Because estate planning is a comprehensive matter that involves all areas of your financial life it is unlikely that any one person or resource will meet all of your estate-planning needs. It is more likely that you will want a team of advisors to guide and assist you with various aspects of your planning and will want to consider the following “members” for your team:
Attorney: A lawyer skilled in estate planning is essential. Your attorney will help you create the primary building blocks for your estate plan, such as a will or trust, to fulfill your objectives.
Accountant: Along with your attorney, your accountant will pinpoint important tax issues and help develop plans to deal effectively with them.
Investment Advisor: A good investment advisor can be invaluable as you work to build and preserve your asset base. Your investment advisor can be most effective when he or she knows and understands your overall goals and objectives and works with the other team members to achieve them.
Charitable Gift Planner: Professionals with experience in gift planning, such as Laurie Valentine, trust counsel for the Kentucky Baptist Foundation, can suggest ways to meet your charitable goals that work with and enhance your personal and family goals.
Bank/Trust Officer: You may need management assistance to carry out your plan. A good relationship with a banker or trust officer can be a great advantage in making your plan work.
Insurance Professional: Protection is a crucial aspect of any plan. Competent insurance professionals can make sure all your risks are adequately addressed.
Estate planning is a lifelong process that continues through the accumulation, preservation, and distribution phases of your financial life. You have the opportunity, as a faithful steward of resources God has entrusted to you, to provide for your family members, and Christian ministry causes important to you through thoughtful planning. The staff of the Kentucky Baptist Foundation would be honored to be a part of your estate-planning team. If you have questions, please contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.
Richard Carnes is the president of the Kentucky Baptist Foundation, P O Box 436389, Louisville, KY 40253; toll-free (866) 489-3533; KYBaptistFoundation.org
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.
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