An important part of the family’s emergency plan is to make sure you have a plan for when the financial spouse can no longer serve the family in that way, either because they are no longer interested or because of their incapacity.
Tax planning is very different than tax return preparation. The goal of tax preparation is to minimize your tax owed this year. The goal of tax planning is to maximize your after-tax net worth by minimizing your taxes owed over your lifetime.
This designation gives both Schwab and your financial advisor the permission to contact the named individual if either of us were ever concerned that you or your finances were being taken advantage of.