How Does a Financial Advisor Assist in Estate Planning?

The role of a financial advisor involves examining the financial impact of an estate plan on clients. They provide creative & strategic recommendations accordingly.

Estate planning is the process of transferring property, investments, or other assets from one generation to the next.  Proper estate planning ensures that the estate passes on to the family members or down the hierarchy in a smooth manner. In this process, a financial advisor might be crucial.

A financial advisor plays a crucial role when it comes to forming an estate plan. They focused on the client’s finances, and help prevent important financial information and procedures from slipping through the cracks.

Let’s explore some significant facets of a financial advisor’s role in estate planning and how you can help clients (established high net-worth (rich) people and growing business owners) plan for retirement and beyond. Some of the basic features of estate planning are:

  • Determining how an individual’s assets will be preserved, managed, and distributed after death or become incapacitated.

  • making a will, setting up trusts and/or making charitable donations to limit estate taxes, and setting up funeral arrangements.

  • Prepare the legal document that provides instructions on how the property and custody will be passed to minor children after death.

  • Making strategic advice to limit taxes on an estate

    img_9760

Financial advisors play an important role in the entire estate planning process. Here are some of the most vital areas where they can help clients as a financial advisor. 

Retirement Planning

A professional financial advisor can help set up retirement accounts for clients. They explain the tax benefits and beneficiary details for each client. Professional estate planning in Mississauga also helps clients decide which type of account is best for their specific situation, financial goals, and budget.

tim-haunn-and-mark-landers

Updating Beneficiaries

Since most estate planning involves investment accounts, retirement accounts, and insurance policies. These are backed by appropriate beneficiaries. Professional estate planning in Mississauga ensures that clients keep these designations up to date. They can provide recommendations for adjusting beneficiaries after any significant life change, such as a divorce, remarriage, or death of a loved one. 

Considering Significant Life Changes

A substantial life change can alter not only beneficiaries but also other aspects of your client’s estate strategy. An expert financial advisor can point out how these changes might affect their financial future. They provide suggestions for adjusting their accounts, income, and the other financial pieces of their estate plan.

img_9803

Planning for Long-Term Care

Long-term care is one of the most crucial components of an estate strategy. Some clients may plan with trusts or Long-Term Care Insurance. Some might wait and conduct Mediclaim planning once they need care. Professional estate planning in Mississauga can help clients with the financial ramifications of long-term care. They help them find a solution that works for their client’s financial situation. 

Conclusion

Professional estate planning in Mississauga works in tandem with individuals to form an estate plan. They suggest advice and tell us how to prepare the documents in the estate planning process. If you are a senior person who wish to learn more about the estate planning process and long-term care planning reach out to an expert & qualified team at Haunn Landers & Co.

Don’t hesitate to give them a call at 905-821-8224!

http://www.mybizweb.com/ontario/mississauga/business-professional-services/haunn-landers-co

https://www.pavelist.com/canada/mississauga/financial-services/haunn-landers-co

https://www.referralsoverbreakfast.com/canada/mississauga/financial-services/haunn-landers-co

http://www.finditinpuertorico.com/canada/mississauga/finance-and-insurance/haunn-landers-co

Disclosures

This content is created and provided by a third-party online content writer on behalf of Haunn Landers & Co. and is for general information only. Haunn Landers & Co. does not take any responsibility for the accuracy of this article.

Comments

Post a Comment

Popular posts from this blog

The Difference Between A Financial Advisor And A Financial Planner In Mississauga

Image
We often use the terms financial advisor and financial planner interchangeably; however, there are distinct differences between these two natures of professionals. It would be wise to know the difference between them before you hire a  financial planner in Mississauga . Who is a financial advisor?  A financial advisor is one who has passed the licensure and certification exams which is necessary to offer guidance about investment and financial matters. They can help you with various monetary decisions, like saving for retirement, purchasing a house or investing funds in a business. They may also help you to have insurance coverage and help you to have the best strategy for estate planning. Who is a financial planner?  A financial planner is a distinct type of financial professional who has access to advanced knowledge and tools to develop customized financial plans for you. Their services can include various aspects like saving for retirement or arranging ...
Read more

Grow Your Business with a Corporate Investment Account from Haunn Landers

Image
As a business owner, you understand the importance of investing in your company’s future. That’s where a Corporate Investment Account (CIA) from Haunn Landers comes in. A CIA is a special type of investment account designed specifically for corporations looking to grow their assets. With a CIA from Haunn Landers, you can choose from a range of investment options, including stocks, bonds, mutual funds, and more. You’ll have the flexibility to customize your investment strategy to meet your business’s unique needs and goals. Plus, with Haunn Landers’ expert guidance, you can rest assured that your investments are being managed by seasoned professionals with years of experience in corporate investment. Another benefit of a CIA from Haunn Landers is the tax advantages it provides. With a CIA, your business can enjoy tax-deferred growth, meaning you won’t have to pay taxes on your investment gains until you withdraw the funds. This can lead to significant tax savings over t...
Read more

The Basic Steps Of Estate Planning And Reasons To Work With A Professional For Having The Best Estate Planning In Mississauga

Image
Are you worried about how your assets will be managed after your death? If you are then it would be wise to be with an estate planner and have the best  estate planning in Mississauga . If you do such then it will be sure that your wishes will have proper justification after your demise. Let us know about the steps followed to have the best estate planning. The steps followed to have ideal estate planning  There are a few basic steps that need to be followed to have ideal estate planning. However, the steps can have modifications depending on your specific needs. Assessment of your assets Your estate planner will make a complete list of all your assets. The list will include bank accounts, personal property, real estate, and investments. They will analyze the value and understand if there are outstanding liabilities or debt. Identify the beneficiaries  They will identify the beneficiaries and know from you the proportion of property the beneficiaries will ...
Read more