Estate & Wealth Transfer Planning
Our clients put so much thought and effort into their careers, their retirement plans, and their investments. However, many do not engage in more difficult type of financial planning: estate planning and wealth transfer. In too many cases, those who spend a lifetime working hard to find financial success fail to make a plan to support their loved ones and their loved causes after their deaths. When they pass, their families may be hit hard by taxes and red tape. In addition, surviving family members may be confused about what your final wishes were for the future.
At Weyrich, Cronin & Sorra, we want to make certain that your loved ones are cared for in the best way possible after your death – and that the wealth that you accumulated during your life continues to work toward your goals and dreams for many more years. Our CPAs have the knowledge, skill, and experience to help you plan your estate, alongside your attorney and financial advisor. We know that a carefully designed estate plan can help make the transition to a life without you easier for your family, not to mention leave you with complete peace of mind.
How Our CPAs Can Assist Your With Smart Estate Planning
The basic steps of estate planning usually require the assistance of an attorney, an accountant, and your loved ones. They usually include:
- Writing a will.
- Setting up a trust or trusts.
- Picking guardians for your dependent children.
- Choosing a life insurance plan.
- Making health care directives.
- Minimizing taxes.
- Appointing a power of attorney.
- Naming beneficiaries for bank accounts and retirement plans.
- Making burial and funeral arrangements.
- Creating a business succession plan.
Which of these steps can your accountant assist you with? In many cases, unlike your attorney, your accountant likely has a long-term and in-depth understanding of many personal and financial aspects of your life. After years of personal attention, planning, and tax returns, your CPA is familiar with your debts and assets, your dependents, and your future goals.
During the estate planning process, we can help you:
- Understand the details of estate and gift tax laws. CPAs have a complete and comprehensive knowledge of estate and gift tax regulations, down to the smallest detail. Many CPAs are more knowledgeable regarding tax law specifics than attorneys. We can help answer your questions and construct a plan that minimizes the impact of death taxes.
- File estate tax returns. Your accountant is usually the best source of much of the information required on estate tax returns, including the fair market value of all of your assets.
- Determine life insurance coverage. Because of our intimate familiarity with your finances, lifestyle, and family, we are able to work with your insurance advisor to determine the appropriate life insurance coverage you need to protect and support your family comfortably in the event of a tragedy.
- Set up a gifting plan. Because of our familiarity with estate taxes and gift taxes, we are able to construct a gifting program that protects your wealth and supports your loved ones.
- Handle trust administration. Over the years, we hope that we have become your trusted advisor and partner. This relationship could come in handy when you are searching for a responsible, sensible, and fair person to administer your trust.
- Make your wealth last for generations. We aren’t just here to file tax forms and avoid unneeded tax payments. We are here to protect your wealth and help you realize your financial goals. Estate planning is one of the best ways we can assist you with long-term wealth management.
Are you ready to start creating your own estate plan, or do you have a general question about estate planning in Maryland? Contact our offices today to schedule a meeting with one of our expert accountants: (410) 339-6464.