Collaborate with Wealth Manager & CPA Seamlessly

How the estate planning attorney, CPA, and wealth manager actually work together on Kansas family planning, what each professional contributes, and how to make the collaboration produce better results than working with each in isolation.

Most Kansas families with significant assets work with at least three professionals on different aspects of their financial life: an estate planning attorney for legal documents and structures, a CPA for tax preparation and planning, and a financial advisor or wealth manager for investments and overall financial strategy. Each of these professionals brings specific expertise to specific problems. What often determines whether the family’s overall planning succeeds isn’t the quality of any individual professional but whether the three actually communicate with each other.

When the professionals don’t coordinate, families often end up with plans that conflict, decisions that produce unexpected tax consequences, and a sense that they’re paying three professionals but not getting the benefit of three professionals working together. When the collaboration works, the result is significantly better than any one professional could achieve alone.

After 27 years and 5,423 trusts drafted at The Eastman Law Firm in Leawood, Kansas, we’ve worked with many CPAs and financial advisors on Kansas family planning. Here’s how the collaboration actually works.

What Each Professional Brings to the Table

Understanding what each professional does (and doesn’t do) clarifies why collaboration matters and where each professional adds the most value.

Estate planning attorney. Drafts legal documents (wills, trusts, powers of attorney, healthcare directives, buy-sell agreements). Designs the legal structures that govern asset ownership, transfer, and management. Provides legal advice on estate, gift, generation-skipping transfer, and related tax issues at a conceptual level. Coordinates with Kansas-specific law for the family’s planning. Handles probate and trust administration if the family needs it. Doesn’t typically prepare tax returns, manage investments, or sell financial products.

CPA (Certified Public Accountant). Prepares tax returns (personal, business, fiduciary, estate, gift). Provides ongoing tax planning advice based on the family’s actual numbers and current law. Analyzes the tax implications of decisions before they’re made. Handles bookkeeping and financial statement preparation for businesses. Represents the family before the IRS if needed. May have specialized expertise in business taxation, international taxation, or specific industries. Doesn’t typically draft legal documents, manage investments, or sell financial products.

Financial advisor / wealth manager. Manages investment portfolios, including asset allocation, security selection, and ongoing portfolio management. Provides financial planning analysis including retirement projections, college funding analysis, and cash flow planning. Often handles insurance products (life, disability, long-term care). Coordinates with other professionals on financial aspects of the family’s overall plan. May or may not be a fiduciary depending on the type of advisor. Doesn’t typically draft legal documents or prepare tax returns.

The exact division of labor varies. Some financial advisors do tax planning analysis (though they don’t prepare returns). Some CPAs offer financial planning analysis. Some estate planning attorneys provide some tax planning analysis. But the core expertise of each professional is in their primary discipline, and the most effective collaboration recognizes those primary areas.

How the Collaboration Works in Practice

Effective collaboration among the three professionals typically involves several practical elements:

Initial information sharing. When we begin estate planning work for a Kansas family, one of the early steps is connecting with the family’s CPA and financial advisor (with the family’s permission). This isn’t intrusive; it’s recognition that the planning we’re drafting needs to fit with the family’s overall financial picture. The CPA shares relevant tax information and any specific tax concerns. The financial advisor shares asset information, beneficiary designations, and any specific financial planning goals.

Coordinated review of beneficiary designations. Retirement accounts and life insurance pass directly to named beneficiaries, overriding the will or trust. The financial advisor typically manages these accounts and knows the current beneficiary designations. The estate planning attorney needs that information to ensure consistency. Coordinated review catches mismatches that would otherwise produce unintended distributions.

Tax analysis of estate planning structures. When we’re considering specific estate planning structures (irrevocable trusts, family limited partnerships, charitable remainder trusts, GRATs), the CPA’s analysis of the tax implications is essential before the structure is finalized. The CPA can model the specific tax consequences based on the family’s actual situation; the attorney can structure the legal documents to fit the tax planning.

Estate planning analysis of major financial decisions. When the family is considering major financial transactions (significant gifts, business sales, charitable contributions, real estate purchases), the estate planning attorney can analyze the estate planning implications before the transaction is finalized. The advisor can address the financial logistics; the attorney can address how the transaction affects the overall plan.

Annual or biennial coordinated reviews. Periodic reviews that bring information from all three professionals together help catch drift between the disciplines. The estate plan that fit five years ago may not fit now. The tax strategy that made sense at one income level may not make sense at another. The investment approach that worked at one life stage may not work at another. Coordinated reviews surface these issues.

Real-time coordination on major decisions. When something significant comes up (a major investment opportunity, a business sale offer, a major charitable gift opportunity, a health issue), having the three professionals communicate before decisions are made prevents problems. This isn’t every decision; it’s the ones with significant cross-discipline implications.

