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Estate and Trust Services: Why a CPA is Essential to Your Team (Video)

Posted by Tammie Yearwood on Tue, Feb 12, 2019

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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.

Watch the video below, or read on for more information:

estate planning questionnaireOur 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. 

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Topics: Estate and Trust Services

Concannon Miller’s unique, holistic and intimate approach to financial health sets us apart from smaller CPA firms with more limited resources as well as mega firms where mid-sized clients struggle for attention. Contact us here to talk about improving your business.

This communication is designed to provide accurate and authoritative information in regard to the subject matter covered at the time it was published. However, the general information herein is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purposes of avoiding tax penalties.

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