Certified Public Accountants (CPAs) or other tax professionals can play an important role in estate planning. Estate planning should always include an analysis of the individual’s taxable estate and a conversation about the consequences of the structure of the estate plan on taxes.
CPAs are often already involved in the annual review of the client’s assets, income, and liabilities. This knowledge can inform any decisions about any tax implications that may result from the client’s estate plan. If issues of estate taxes or passing on income to beneficiaries exist, that should be something to discuss with your estate planning attorney.
Often, you can take actions now that may help to simplify the administration process later, but many of these actions can have tax consequences. Gifting property, adding children to accounts or deeds, and creating Limited Liability Companies (LLCs) are all examples of decisions that should involve a CPA.
The main goal of any proper estate plan should be to transfer assets to your beneficiaries in the most efficient way possible. This means avoiding probate, providing for your designated beneficiaries, and ensuring that taxes are kept to a minimum. Including a CPA in this discussion will ensure all three pillars are solid, and your estate plan will maximize its potential.
Contact Tresp Law, APC today at 858-248-2779 to discuss this and any other estate planning questions you may have in a free consultation.
