Charlotte Financial Planning Lawyers

An important part of estate planning involves financial planning. Creating a personal financial plan involves more than just saving money and making a budget. Estate planning and financial planning go hand-in-hand. Not only will you plan for the future, but you will also be able to implement practices that protect your assets now. Part of financial planning involves planning for retirement. As housing expenses and long-term care facility expenses continue to increase at steady rates, it is important to develop a plan for living comfortably during your retirement.

At Arnold & Smith, PLLC, we do not treat our clients in a piecemeal fashion, only helping them with one individual matter. Instead, we like to look at the big picture and help our clients develop a comprehensive estate plan. Part of a comprehensive estate plan includes financial planning. When we help clients with financial planning, we help them preserve their wealth and achieve all of their long-term financial goals. Financial Planning and estate planning go hand-in-hand.

One of the services we offer our clients is financial plan reviews. When we work with families on estate planning, we also discuss their situation and ensure that their estate plan reflects their families’ current financial needs and goals. When situations change, many of our clients need different types of estate plans. For example, when a spouse passes away unexpectedly early, the surviving spouse may need to re-evaluate his or her financial plans and estate plans. In that case, the surviving spouse may need to sell their home and move into a more affordable home. The surviving spouse may also have to update their financial plan that accounts for the family’s loss of income.

When we engage in financial planning, we will think of all of the details that our clients may have forgotten. For example, if they have experienced a life change, such as divorce or adoption, we will review their beneficiary designations on their retirement plans and IRAs. In many cases, our clients forget that they have beneficiary designations, leading to complications. 

For example, suppose a man designated his spouse as his beneficiary on his 401K retirement plan. The couple ended up getting divorced, and he forgot to change the beneficiary designation. If he passes away, his ex-wife could inherit his 401k even though he would not have preferred for her to remain the beneficiary. We will help them ensure that they are taking advantage of any relevant estate planning or tax law changes.

If you are using a trust-based estate plan, we will ensure that your trust adheres to all relevant North Carolina laws. We will also review all of your assets and make sure that they are properly titled in your living trust. Suppose you have any questions about your trustee, or you are concerned that your trustee is not fulfilling his or her fiduciary duties. In that case, we will evaluate the situation and provide our legal expertise. Should the North Carolina legislature pass any laws related to your trust or retirement plan, we will contact you and inform you of those changes.

Similarly, tax laws frequently change. Busy North Carolina residents cannot always stay on top of local and federal tax law changes. At Arnold & Smith, PLLC, we stay informed about all tax and estate planning changes to benefit our clients. It is wise to review your estate plan at least once a year to ensure that you are not missing out on tax benefits that could help you now and in the future. If we review your estate plan and find any red flags, we will enact the changes necessary to keep your plan updated and as beneficial as possible.

Our lawyers are very friendly and ready to communicate effectively with our clients. We want our clients to feel confident that their estate plans will fulfill all of their needs and future goals. We answer our clients’ questions and pay attention to their concerns. If we discover a way for our clients to save money, we will inform them of the opportunity.

Whether you need to create, update, or review your estate plan or you have questions about financial planning, we are here to help. Contact the financial planning lawyers at Arnold & Smith, PLLC, to schedule your initial consultation at our Charlotte, Mooresville, or Monroe office.