09 Jun How do I find a fiduciary I can trust for money help?

Q. How can I find an honest and credible fiduciary? As a senior without much of an estate, I would like to know that I’m making wise tax choices so as not to burden my survivors.
— Looking out for my family

A. We’re glad you’re asking.

A fiduciary is a professional who is held to a higher standard and must make recommendations based solely on what’s best for a client rather than just sell products to earn money.

The right kind of fiduciary for you depends on your specific goals.

If most of your questions revolve around the tax impact of leaving assets to your beneficiaries, it sounds like you would need to speak to a certified public accountant or tax professional who specializes in estate planning and elder care, said Michael Cocco, a certified financial planner with Beacon Wealth Partners in Nutley.

He said you can also speak to a certified financial planner who will act as a fiduciary to help you come up with a financial plan.

“That planner may be able to recommend a couple of attorneys and accountants for you to speak with that they have worked with in the past who can help you,” he said. “Typically, getting a referral from another trusted professional is a better strategy versus just searching the internet or browsing the yellow pages.”

Working with a fee-only financial advisor is another option. These professionals charge for their advice, whether you take it or not, and don’t make money selling investment products to you.

Similarly, an estate or elder care attorney will advise you and work on your behalf to create tax-advantaged strategies and estate planning documents that suit your needs.

Email your questions to .

This story was originally published on June 9, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.