When seeking assistance with finances know the difference between planners and advisers. Planners deal with taxes and estate planning. Advisers deal with budgeting, savings and insurance. Both are able discuss mortgages, mutual funds, financing and major purchases.
Understanding the difference between planners and advisers saves time and energy. If a person received a lot of money and want to know how much money will be paid in taxes consult a financial planner. They can assess how much money needs to be placed in a tax shelter. Find planners at accounting firms that specifically handle IRS filings and returns.
Advisers look at an individual's balance sheet. This process looks at expenses verses income. Reoccurring payments and monthly costs of living are compared to income. When someone wants to make a major purchase future payments become a factor so the person is able to make payments comfortably. If needed the person may need to pay off debt, make new arrangements with creditors or save money. Often it is wise to perform all three tasks.
Any adviser will refer a person to a planner over taking the risk of being wrong about a tax issue. I took estate planning in college, yet tax information is best handled by a planner, executor or certified accountant.
Both planners and advisers work hand-in-hand. Advisers look at the "big picture." Planners have specific information to fill in the blanks. Consult a planner to establish monthly deposits into a tax shelter before consulting an adviser. After this is established an adviser is able to create a well rounded budget. Survival situations are frequently self-explanatory and government offices offer a wide array of services.
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