14 Jun Estate planning should be top of mind at any age

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An experienced CPA can make a big difference in estate planning

 

Many people may not understand much about estate planning until the scenario is presented to them. In most cases, estate planning should be a proactive decision for a secure future. Like financial planning for retirement or any long term goal, an estate plan should be an essential task that should be handled with experience and trust.

At DVF, our team is comprised of tax professionals and CPAS who meet with clients on a regular basis to discuss their estate planning goals while minimizing their income and transfer taxes. While there are many facets to estate planning, there our common aspects that are relative to most individuals during the first stage of developing a plan.

Within our team, there are several practice areas that we address to get a clear picture of your needs. When looking at the role of a CPA in the process, a CPA can assist with the structure and formation of trusts. By forming a proper plan, an individual can set up a trust where assets will remain within the family in some form.

Other services a CPA can provide include the review of wills related to estate planning goals and tax consequences. Many individuals desire to keep assets in the family and understanding the ins and outs along with tax codes is key. When developing a plan, an individual can dictate who may receive certain assets among other essential criteria.

DVF can also assist with the development and formation of gifting programs, business succession planning and structuring asset ownership to achieve the most favorable tax consequences as well. If there is not a proper plan in place for a business owner, there is a chance the given individual could lose the business if a successor is not named.

Our CPA professionals in Murfreesboro and Lebanon, Tennessee work as a team with the client’s attorney and other professionals to ensure smooth coordination of all aspects of an estate plan. If you are interested in estate planning, feel free to contact our Murfreesboro estate planning team or our Lebanon office.