Financial Advisors are trained and educated to advise
you on many things that may have a bearing on achieving
your short and long-term financial goals. For example, inheritance
taxes are State taxes that heirs must pay on the value of
their inheritance. Estate taxes, by contrast, are levied
by the State or Federal Government on the estate itself
and require that the estate pay. Your advisor can help you
choose the right product and the best way of buying those
products to minimize taxes and to ensure that what you have
worked so hard to accumulate is preserved and distributed
according to your wishes.
Ask friends, relatives and business associates for their
recommendations of companies and their choice of advisor.
Life insurance agents must be licensed in all states.
Anyone selling variable life insurance products must also
be registered with the National Association of Securities
Dealers, and have additional state licenses. Most life insurance
agents work hard to earn their Life Underwriter Training
Council Fellow (LUTCF) certificate and usually continue
studying to qualify for the Chartered Life Underwriter (CLU)
designation.
Someone who is a Financial Planner can qualify for the
Chartered Financial Consultant (ChFC) and or Certified Financial
Planner (CFP) designation(s). Ask if they are members of
the Registry of Financial Planning Practitioners.
Choose someone that you and your family is comfortable
with. If you aren't sure he or she is providing the services
you want, interview other agents or financial planners.
It depends on the size and complexity of your net worth.
Some CPAs or RIAs are specialized and have the knowledge
and experience to assist in financial planning and critical
business decisions, not just tax preparation. An estate
lawyer guides you through the process of setting up your
will, and any Powers Of Attorney forms necessary for your
family and/or business to continue with their daily life
or operations while your estate is undergoing probate.
