Cooperation among your advisors

Cooperation among all your advisors is critical to the success of making your wealth endure now and after you’re gone. This cooperation is best served by a leader you trust who can coordinate the team you choose to serve your purposes now and later.

When this team is put in place early in the planning process you get a greater return on investment that allows you to solve and overcome issues and potential problems. In doing this you will not be leaving problems to be solved by a grieving family when you’ve passed on.

The cooperation allows for your team to create a truly comprehensive plan that will allow you have confidence and peace of mind now and ensure your wealth will endure into the next generation and beyond.

You’ve worked hard and dedicated yourself to your success, and now that same dedication and commitment needs to be brought to your wealth planning. This is the first commitment you and your spouse need to make in order to ensure you’ll create Wealth Without Regrets.

It’s important that all of your advisers – legal, financial, managerial, and others – work together to avoid many of the pitfalls that come up without proper estate planning. On her blog for the Minnesota firm, Unique Estate Law, attorney Chris Tymchuck outlines a number of important issues you need to consider when setting up your estate plan.  These include limiting taxes, making sure your assets go where you want them to go as your creditors are paid, and having enough cash flow to pay routine bills and expenses.

And as a law professors blog points out, this cooperation between advisers should continue after death, in part because they can work together to solve problems that may not have been addressed earlier, or that have popped up as situations change. This allows the various professionals to work together in your interest to do what they do best.

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