Tuesday, March 25, 2014

6 Reasons to Hire a Fiduciary

Greetings all.  I have a special surprise for you today--a guest blog from Frank Fiorito of  Exclusive Estate Administration.  You can learn more about him and his company at eeadmin.com.

Here are 6 great reasons why you may want to consider using a fiduciary.  Enjoy!  Laura

Have you ever wondered how you are going to secure your financial future? Are you prepared to protect your assets? Although these questions may seem overwhelming, we have a few crucial reasons why you should hire a fiduciary today!

Reason #1 – Experienced “Neutral Party Professional” = No conflict between beneficiaries.
Everyone has heard at least one story about family members fighting over their parents’ estate assets after they pass away. Sometimes these stories result in bitter lawsuits and ruined sibling relationships. Why spend thousands of dollars on legal fees, when there is a much more cost-effective alternative that may also save your family’s relationships.

When coping with a parent’s declining health or recent passing, emotions are at an all time high. When high emotions are combined with the stress of completing the very demanding and time-consuming estate administration process, it is fairly common to see arguments between siblings.
Before you list your child or a non-licensed fiduciary as your Power of Attorney, ensure that they have the knowledge and experience to do so. Licensed and bonded fiduciaries are a great resource for assisting the elderly with their daily finances and bill paying. Many cases of financial elder abuse can be avoided by hiring a licensed and bonded fiduciary.

It is your responsibility as a parent to ensure that your entire estate plan is precise and clear. Ambiguity in your Will or Trust oftentimes leads to disputes between beneficiaries. Don’t let this happen to your family! Let an experienced fiduciary take care of all your estate management needs, we will keep the beneficiaries updated every step of the way.

Reason #2 – Save TIME.
Being named as the executor in a Will (or trustee in a trust) can be extremely time consuming if you have little or no experience doing it.  Have a knowledgeable fiduciary guide you through the estate process. Our newest service EEA Estate Coach provides you with 1-on-1 accesses to a licensed fiduciary.  Have a question? Call today and speak with a fiduciary to get your estate questions answered at a reasonable price!

Reason #3 – Avoid probate.
Have our fiduciary work with you and an “EEA Preferred” estate-planning attorney to create a strategic estate plan that is customized to help you avoid probate. We have helped many of our clients save thousands of dollars by avoiding probate. We are happy to help you do the same!

Reason #4 – Peace of mind.
In knowing that the distribution of the estate will be done according to the exact wishes stated in the Will. Have the assurance that your estate will be distributed efficiently and properly so that your assets avoid going into probate (where they are taxed) and usually delegated contrary to your intended wishes.

Reason #5 – Save Money.
Many families who attempt to “save money” by designating an inexperienced sibling or beneficiary as the executor, end up losing far more due to assets going into probate and/or not having their assets held in appropriate trusts to avoid heavy estate taxes.

Reason #6 – Experienced Professional Oversight.
Whether it is overlooking a life insurance policy, 401k, investments, forgetting to claim entitled benefits, or failing to file required estate documents on time, there is no need to worry any more!  Our professionals will ensure that everything is accounted for and that you and your family are in the best position to deal with what is important.

EEA is a great company and Frank Fiorito is one of a very short list of fiduciaries I recommend to our clients.

Tomorrow we'll talk about what it means to use hospice and how it can be of benefit.  Have a great rest of the day and be well.  Laura  www.altagolden.com
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