Maximizing Your Wealth Through Collaboration

Estate planning is an intricate, long-term process involving multiple parties, from wealth managers to attorneys. If you want to have a smooth planning experience and an optimal estate plan, encourage your advisers to collaborate every step of the way.

Each adviser has a specialized role in preserving and growing your wealth.

Your attorney may assist in forming trusts and other entities to protect your assets, while your wealth manager offers financial and investment advice. Meanwhile, your accountant works to understand your goals and analyzes financial models before advising you on planning decisions. With this knowledge, your accountant can help develop an estate plan addressing how to distribute your property to your beneficiaries in the most tax-efficient manner.

When these advisers join forces and make a concerted effort to mold your estate plan, your plan strengthens. Benefits of collaboration include clearer communication channels, quality data and information, and a united, team-focused dynamic that can weather unexpected occurrences. If your wealth manager retires, for example, a collaborative team of advisers can quickly bring your new wealth manager up to speed.

So, how can you facilitate collaboration among your advisers? Attorney and author Martin M. Shenkman provides insights in a recent article in Practical Planner, including:

• Authorize and direct your advisers to collaborate
• Replace advisers who refuse to collaborate
• Invite other advisers to meetings

Are you interested in developing your estate plan in a more collaborative manner? Contact us for more information.