After acquiring numerous assets and valuable belongings, the need for an up-to-date estate plan becomes very important. When you have an updated plan, you can ensure that the people and causes you care about receive what you intend after you are gone. It is important when making updates to seek the counsel of an estate planner who will work for your particular situation.
Many types of professional advisors can call themselves estate planners-lawyers, financial advisors, life insurance sales people-so be sure to know the credentials of the person you are working with, how they get paid, and their education and experience.
Red Flags
Following are examples of behaviors that should raise a red flag about a professional advisor.
Advisors who won't share information or tell you what they're doing. Pamela Davidson, an attorney in Bloomington, Ind., who specializes in charitable gift planning, says this often happens because the professional doesn't know what to do but won't admit it, or the person neglected to do something such as filing income tax or court documents.
Advisors who pressure you into naming them or their families in documents. Davidson recalls a situation where an attorney gained control over a man who was estranged from his family. When he rewrote the client's will, the attorney named his own son as beneficiary of the estate.
These kinds of problems may pop up more often when the client has no heirs or is separated from people who might serve as a second pair of eyes.
We Can Help
Once you feel confident that your plan is in good hands, consider including a gift to the Jewish Community Foundation of Los Angeles. This can be a simple way to extend the support you have offered throughout your lifetime. We can help you determine how to plan your gift to best fit your needs and ours. Just contact Development Office at 323-761-8704 or development@jewishfoundationla.org.
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One of the best ways to find a potential estate planning advisor is by talking to friends or family. If you already have an accountant, ask if he or she knows of qualified professionals that could assist you with your situation.
Contact Us
We would be happy to assist you in your charitable planning. Contact our Development Office at 323-761-8704 or development@jewishfoundationla.org to learn more about options that may work for you.
These articles are designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the editor and contributors are not engaged in rendering legal, accounting or other professional services. Therefore, the contents should not be applied as legal or financial advice.