What Each Professional Wants from the Others

Practical coordination requires each professional to understand what the others need:

What the estate planning attorney needs from the CPA:

• Current tax positions on the family’s various assets (basis information, depreciation history, tax attributes)
• Analysis of specific tax structures being considered (whether a specific trust structure will achieve the intended tax result)
• Coordination on filing requirements (Form 706, 1041, fiduciary income tax)
• Tax implications of estate planning decisions before they’re finalized
• Annual updates on tax law changes affecting the family

What the estate planning attorney needs from the financial advisor:

• Current asset list including titling and beneficiary designations
• Notification of significant transactions before they happen
• Insurance coverage information including ownership and beneficiary structures
• Coordination on trust funding (transferring assets into trust ownership)
• Updates when accounts are opened, closed, or significantly modified

What the CPA needs from the estate planning attorney:

• Copies of executed estate planning documents (trusts, wills, powers of attorney)
• Notification of trust transactions affecting tax reporting
• Coordination on specific tax planning structures being implemented
• Tax-related provisions in legal documents that affect tax filings
• Estate administration documents when needed for tax purposes

What the financial advisor needs from the estate planning attorney:

• Copies of executed estate planning documents to coordinate beneficiary designations and account titling
• Specific instructions on how to title trust accounts
• Trust authority for the trustees who will manage assets after the grantor’s death or incapacity
• Coordination on insurance ownership and beneficiary structures
• Updates when estate planning documents change

Each professional benefits from receiving information from the others. The family benefits when this information flow happens proactively rather than only when problems arise.

Common Coordination Problems and How to Solve Them

Specific issues that arise without proper coordination, and how integrated planning addresses them:

Beneficiary designation mismatches. The will or trust says assets pass one way; the beneficiary designations on retirement accounts and insurance pass another way. The beneficiary designations control these specific assets, so the family’s actual distribution often differs from what the estate plan intended. Solution: coordinated review by the attorney and financial advisor when the estate plan is created or modified.

Unfunded trusts. The revocable living trust is properly drafted but the assets weren’t transferred into it. At death, those assets go through probate even though the trust exists. Solution: coordinated trust funding work involving the attorney, financial advisor, and (where real estate is involved) title professionals.

Tax consequences nobody anticipated. An estate planning structure is implemented without analyzing the income tax, capital gains tax, or other tax implications. Years later, the family discovers tax consequences that weren’t part of the original plan. Solution: CPA analysis of significant estate planning structures before implementation.

Estate planning consequences of financial decisions. A major financial transaction (large gift, business restructuring, real estate purchase) is completed without analyzing how it fits with the family’s estate plan. The transaction creates estate planning issues the family didn’t anticipate. Solution: attorney involvement in major financial decisions.

Outdated documents that don’t reflect current law or family situation. Estate planning documents created years ago haven’t been updated as the family changed, tax law changed, or asset composition changed. Solution: periodic coordinated reviews involving all three professionals.

Insurance ownership or beneficiary structures that defeat estate planning intentions. Life insurance policies owned individually or with beneficiary designations that conflict with the estate plan can produce estate tax issues or distribution mismatches. Solution: coordinated review of insurance with the attorney, financial advisor, and insurance professional.

For deeper coverage of how estate and tax planning fit together, see our discussion of integration between the disciplines.

What the Family Should Expect

For Kansas families working with us, the collaboration typically looks like this:

Early in the engagement. We ask about your existing CPA, financial advisor, and other professionals. With your permission, we reach out to share information and begin coordination. If you don’t have one of these relationships, we may suggest looking into it, though we don’t have specific professionals we direct clients to.

During estate planning drafting. We may share draft documents with your CPA for tax review before finalization. We coordinate with your financial advisor on beneficiary designations and trust funding. We communicate with your insurance professional on policy ownership and beneficiary structures.

At signing and after. Executed documents are shared with the relevant professionals (with your permission) so each has what they need for their work. Trust accounts get opened with the right titling. Beneficiary designations get updated. Insurance gets adjusted if needed.

Ongoing coordination. When significant decisions arise, we coordinate with the other professionals as needed. We don’t try to make every decision pass through every professional; we coordinate when the issue has cross-discipline implications.

Periodic reviews. When you come back for plan updates (often every three to five years, or after major life events), we discuss what’s changed with your other professionals so the updated plan reflects current realities.

The collaboration works because each professional respects what the others bring while keeping the family at the center of the relationships. Our tax and financial planning work includes this coordination as part of the engagement.

If You Don’t Have All Three Professionals Yet

Some Kansas families don’t have all three professional relationships in place. The right approach depends on the situation:

If you have a CPA but no financial advisor. For smaller and simpler financial situations, working without a financial advisor may be fine, especially if you’re comfortable managing your own investments. As complexity grows (significant assets, business interests, complex tax situations), the value of a financial advisor typically increases.

If you have a financial advisor but no CPA. For most Kansas families with assets, a CPA relationship is worthwhile even if the financial advisor offers some tax-related services. CPAs prepare returns, represent you to the IRS if needed, and provide tax analysis that financial advisors typically don’t.

If you have neither. Starting with a CPA for tax preparation and a financial advisor for investments is a reasonable approach. As complexity grows, the value of professional relationships increases.

If you have all three but they don’t communicate. This is more common than you might expect. The solution is asking each professional to coordinate with the others rather than working in silos. Most professionals welcome the coordination once it’s requested.

