Creating an estate plan is one of the most important steps you can take to protect your family, your assets, and your wishes. While an estate planning attorney is responsible for preparing the legal documents that make your plan effective, the strongest estate plans are often created with input from other trusted professionals who understand different aspects of your financial and personal life.
At Grissom-Plummer Law, we believe estate planning works best when your legal strategy complements your financial, tax, and insurance planning. Depending on your situation, you may benefit from consulting one or more of the following professionals.
Certified Public Accountant (CPA) or Tax Professional
Taxes can have a significant impact on your estate, especially if you own a business, rental properties, investment accounts, or expect your estate to grow over time.
A CPA or tax advisor can help you:
- Understand potential tax consequences of gifts and inheritances.
- Review capital gains considerations for certain assets.
- Coordinate tax strategies with your estate plan.
- Advise on retirement account distributions and tax-efficient planning.
Working together with your attorney helps ensure your legal documents and tax strategy support the same long-term goals.
Financial Advisor
Your estate plan should reflect your overall financial picture.
A financial advisor can help you evaluate:
- Retirement income strategies.
- Investment accounts and beneficiary designations.
- Long-term financial goals.
- Asset allocation.
- Planning for future generations.
Business Attorney or Business Advisor
If you own a business, your estate plan should address what happens if you become incapacitated or pass away
- Business owners may need additional planning for:
- Business succession.
- Buy-sell agreements.
- Ownership transfers.
- Management continuity.
- Protecting employees and business partners.
Proper planning helps minimize disruptions and provides clear instructions for the future of the business.
Trust or Investment Professionals
If your estate plan includes trusts, your financial institutions or investment professionals may assist with trust funding and ensuring assets are properly titled.
Remember, creating a trust is only part of the process. Funding the trust by transferring appropriate assets into it is often essential for the trust to function as intended.
Insurance Professional
Life insurance, disability insurance, and long-term care insurance can all play an important role in protecting your family.
An insurance professional may help determine whether your current coverage is adequate to:
- Replace lost income.
- Pay off debts.
- Provide liquidity for your estate.
- Cover long-term care expenses.
- Protect surviving family members.
Healthcare Providers
Although healthcare providers don't draft legal documents, conversations with your physician can help you make informed decisions about your Healthcare Power of Attorney and Advance Directive.
Understanding your medical wishes ahead of time allows your chosen healthcare agent to carry out your preferences if you're unable to communicate them yourself.
Family Members
While not every detail of your estate plan needs to be shared, discussing your wishes with trusted family members can help avoid confusion later.
You may want to talk with:
- The person you've selected as your Executor.
- Your Trustee.
- Your Healthcare Agent.
- Your Financial Power of Attorney.
- Guardians you've chosen for minor children.
Having these conversations in advance often reduces stress and misunderstandings during difficult times.
Your Estate Planning Attorney Brings It All Together
Every professional plays a different role, but your estate planning attorney ensures all of the pieces work together legally.
At Grissom-Plummer Law, we help clients:
- Prepare wills and trusts.
- Draft Powers of Attorney and Advance Directives.
- Coordinate beneficiary designations with estate planning goals.
- Review asset ownership.
- Develop strategies that reflect each client's family, finances, and long-term wishes.
- Work alongside financial advisors, accountants, and other trusted professionals.