CPAs are best suited to evaluate the tax consequences of estate plans. Business owners and other high-net-worth individuals should strongly consider making or updating an estate plan to reduce estate taxes and ensure your assets are distributed according to your wishes.
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Our approach is to being part of a team that consists of us – along with the wealth advisor and the attorney – in order to update or formalize a new estate plan for the client. Overall, we are able to look at the tax consequences of what the estate plan is going to result in.
A person who owns a business or has some wealth, should really consider an estate plan, whether it's creating a new one or updating an existing one. We want to help protect our clients’ wealth and family by ensuring that their future generations will be taken care of.
I have a passion for helping families during their time of need and helping them through the whole process of giving them advice and working with their attorneys and their wealth advisors in determining that everything's going to be OK.
READ MORE: Estate Planning: The Three Most Important Documents You Need
The benefits of a trust is to protect the assets against creditors and to overall reduce estate taxes. The type of trust depends on the individual's situation and it can be different for everyone.
For example, are there minor children? Are there disabled dependents that might need a special needs trust set up?
Are there concerns about divorce in the future or is it a second marriage, where you have children from a previous marriage? And you want to make sure that you're providing for those children, as well as your spouse.
The bottom line is you want your assets to be protected when you no longer can be there.
Concannon Miller provides estate and trust planning services for business owners and other high-net-worth individuals. Read more about our estate and trust planning services here or contact Tammie Yearwood, CPA, at tyearwood@concannonmiller.com or 610-433-5501 for more information.
