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Help with finding an estate planning professional…

Home Estate Planning Help with finding an estate planning professional…

  • White.Beard.Doc White.Beard.Doc 
    Participant
    Status: Physician
    Posts: 748
    Joined: 02/06/2016

    I am 59, recently retired from the University Hospital, so far in perfect health. My entrepreneurial endeavors have taken off over the years, leaving me with persistent, substantial annual income (7 figures) and assets (8 figures).  I’ve been winging it, investing on my own all of these years, with a boggleheads sort of approach. Many years back, at a time of limited net worth, we wrote a simple will to take care of child guardianship and directing any inheritance to spouse and then kids.  Now the kids are grown. Our older child is established, financially successful and independent.  Our youngest is finishing his undergraduate degree and considering applying to Med school.

     

    I’m thinking I should meet with a professional to come up with an estate plan.  I generally like to keep things quite simple.  One of the things I value highly is avoiding complexity. Time has much more value to me than money.  I guess I say that because I have more money than I could ever need, but time remains precious to share with family and to do the things I enjoy.  My spouse is a part time teacher who isn’t interested or knowlegable with respect to managing financial assets should I get sick or die first.  We are hoping to come up with a straightforward plan that will allow peace of mind for my spouse.

     

    Does anyone have thoughts or recommendations about the best next steps to take towards estate planning?  What type of estate planner is the best professional? Any suggestions on how to find the right person? Is it possible to keep it simple? Does anyone have experience with the cost range for this type of estate planning service?

     

    I’m traveling in another time zone so everyone on WCI may be sleeping. But if you have any experience with these issues, please share your thoughts.

    #39502 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7306
    Joined: 01/09/2016

    Absolutely, you need to be working with a fee-only financial planner who coordinates with a good attorney whose specialty is estate planning. While the planner need not be local to you, attorneys are not necessarily as up-to-date (although we can hope). If you will pm me your location, I can put out inquiries on the NAPFA and FPA forums (members only) and find a good estate planner near you who has been vetted by otheir members. If you want a f2f financial planner, I can do the same. If you are open to a virtual relationship, there are many fee-only planners available who work with doctors.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #39504 Reply

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