Unless you’re lucky enough to win the lottery or be the recipient of an inheritance, becoming financially independent takes a substantial amount of planning, dedication, and discipline. But what a huge accomplishment when you get there! As you work toward financial independence and building wealth, it may be necessary to engage professional help to ensure the wealth you build is protected.
When your hard work has finally resulted in the accumulation of significant assets, a sound estate plan and a tax strategy play a large part in maintaining the wealth you’ve built. These plans also protect that wealth for your loved ones by passing on your financial legacy. Here are two professionals to consider working with when considering your path to long-term financial independence:
Estate Planning Attorneys. Estate planning can be complex, especially if you have special circumstances, like a second (or later) marriage, you own one or more businesses, or you have a disabled family member, for example. Consulting with an estate planning attorney may be a necessary step in ensuring you’re doing everything you can to protect and maximize your wealth.
Estate Planning Attorneys are accredited professionals who can help you create legal documentation. A will is just a start! Estate planning attorneys can also help with trusts, health care directives for dependents with special needs or end-of-life situations, powers of attorney, and more. Tax Advisors. Tax advisors are professionals who provide tax guidance to households and businesses. Look for a CPA (certified public accountant) or EA (enrolled agent) designation. CPAs are qualified in all areas of public accounting, including taxation and auditing. EAs, on the other hand, specialize only in taxation. These professionals can identify ways to maximize your portfolio and minimize tax burden.
As you continue along the path to financial independence, consider meeting with these specialized professionals to go over your specific financial needs, rather than assume you don’t need one. Engaging with these professionals early not only can have an impact on reaching financial independence sooner, but also protect the wealth you’ve built up to this point. We’re always happy to introduce you to trusted professionals in these two areas if you need recommendations. Just give us a call!