Orange County Estate Lawyer Answers, “Should I Involve a CPA With My Estate Plan?”

Often when people hear the term “estate planning,” they think it only applies to the very wealthy. However, anyone with assets or personal property should have an estate plan, which can include real estate, investments, cars, and savings. Orange County Estate Lawyers suggest if you want to ensure that your assets and personal property will be passed on to your loved ones after you die, you need an estate plan. Creating an estate plan requires input from a team of professionals, which would include an attorney, a financial advisor, and a CPA.

How a CPA Helps with Estate Planning

A Certified Public Accountant (CPA) is an accounting professional who is licensed by their state to provide tax preparation, financial planning, auditing, and litigation consulting services. CPAs bring value to the estate planning process by providing tax and financial advice that can guide you in making informed decisions to help preserve your estate for your heirs. This may include:

• Tax advice – Every decision you make regarding your estate has tax implications. With current high rates of taxes and changing tax laws, understanding and considering tax implications is critical to preserving your wealth. A CPA can help you minimize taxes while maximizing the value of your estate.
• Financial advice – Inflation and housing prices are at record highs. These types of market conditions can significantly impact the current and future value of your estate. CPAs are up to date on market trends and can provide advice on how future market conditions may affect the value of your estate. Being informed can help you make the best decisions on how to protect your wealth.
• Trust planning – A trust can be used in addition to a will to minimize taxes, protect your assets, and reduce the cost and time taken to settle your estate after your death. An attorney can set up a trust, but you need the advice of a CPA to determine which type of trust is most relevant and beneficial for your specific circumstances. A CPA will also provide advice on using a trust to minimize taxes while following tax rules.

Involving a CPA early in the estate planning process is essential to creating a plan that protects your wealth and assets for your heirs. Furthermore, in the event of your death, your CPA will be able to provide advice and guidance to the executor of your estate and help them ensure that your wishes and intentions are fulfilled.

Our Firm Has Both Estate Planning and Tax Professionals! 

When creating your estate plan, you need to consult with various professionals to obtain quality advice and guidance that will help you preserve your estate for your heirs. The good news is that we have both attorneys and CPAs all under one roof here at Copenbarger and Copenbarger, LLP! We are able to offer the financial and legal guidance you need– saving time and the expense of working with two separate teams. 

If we can help you with your tax or estate planning needs, please feel free to schedule a consultation at our Orange County estate law firm or at one of our other locations throughout the state of California by calling (800) 244-8814.

If you have any further questions about asset protection planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at our California asset protection office at 800-244-8814 to set up a consultation.