What the Free Call Is For

The 15-minute call sorts out your situation and how we’d coordinate with your existing professionals. You describe your circumstances, existing relationships, and concerns. Gary tells you what kind of collaboration would help and what the engagement would involve.

By the end of the call, you’ll know more about your situation than you did when you picked up the phone. Whether you hire us or not.

Frequently Asked Questions

Can a financial advisor help with estate planning?

A financial advisor can help with some aspects of estate planning but typically can’t replace the work of an estate planning attorney. Financial advisors can help with beneficiary designations on accounts they manage, can coordinate investment accounts with trust structures, can help with insurance planning that supports estate planning goals, and can identify situations where estate planning attention is needed. What they typically can’t do is draft the legal documents (wills, trusts, powers of attorney) that form the foundation of an estate plan. In Kansas, drafting legal documents is the practice of law, which requires a law license. Financial advisors who aren’t also attorneys can’t provide that service. The most effective approach for most families is to have both relationships: the financial advisor handles investment management and overall financial planning, while the estate planning attorney handles the legal documents and structures. The two professionals coordinate to ensure consistency. Some larger financial firms have estate planning attorneys on staff who can provide both services within the same firm; for most families, separate relationships work fine as long as the professionals coordinate.

What’s the difference between a CPA and a financial advisor?

CPAs and financial advisors have different training, credentials, and primary functions. CPAs (Certified Public Accountants) are licensed by state boards of accountancy and focus on accounting, tax, and financial reporting. Their primary functions include preparing tax returns (personal, business, fiduciary, estate, gift), providing tax planning analysis, handling bookkeeping and financial statement preparation, and representing clients before the IRS. CPAs in Kansas are licensed by the Kansas Board of Accountancy. Financial advisors are a broader category that includes various credentials (Certified Financial Planner, Chartered Financial Analyst, Registered Investment Advisor, broker-dealers) and primarily focus on investment management, financial planning analysis, and often insurance products. Their primary functions include managing investment portfolios, developing financial plans, providing retirement projections, and selling certain financial products. Some professionals hold both credentials (CPA who’s also a financial advisor); these professionals can provide both services. For most Kansas families, having both relationships (CPA for tax work, financial advisor for investment and broader planning) provides better coverage than relying on one professional for both. The two professionals also serve as checks on each other’s analysis.

What’s the difference between a wealth manager and a financial advisor?

“Wealth manager” and “financial advisor” are overlapping terms that don’t have strict legal definitions. In general usage, wealth managers focus on more comprehensive services for higher-net-worth clients, while financial advisors may serve a broader range of clients with a narrower service scope. Wealth managers typically offer investment management, financial planning, estate planning coordination, tax planning analysis, insurance planning, philanthropic planning, and sometimes private banking services. The minimum asset levels for wealth management engagements are often higher than for basic financial advisory work. Financial advisors may focus more narrowly on investment management or retirement planning. The credentials are similar between the two: both may hold CFP, CFA, or similar designations. The fee structures may differ: wealth managers often charge a percentage of assets under management, while financial advisors may use various fee structures (assets under management, flat fees, hourly fees, commission-based). The functional difference for the client is usually about scope and minimum assets. For most Kansas families with significant assets and complexity, working with a wealth manager who offers comprehensive services may be more efficient than working with multiple specialized professionals.

Do I need separate professionals for estate planning, tax, and financial work?

For most Kansas families with significant assets or any complexity, yes. While some professionals hold multiple credentials (attorney-CPA, CPA-financial advisor), specialized expertise in each discipline typically produces better outcomes than relying on one professional for all three areas. The exception: some larger firms offer integrated services with professionals from each discipline working together internally. For families using this model, the integration happens within the firm rather than across separate relationships. For families with simpler situations (modest assets, no business interests, straightforward family structure), the right approach may be a single estate planning engagement with an attorney plus tax preparation through a CPA, without ongoing financial advisor services. The “do I need” question is really about complexity: as complexity grows (more assets, business interests, multi-state issues, complex tax situations, blended families, charitable planning), the value of having dedicated specialists in each discipline increases. As complexity decreases, simpler arrangements work fine. The right answer depends on your specific situation.

How do estate planning attorneys work with CPAs?

In effective collaborations, estate planning attorneys and CPAs work together in several specific ways. Early in an estate planning engagement, the attorney typically asks for information from the CPA about the family’s current tax situation, including basis information on appreciated assets, tax attributes of business interests, and any specific tax concerns. During the planning process, the attorney shares draft documents or proposed structures with the CPA for tax analysis before finalization. The CPA evaluates the income tax, capital gains tax, gift tax, estate tax, and GST tax implications of the proposed structures. After estate planning documents are executed, the attorney shares executed documents with the CPA so the CPA can coordinate with the documents in ongoing tax work (annual returns, fiduciary tax returns, gift tax returns, beneficiary designations). On an ongoing basis, the two professionals coordinate when significant decisions arise: major transactions, life changes that affect planning, changes in tax law that require plan updates. The collaboration usually requires the family to consent to information sharing between the professionals, but most families understand the value of having their professionals coordinate. The actual mechanics may involve direct phone or email communication, joint client meetings, or written coordination through the family. What matters is that both professionals know what the other is doing and have the information they need.