1. Accountant

The accountant ensures that the estate plan is financially sound and tax-efficient. The right accountant will:

• Help minimize estate taxes and income taxes during both lifetime and after death.
• Advise on strategies for tax-efficient transfers, such as using tax-exempt gifts, trusts, and charitable donations.
• Assess the financial impact of estate planning decisions and ensure compliance with tax laws.
• Advise on how to structure assets to avoid unnecessary taxation (e.g., considering the step-up in basis for capital gains).

2. Attorney

The attorney drafts the legal documents and structures the estate plan. A dedicated attorney will:

• Create the essential documents such as wills, trusts, and powers of attorney.
• Help with setting up trusts (e.g., revocable or irrevocable) to manage how assets are passed on to heirs.
• Ensure that all legal aspects are considered, including state laws, probate processes, and potential family disputes.
• Advise on estate administration and guide the executor or trustee through the distribution process.
• Establish guardianships or conservatorships for minor children or dependents, if necessary.

3. Investment Advisor

The investment advisor manages the assets in a way that aligns with the estate plan’s long-term goals. An ideal investment advisor will:

• Provide guidance on the financial goals of the estate, such as growing wealth, ensuring liquidity for estate taxes, or preserving assets for heirs.
• Advise on the optimal asset allocation and risk management strategies to sustain the estate over time.
• Help with selecting investment vehicles that fit the goals of the estate, including retirement accounts, insurance products, or real estate.
• Ensure that investments are structured in a way that minimizes estate and income taxes, in coordination with the accountant’s strategies.

Is your 3-legged stool up to par?