A study from Bank of America Private Bank showed that the majority of the country’s wealthiest individuals have at least a financial advisor, and two-thirds of this population work with multiple advisors. In fact, 61% of respondents to the survey said they have a financial advisor or wealth manager, 55% said they have an attorney, 44% have an accountant. The data shows that this population is aware that professional advice is essential to financial security.
The truth is that reaching a financial goal is great, but accumulating money or assets without having a plan can still put your family at risk. That is why it is important to create a comprehensive financial plan with the help of a few key professionals. Having an Estate Planning Attorney, a CPA, and a Financial Advisor’s expertise will contribute to a well rounded financial plan. Each brings something essential to the table, and when they work together clients benefit from a plan that’s legally sound, tax-efficient, and aligned with their long-term goals.
Below is a clear look at what each professional does, what they don’t do, and how they work together.
The Estate Planning Attorney
An Estate Planning Attorney builds the legal framework that protects a client’s assets and family. This includes preparing wills, trusts, powers of attorney, and healthcare directives, documents that shape what happens both during incapacity and after death. They also advise on things like how assets should be titled and how to structure an estate to avoid probate or simplify the administration process. Some attorneys also provide guidance on tax issues tied to estate planning, such as capital gains, estate taxes, and certain income tax considerations.
But what they don’t do is just as important: they’re not the ones who give investment advice or manage accounts, and they don’t prepare tax returns. Their focus stays on legal planning and documentation.
When it comes to collaboration, Estate Planning Attorneys lean on financial advisors to understand a client’s goals and existing account structure, and they rely on CPAs to make sure the legal plan fits within tax laws and doesn’t create unintended tax consequences.
The CPA (Certified Public Accountant)
The CPA is the tax expert of the team. They handle tax planning, prepare returns, and guide clients through the tax implications of financial or estate decisions. Their role ensures that strategies stay compliant with IRS rules and help minimize tax liability.
But CPAs don’t draft legal documents like wills or trusts, and they generally don’t manage investments or provide broad financial planning outside of tax considerations.
To support the larger plan, the CPA collaborates with the Estate Planning Attorney to make sure tax goals are reflected accurately in legal documents, and with the Financial Advisor to help create tax-smart saving, investing, and retirement strategies.
The Financial Advisor
A Financial Advisor is responsible for the big-picture plan. They help their clients map out retirement goals, build investment strategies, assess insurance needs, and stay on track with budgeting and cash-flow planning. Their job is to ensure that accounts and investments match the client’s long-term objectives and to provide ongoing guidance as life changes.
They don’t, however, give legal advice or draft estate documents, and they don’t prepare tax returns or offer detailed tax compliance services. The best advisors know when to bring in an attorney or CPA to keep everything accurate and within proper boundaries.
Financial Advisors work closely with Estate Planning Attorneys on beneficiary designations, account titling, and tying the financial plan into the estate plan. They also coordinate with CPAs to design tax-efficient investment and withdrawal strategies.
“We were continually impressed by the breadth of knowledge and attention to detail that Trent and his crew applied to every step of the process, working seamlessly with our financial planner. We are thrilled to have this critically important task completed. It’s a huge relief.” -Whit
How All Three Work Together
When these three professionals operate as a team, each with clearly defined responsibilities, clients get the best possible outcome. The attorney handles the legal strategy and documents, the CPA oversees tax planning and compliance, and the Financial Advisor manages overall planning and investments.
This collaboration doesn’t mean they replace one another, it means they communicate. For example, an advisor may spot an estate issue and the attorney will draft the appropriate solution, while the CPA ensures it aligns with tax laws. Or the CPA may identify a tax concern that prompts the advisor to adjust the financial plan, leading the attorney to update documents if necessary.
The Benefits
Working with these three professionals, clients receive advice that’s accurate and tailored to their long-term well-being. Issues are identified sooner, because each professional views the client’s situation through a different lens. And the end result is a coordinated strategy that protects assets, minimizes taxes, and creates lasting benefits.
If you are looking to create a comprehensive financial plan, give us a call today to schedule a FREE discovery call. Your family is worth protecting, and having an expert estate planning attorney is critical to ensuring security for those that you love.
“We engaged Linville Estate Law to educate, prepare and execute our Trust, Wills, Power of Attorney, etc. Trent and the team were extremely professional and efficient throughout the process. We would highly recommend!!!” -Deborah
