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Create a Good Estate Plan with the Best Financial Advisor

Author: Fabio Ventolini
by Fabio Ventolini
Posted: Feb 14, 2019

Estate planning is necessary to anyone who wouldn’t like his assets to be wasted or land into the wrong hands if he dies or becomes incapacitated. In the planning, a lot of factors are considered to ensure a perfect plan is developed for all beneficiaries to get a fair share of the wealth your poses. Since it could be difficult to do estate planning as an individual, especially if you don’t have financial knowledge, a financial advisor can come in and offer excellent advice regarding the same so that you plan appropriately.

Importance of Estate Planning

Every financial advisor is like your financial attorney who works to provide excellent legal advice on all your assets. For the sake of you and your family and other beneficiaries, proper planning needs to be done and below are some of the benefits of estate planning if it is well-planned and executed.

It Helps Plan for Your Own Needs

An estate plan is not like a will as many people think. An estate plan can cover for your costs in the event that you are incapacitated. All your medical financial costs, healthcare worker costs, living expenses and other types of expenditures are included in your estate plan so that you get served without your funds being misused even as you cannot make your own decisions.

Know Where to Dispose Your Wealth

Your family is the core beneficiary of your wealth when you die but if you doesn’t properly put all this information on a paper work, your wealth could end up in the wrong hands. A financial advisor can look at your family and it needs and be able to write an excellent plan that will see your family getting a fair share of your assets when you die. The proportions that you set on your plan on how much every member should receive are very important because it will allow a smooth transition of your wealth to the beneficiaries.

Reduces Taxes on Wealth When Being Transferred

Every asset that changes ownership is bound to taxation. There are three types of taxes that are normally charged and these include estate tax, gift tax and generation-skipping transfer tax. All these taxes have their ranges so to make sure you save a lot of money, write a proper and detailed estate plan. Find the wealth transition method that will not consume a lot of your property’s money.

Plan for Philanthropic Goals and Set a Legacy

Your wealth is your power and dignity that is what it will be used to remember you. You can decide to plan for family foundation, charitable trust or participate in donor advised funds. Such activities will set a nice image for your family and your future generation in the lineage. It all starts with a simple plan and you set the pace. Passing on wealth from you to your family is a sign of love and you will strengthen unity among family members thereby creating a legacy.

Why You Need a Financial Advisor in Estate Planning

A financial advisor with excellent reviews means he has the ability to perfectly analyze issues and write an excellent estate plan. Estate planning requires a lot of financial decisions and you cannot make them alone without advice from a licensed professional. The advisor will make sure everything your put down on a paper as a plan is in line with all laws so that your wealth does not land into the wrong hands after you die. All your family members will seek counsel from the advisor if you die because it is the advisor who has all the legal know how of the whole issue.

It is also important to note that an estate plan without a legal approval is not functioning. You need to have a financial attorney who will sign and approve it and in this case the attorney is your estate planner who is licensed and certified by the government. The advisor will highlight to you the key aspects to consider creating a satisfactory estate plan that will leave your family in a stable condition. For example, families with dependents should consider how these children will be educated and taken care of until they become of age.

To conclude, you need a licensed financial attorney to get excellent services. If you find any attorney, you could end up being a victim of fraud which is not always nice. Let your estate plan be wonderful, effective and satisfactory to your family members.
About the Author

Financial consultant in Toronto! Contact Fabio Ventolini, for more than 15 years, he has been serving clients as a financial advisor and business development manager. They are committed to seeing you and your family achieve your financial goals.

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Author: Fabio Ventolini

Fabio Ventolini

Member since: Feb 10, 2019
Published articles: 2

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