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Prioritize and coordinate recommendations from financial advisors.
Q: I am getting financial advice from my CPA, attorney, broker, and insurance agent all at the same time. How best do I prioritize and coordinate these recommendations?
With that in mind, you should identify a financial advisor to help you understand how each concept can improve your current situation and achieve your long-term goals. Keep in mind that financial success does not come from any one idea versus another, but through coordinating all valid concepts to produce the solution best suited to your needs.
The estate planning documents need to achieve asset protection, efficient disbursement, and generational planning. An insurance agent needs to help fund these vehicles appropriately so that the needed funds are available at the time of death.
Likewise, your CPA must sign off on the tax implications, and your investment manager needs to make sure accounts are titled and invested properly to flow with the drafted documents. Taking these steps will help position you to achieve your estate plan wishes.
Send your money management questions to firstname.lastname@example.org (please include your regular postal address). Answers to our readers' questions were provided by Jesse T. Karich, financial advisor, North Star Resource Group, Minneapolis, Minnesota.