The goal of estate planning is to help a client transfer assets to heirs in a financially-efficient manner. To do this successfully, an estate planner needs extensive knowledge in legal, tax, accounting and financial areas. Often times, it takes an entire team drawing from expertise in each of these areas. Clients who own businesses, have philanthropic goals or complex asset holdings may require more sophisticated strategies.
Estate planning is a complicated maze encompassing federal and state laws and IRS rulings. The laws extend through various legal practice areas including real property, domestic law and taxation in addition to elder law and estate planning. With everchanging laws and political climates, estate planning is a highly dynamic practice area requiring constant research and follow up.
Below is a brief overview of the types of credentials possessed by professionals that will comprise a complex estate planning team:
J.D. – Doctorate of Juris Prudence granted to an individual who successfully completes an ABA accredited law school.
C.P.A. – Certified Public Accountant
CTEP– Chartered Trust and Estate Planner. The Global Academy of Finance and Management certifies those that meet the necessary requirements to earn the CTEP designation. Those requirements include an undergraduate or graduate degree in finance, tax or accounting or an MBA or JD from an accredited school plus at least 3 years of experience in estate planning and trusts. Those with this designation often work with high-net-worth clients.
AEP– Accredited Estate Planner. The National Association of Estate Planners and Councils awards the AEP designation to individuals who are licensed to practice law, CPAs or CFPs (certified financial planners) who are in engaged in estate planning roles as either an attorney, accountant, financial planner or trust officer for a minimum of five years.
CTFA – Certified Trust and Financial Advisor. The American Bankers Association designates individuals as CTFAs if they have at least 3 years of experience in wealth management and pass an exam.
As you can see there are numerous credentials with varying requirements in the estate planning profession. Given that it is such a complex field merging law, tax and wealth management together, it is important to understand the credentials and experience of anyone you hire to create your estate plan. At Stouffer Legal, our estate planning attorneys combine knowledge, experience and compassion to help clients accomplish their estate planning and retirement goals. Click here to meet our world class team and discover the credentials of each qualified member. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
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