21 Oct Strategic Alliances in Estate Planning

Phelps LaClair is a second generation estate planning law firm with a passion for estate planning in the Phoenix Valley. In a booming economy, like we are currently experiencing, the opportunities for creating wealth are increasing. With greater wealth creation comes a need for greater wealth protection. Financial planning, wealth management and estate planning often go hand in hand when it comes to advising, protecting assets, and transferring wealth from one generation to the next.

Strategic alliances

Strategic alliances are partnerships based on vertical integration, a business concept that is proving to be beneficial for companies and individuals alike. Strategic alliances in the financial arena can often consist of three related business components: financial planning, wealth management, and estate planning. Companies in the alliance benefit from being able to focus on their strengths; clients receive the benefit of specialized service with an integrated approach.

At Phelps LaClair, we focus on estate planning, which is our strength; but we also draw on the expertise of those in the financial planning and wealth management fields. Together, we can better serve the needs of our clients. Here is how it works:

Financial planning

Financial planners are investment professionals who help companies reach their financial goals. They help individuals and companies with advice concerning budgeting, investment and tax planning strategies, insurances, and retirement accounts. They are the first link in the chain.

Wealth management

Wealth management is the second link. These financial professionals work with the individual’s or the company’s financial strategies and goals to analyze investment opportunities versus risk, and advise according to whether the goal is income creation or longer term investment growth. Through market strategies and portfolio adjustments, they can help you diversify your investment portfolio and increase your retirement funds.

Estate planning

The final link in the chain takes the wealth that has been created and passes it on to succeeding generations. This is the specialty of estate planners. Through establishing various kinds of trusts, living wills, long-term care strategies and LLCs, estate planners can custom design bulletproof estate plans for the inheritance that you will leave for your beneficiaries.

As you can see, the chain of strategic alliances focuses expertise where it will do the most good. It is a situation where everyone wins!

Phelps LaClair has been doing estate planning in the Phoenix Valley for 40 years. As always, our desire is to serve our clients with the best solutions for their estate planning needs, and our alliances enable us to bring our clients the best that our industry has to offer. We welcome the opportunity to serve you, as well. Give us a call to set up an appointment. Your first consultation with us is free. Whether your estate is large or modest, we can design the right plan for you. Don’t delay, call us today. Your future may depend on us.

Images used under creative commons license (Commerical Use) 10/21/19   Photo by rawpixel from Burst