It's common to turn to a certified public accountant (CPA) to handle taxes or bookkeeping needs. Yet, their skillset and industry knowledge also makes them a valuable ally for the planning and management of estates and trusts. Whether you run a family business or have personal assets you want to pass on to your loved ones, here are three reasons to seek the help of an accountant. 

Why Choose an Accountant for Estate & Trust Management

1. Stay Ahead of Tax Laws

When you create an estate and move assets into it, it makes the inheritance distribution process easier upon your death as your survivors can bypass the hassle of probate. However, it doesn't make tax preparation any easier; in many cases, it's actually more challenging.

If mistakes are made, the estate faces costly penalties and fines. Fortunately, part of a CPA's job is staying up-to-date on the latest tax laws and making sure their clients are in compliance. 

2. Take Advantage of Credits & Deductions

Working with an accountant also boosts your savings opportunities. Their industry experience offers them valuable insight into potential credits and deductions, which they can ensure you've exhausted all options to reduce the organization's tax liability. As a result, estates and trusts can end up saving a significant amount of money. 

3. Reduce Audit Stress

The IRS' computer system automatically screens returns for both individuals and entities for possible issues, such as irregularities. In some cases, substantial changes, like the transfer of assets to a trust or estate, may trigger an audit.

By working with a professional in the field, you not only have the peace of mind that everything is correct, but you also have the added benefit of them representing you. Whether by mail or in-person, they can field all questions and guide the auditor through the return. 

If you need assistance with estate and trust planning or management, reach out to the team at Dianne M. Saunders, CPA. For over 25 years, the full-service CPA firm has provided dependable financial guidance to residents and businesses across Litchfield County, CT. The knowledgeable team is committed to personalized attention. Learn more about their accounting services by visiting them online or calling (860) 567-3022.