How can a CPA help with
estate planning?
A CPA can be an important member of your
estate planning team along with other professionals such as attorneys,
insurance agents, investment advisors and bank trust officers.
Your CPA can bring her knowledge of taxes to
ensure that you create a proper estate plan by telling you the tax implications
of every decision you make. This helps you to ensure that your estate
plan minimizes the taxes and maximizes the portion of your estate that will be
passed on to your beneficiaries.
With increasing rates of taxation and inflation
it is more important than ever to have a CPA on your side to make it as simple
as possible for you to preserve your estate. We all work hard to build
our wealth, and it makes perfect sense to start planning the disposition of
your property early in order to ensure that your heirs receive everything
entitled to them when you pass on.
Working with a CPA can also help you to gain
reasonable expectations for the future of your estate. Many believe that
estate planning isn't necessary because they don't believe their estate is too
modest. However, it is possible that your estate can become quite
significant by the time you die. A CPA can use their knowledge of market
trends and finances to help predict the future potential of your estate.
Obviously, predictions are never perfect, but in many cases they are
close. These predictions could help you make informed decisions now.
It's never too soon to start an estate plan.