Estate Planning and Trust Taxation
Helping You Prepare For a Financially Stable Future
Having a sound financial plan in place not only aids in preparing for your own future and financial stability; it could also impact the lives of your children and future generations. A properly structured estate planning and trust taxation roadmap ensures that your assets are distributed as planned.
Fordham & Co LLP can help you develop customized strategies to achieve your long-term goals, strengthen your financial security and maintain your quality of life.
Our experienced Portland accountants can provide the guidance you need to make sound decisions about your legacy.
Estate Planning CPAs
When people think of estate planning, they often turn to an attorney for help with drafting documents and making final documents such as wills. However, an accountant can also play a role in the estate planning process.
The ways in which a CPA can guide you during and after the estate planning and trust taxation process include:
- Continued involvement after wills and trusts are complete – Unlike many attorneys, an accountant sees their clients on at least an annual basis to discuss taxes and other questions the client might have. If life changes occur, such as the birth of a child, an increase in assets, or decisions that affect the estate, an accountant can help in the financial decision-making process to update these documents and ensure the accuracy of records.
- Wealth of knowledge for estate administration – Following a client’s death, a CPA’s role in executing an estate plan becomes crucial. Having an accountant who is aware of your wishes for your estate facilitates the process your family will inevitably go through to distribute assets and honor your legacy.
- Trust administration – Many estates include an irrevocable trust, and executing the trust like this requires constant vigilance. A revocable trust, on the other hand, often involves a less proactive approach but nevertheless can have many moving parts. It often makes logical sense, then, to have a professional such as an accountant involved in this process.
- Evaluate life insurance – One aspect of estate planning often neglected involves the life insurance coverage the family members in the estate have. A CPA familiar with the family’s income and assets has invaluable knowledge about the changes over time the family has experienced and can advise in what coverage is appropriate for a family. An example where this might be helpful includes planning for coverage when the family runs a business. The drop in income that could occur from losing one of the owner-operators could be devastating. The financial strategy and advice an accountant can offer in these circumstances can make the difference between a business closing and a business continuing operations long after its owners have passed on.
Because each individual’s situation is unique, we draft a customized estate plan, just for you. We then back it up with a solid education regarding tax and legal structures and advice on how best to provide for your beneficiaries, while simultaneously minimizing or eliminating tax consequences.