Why CPAs are Critical for Estate Planning

Some are still not aware of the fact that Certified Public Accountants (CPAs) are critical for estate planning. They are also the most trusted and most reliable accounting advisors available today. They understand the need for continuity after the life of clients and play a critical role in estate planning.

Below are some of the essential points to consider why CPAs are critical for estate planning:

  • CPAs Help Clients Prevent Making Expensive and Costly Mistakes

CPAs have valuable tax and financial knowledge related to estate planning. By understanding the long- and short-term objectives of a client and applying their knowledge of estate planning, CPAs can help clients avoid costly mistakes.

  • CPAs Can Provide Ongoing and Valuable Planning Assistance

Estate planning mainly involves gifting, succession planning and valuation of assets. And thus, these processes may take a huge amount of your time and you will have to be more involved in the process. CPAs can help lighten this burden by providing valuable assistance.

  • CPAs Help Monitor Administrative Issues

A CPA can help monitor the trustees of family members. This way, the trust is completely and properly funded.  The recordkeeping and trust annual reporting are also best administered by a CPA.

  • CPAs are Focused on Driving an Estate Planning Strategy

When you hire a CPA, he can simply coordinate with a client including an insurance professional to further provide a good flow of cash. He can also build a plan to help other assets become liquid, like creating a buyout plan between stakeholders and family members of a family business.

  • CPAs Keep You Educated

If nothing else, CPAs keeep you educated about your options. If estate planning isnt' right for you, certainly it doesn't hurt to know more about succession planning, management, buyouts and liquidity analysis.

In conclusion, a great CPA can best introduce and administer your estate plan, be a nice buffer between family members, and can keep you abreast of the changing landscape of estate planning.

11 May 2016


By CPAs.net
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