Financial Advisors and Real Estate Attorneys: Both Should Be on Your Team | Harris Beach PLC

Financial Planners

Later in life, two considerations often come into play: planning for retirement and planning for death and other calamities.

The outlook can be daunting. retirement plan. insurance. tax strategy. Asset protection. Elderly care. long-term care.

Often the hard work starts with one question. Are you a financial advisor or a real estate planning attorney?

what about both?

financial adviser

A financial advisor analyzes your current financial situation, identifies financial goals, and develops strategies to achieve those goals. They specialize in wealth management and advise on strategies regarding financial products and tax incentives.

Some of the services they seem to offer include:

  • Portfolio review and investment strategy
  • personal retirement planning
  • Review and advice on company retirement plans
  • Policy review and recommendations
  • college planning and finance
  • Real estate planning advice

real estate planning lawyer

Financial Advisors help you maximize your wealth, but cannot provide legal advice or provide legal solutions, such as assistance in drafting documents or applying for benefits. Estate planning attorneys can help protect these assets, offer tax-saving strategies, prepare planning documents to protect your wishes, and assist with the financing and execution steps necessary for your plan to work properly. When you’re added to the planning team, they take care of the heavy lifting to ensure you meet your financial goals.

The services they offer include:

  • Draft wills, trusts and other important legal documents
  • establish medical instructions
  • Set up power of attorney
  • Formulation and implementation of tax strategy
  • devise strategies to reduce probate costs

build a team

You may not think you need a financial advisor or estate planning attorney, especially if you have a lot of wealth or no children.

But whether you are a wealthy individual or have limited resources, you may need help extending those resources for a comfortable retirement. Anybody can have a plan for

Do you have a crossover? Indeed, both financial advisors and estate her planners can advise against risky investments and warn adults vulnerable to current financial fraud. However, in many cases, these services complement each other rather than overlap. For example, financial advisors cannot draft wills, trusts, or other legal documents, and attorneys cannot provide investment advice.

So you need both to be successful. Involving both gives you extra peace of mind as you have a second eye watching over your finances and possessions.

Communication is the key. Remember you are the captain of your team. Make sure you are giving both parties the information they need, not just what you think they need. Make sure your team is communicating with each other and sharing information. If necessary, plan joint meetings annually to ensure that everyone is on the same page.

Your peace of mind is worth the investment. Rely on trusted, experienced and knowledgeable resources to protect your future.



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