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Andre Pennington, founder of Pennington Law, PLLC and a registered financial planner®, recently published an article explaining the importance of financial planning as a core component of a comprehensive estate plan in Forbes Magazine.
Estate planning attorneys sometimes overlook the importance of financial planning when developing strategies to maximize their clients’ wealth and ensure a stable legacy, Pennington writes. Focusing solely on future planning and its tax implications can create vulnerabilities in a client’s overall estate plan.
To combat these potential pitfalls, Pennington encourages lawyers to think of estate planning as a three-legged stool, with each leg representing a key component in comprehensive client services: estate planning, financial planning, and tax planning. “Remove any one of these things and the whole thing falls over,” he writes.
However, when an estate planning attorney combines their legal knowledge with a financial certification, they can learn new strategies that can optimize tax savings for clients, preserve their wealth, and keep them on a stable financial footing in the present day and as they age. These additional credentials allow attorneys to protect their clients more effectively while building a strong and profitable practice so everyone benefits.
About Andre Pennington
Andre Pennington is the founder of Pennington Law, PLLC, an estate planning, estate litigation, and wealth management law firm based in Surprise, AZ. Also a licensed financial professional, Pennington’s professional interests include retirement protection and growth, wills, trusts, estate administration, guardianships/conservatorships, and estate litigation. He was accepted to the Forbes Financial Council as an Inc. 5000 Entrepreneur in 2024.
To learn more, visit https://www.penningtonestateplanning.com/.
