Joe Marullo Insurance & Retirement Services
16818 Doverwood Way
Houston, Texas 77058
Estate planning and financial planning can, at times, be overwhelming. Many individuals are daunted by the complexity of putting together a team of advisors and consultants to help plan for the future. Because no one person is an expert in every aspect of planning for your financial future, it is essential to work with a team of individuals versed in investments, taxes, insurance, accounting, and planning for education, retirement, and retirement business success. Ensuring that you have assembled a capable team means that your hard work is protected; you will have available to you the expertise necessary to craft your estate, care for your estate and pass your estate on to your heirs.
Not every situation requires a full team, and often just putting together a few parts can be enough to start the process. You should consider your situation and how it currently relates to your goals. When considering using advisors, make sure they are necessary for your current plan.
Some team members to consider including are:
A Financial Planner
Creates the roadmap that will guide your interactions with all other team members. A financial planner is handy as they will be specialized in seeing the whole picture and making certain your financial goals work together to maximize your assets. Many Financial Planners also provide a product. If you select this option, make sure you are fully aware of the financial planner’s compensation on their recommendations. Some financial planners only plan and do not provide a product. Make certain you are aware of your options.
A Life Insurance Agent
It can be key to choosing the right policy for your life! Because life insurance policies are offered in so many different configurations, it is important to select a policy that provides you comfort in terms of the company’s strength in offering the policy, its terms, and the amount of the policy. Life insurance agents are compensated based on the amount of premium and the type of policy issued. Make certain you fully understand the contract being considered.
A Property and Casualty Agent
Can create the capacity to protect your physical assets. Loss or damage can be mitigated if you have chosen a sound policy for your situation. Often it is intelligent to ask for multiple bids on any specific asset to be insured.
A Health and Disability Specialist
It is an essential component of your team as you are planning for your future. The three most common components of a productive plan with regards to your health and disability are insurance that protects you should disability keep you from working for a period of time, insurance that pays for needed medical care, and insurance that long term medical care in the case of severe health problems or disability.
An Investment Specialist
It will provide you with ease in the face of an almost overwhelming array of investment choices. Because each investment creates different risks and brings various benefits, it is important to have professional guidance in choosing the best options for your purposes. The financial planner can also be an investment specialist.
A Tax Specialist
I will make certain your money is working for you to the greatest extent possible. Effective handling of tax issues can significantly affect how effective your financial plans play out. Proper tax planning is essential in any estate or financial plan; make sure you fully understand what future tax liabilities might be assumed.
An Estate Planning Attorney
They can draft a basic will, but they can also guide the intricacies of estate planning. This expertise can save you and your heirs' much grief and a great deal of money in taxes, probate fees, and administrative costs.
A Trust Administrator
Should be part of your estate planning if you have chosen a bank or trust company to be the executor of your will or the trustee of your trust. If children, a disabled family member, or an elderly family member needs someone to assist them with their finances, a trust administrator is generally used. Make certain you fully understand the fees and expenses before entering into any trust management agreement.
A Planned-Giving Specialist
I can help you find ways to get the most from supporting charitable institutions as part of your estate. Lifetime gifts and/or bequests benefit not only the work of the charities you support but also your heirs.
Of course, the most important member of your financial team is you; the other team members are there to give you guidance based on expertise, but you will be the one who makes the decisions after careful review of all recommendations. Choosing your team now can mean creating a stable estate that sees you safely through the future and allows you to leave a healthy estate to your loved ones.
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