a financially secure retirement. This will include money management, investing advice, estate planning, insurance planning, business planning, and other strategies to help you get ready for retirement and the ability to enjoy your senior years in comfort.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Accountant. An accountant or an attorney experienced with tax matters is also an essential player on your team. It’s good to have an accountant or lawyer who will prepare your taxes and offer appropriate tax shelter recommendations.
Insurance Broker. This person will help navigate the wide range of available products and determine which best suits the needs of you and your family. If they team with your estate planning attorney, you can be sure that all of your objectives are met and that everything works towards the common goal of placing you in the best position when you retire.
Estate Planning Attorney. This is the “pivotal” money team member. This is your clean-up batter or your quarterback. The attorney is crucial and will assist you with the creation of your estate plan. He or she will help you draft essential estate planning documents like a will, living trust, a health care directive and a power of attorney. Your quarterback will make sure that your assets are protected and your estate is settled according to your wishes.
Huddle up with your quarterback and make sure you have a winning game plan for your estate planning. Don’t get blind-sided by not preparing!
Reference: Millionaire Corner (August 18, 2015) “Financial Planning--Who's On Your Money Team?”
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