Tax Consultation for Estate Planning and More

If you have ever searched on accountant consultation about estate planning, this article should help. Owning a business is arguably the last and best way to achieve financial independence. That independence includes a comfortable retirement, as well as leaving behind what you can for your family. Securing their financial well-being after you’re gone is important, and it is well worth an accountant consultation.

Tax Consultation Estate Planning Discussion Points

When you sit down with your accountant or tax advisor, a discussion centered on estate planning will touch on several legal and tax related points.

#1 – You need to develop an inventory of your possessions and property.

Knowing what you have is necessary in order to plan for its management if you are incapacitated or disposition upon your death. During your accountant consultation, property that should be a part of estate planning includes:

  • Real estate
  • Personal belongings
  • Vehicles
  • Insurance policies
  • Investment accounts
  • Other high value property or items
  • Ownership in a business
  • Luxury items like jewelry, art, etc.

Once you have a complete inventory with approximate values of the items, you can move forward with your accountant consultation about estate planning.

#2 – Identify your beneficiaries and any special needs they may have.

You probably already have some insurance policies and maybe even bank accounts with designated beneficiaries. You want to check them out, update if necessary, and project into the future, possibly naming backup or contingent beneficiaries. Determine if you need more insurance coverage for family.

#3 – Set out your instructions.

There are three major directives that you need, and with these you set out your instructions:

  • Your Will – You will need to name a guardian and backup guardian for your children in your will. You should also state your desires for the care of your children upon your death. Be as specific as possible and set out which beneficiaries inherit specific assets or possessions. You can also set out specific ages for minors before they take control of their inheritance. Being as specific as possible will help you to keep the court from having to make decisions for you, and they may not be what you would have wanted.
  • Medical Care Directives or a Living Will – Your living will spells out your desires should you become incapacitated or unable to make decisions for yourself. You can also execute a medical power of attorney to identify who should make decisions for you if necessary.
  • Financial Power of Attorney – This document does the same for your financial assets that the medical power of attorney does for your care. It gives the power of attorney to the person you desire to make financial decisions for you if you are unable to do so.

These are probably the most important documents you will need, as your family and finances depend upon them in case of your incapacitation or death.

#4 – Understand the value of a professional accountant consultant.

All these activities and decisions are crucial for you and your beneficiaries, so take advantage of guidance from professionals.

If your search on accountant consultation or estate planning brought you here, we believe that Taxhive.com has the resources you need.

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