When it comes to preparing for the future, one of the biggest mistakes people make is thinking they don’t have enough assets to warrant an estate plan. In reality, most individuals own more than they realize and can benefit from working with a CPA (certified public accountant) to get their affairs in order. A CPA is a licensed professional who meets certain experience, education, and ethical requirements that are regulated by the state. Although they typically specialize in areas related to accounting and tax services, they can also provide invaluable guidance with estate and trust planning. Below is an overview of how a CPA can help protect your assets.

What Assistance Do CPAs Offer With Estate & Trust Planning?

Setting Up a Trust 

If you wish to avoid probate, it’s essential that you properly establish and fund a trust. A CPA can help you decide which type of trust is right for you and your loved ones and make sure it’s set up correctly to distribute your assets. Trusts can be designed to disperse funds according to specific criteria you decide on, as well as eliminate or reduce estate and gift taxes. 

Knowledge of Taxes

CPAs have extensive knowledge of taxes and stay updated on the most current laws. When you’re estate planning, you may not know the tax burden that can be placed on your beneficiaries. A CPA will make sure you’re receiving all possible tax deductions for your estate and trust so your loved ones can receive more of their inheritance. They will also ensure you have enough liquid assets to cover the taxes your estate will owe, preventing your heirs from having to pay out of pocket. 

Familiarity With Your Situation

Generally, people go to the same CPA year after year for tax season. This professional will become familiar with your situation and can advise you on the best financial strategies to take during the estate planning process. They will also know when a life event occurs that requires changes to your estate plan, such as a marriage, divorce, birth of a child, or death of a beneficiary.

Whether your estate is small or large and complex, Dianne M. Saunders, CPA can provide you with estate and trust planning solutions that will maximize your financial wealth and minimize your tax obligations. With nearly three decades of experience, this team of professionals can assist you in developing a customized estate plan that clearly defines your goals. Many residents throughout Litchfield County, CT, have entrusted the CPA firm to help ensure the smooth distribution of their assets. Call (860) 567-3022 to schedule an appointment or visit them online to learn more about their industry background.