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Is There a Difference Between Financial Planning and Estate Planning?


Even though there may be some elements of financial planning and estate planning that overlap, they serve very different roles. Working with a financial planner and an estate planning attorney can help you protect your assets now and in the future. However, there are other benefits of working with professionals to develop a financial plan and estate plan.

Why Do I Need a Financial Plan?

Financial planning involves assessing your current financial situation, identifying financial goals, and developing a strategy for achieving your financial goals. Financial goals might include paying down debt, saving for a home, planning a large vacation, saving for a child’s education, or planning for retirement. Unless you understand your current financial situation and understand various ways of increasing your wealth, it can be difficult to achieve your financial goals.

For many individuals, investment strategies are complicated. They may not understand the various investment strategies and tools that can help them increase their financial wealth. A financial planner understands various investment tools. He can explain your investment options, recommend products, and develop an investment strategy that works best for you.

In some cases, individuals may have difficulty seeing the bigger pictures or honestly assessing their current financial situation. A Michigan financial planner has an objective eye to assess your financial situation, identify areas that need improvement, and devise a plan to help you correct problem areas.

Isn’t Estate Planning the Same as Financial Planning?

No. Estate planning may involve some of the same goals of financial planning (i.e. asset protection and tax planning), but estate planning also includes planning for long-term care, distribution of assets upon your death, protecting heirs, and making health care decisions. Financial planners are typically not estate attorneys. Therefore, they cannot give you legal advice nor draft the required legal documents necessary for an effective estate plan.

A comprehensive estate plan ensures that your wishes regarding your property are carried out after your death. It can also protect assets during your lifetime from creditors and other parties. Your estate plan provides for minors after your death and allows you to make health care decisions now while you can still speak for yourself regarding end-of-life medical treatment.

Failing to have an estate plan can result in unnecessary court intervention into your personal affairs. It can also result in a costly, time-consuming fight between your family members about your desires for your estate after your death.

Do I Need a Financial Planner and an Estate Planning Attorney?

Yes, it is wise to have both a financial planner and an estate planning attorney help you as you plan for your future and provide for your loved ones. In most cases, this involves hiring two different individuals. However, by working with The Castle Wealth Group, you receive guidance and advice from a holistic legal and financial advisor.

Christopher J. Berry is a Certified Elder Law Attorney (CELA) who provides experienced estate planning services to his clients. He is also the founder and CEO of Castle Wealth Group, which is made up of qualified financial professionals who can help you with all your financial planning needs.

By offering services in five key financial planning areas, Castle Wealth Group ensures that you have a comprehensive plan that helps you feel confident about your financial future. We assist clients with:

  • Income Planning
  • Investment Planning
  • Tax Planning
  • Health Care Planning
  • Legacy Planning

If you have questions, call (844) 885-4200 to speak with a knowledgeable representative.

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