Personal Services

Estate & Inheritance

Estate planning can seem overwhelming at first, but an excellent first step is to consult with a certified public accountant. Please don’t put it off! We can make this process relatively simple, so your assets and money go to your envisioned heirs. 

Like most matters, a lot of variables exist. You may have the challenge of avoiding estate tax. Also, there are circumstances when heirs may be on the hook for paying federal income taxes on assets and retirement accounts. Missteps in this process or by not taking action can result in your money being overly taxed or end up in the wrong hands with an ex-spouse or creditor.

Here are some basic estate planning steps to get you started:

  • Contact a CPA
  • Consult a lawyer
  • Create a will or a trust
  • Establish your beneficiaries
  • Begin converting traditional retirement accounts to Roth accounts
  • Gift money while you’re alive, but consult with a CPA first, so you do it wisely