Do you need an accountant to prepare your income taxes this year? While this is an important service for many Americans, you could make it even more valuable by adding another important discussion. This is a great time to add estate planning to your annual meeting. Here are a few of the most valuable reasons to take this opportunity.

1. They Offer a Different Perspective

When most people think about estate planning, they think about working with a lawyer. However, an accountant provides a different professional perspective. The financial issues and legal matters should both go hand-in-hand during estate planning. While your attorney may advise you to use an irrevocable trust for a large investment, for instance, the accountant can help you know if the tax benefits are worth it. 

2. It's an Annual Event

While most people think of estate planning as a one-and-done task, it should actually be reevaluated regularly. Laws change, people's circumstances change, assets change, and family dynamics change. However, few people meet professionals about their estate planning on a regular basis.

Your tax appointment is a mandatory annual event during which you can easily extend the conversation with little extra prep or work and a minimum time investment. You can essentially kill two birds with one stone by discussing your taxes and your estate plan in the same appointment. 

3. You Already Have the Data



In general, the accountant has current and past records of your income range, side earnings, business income, large assets, and investments. Armed with this data — and with most other financial data easily obtained via the internet or cloud storage — you can make short work of big financial decisions with a professional. You may never have all this information at your fingertips again throughout the year. 

4. Your Accountant Knows Tax Changes

One reason to do a regular checkup on estate planning is that financial and tax laws change constantly. Few average taxpayers keep up with the bulk of these changes — or can fully understand their implications.

But your accountant does this for a living. They will know when tax laws could make inherited assets more or less valuable, the inheritance rules of tax-advantaged accounts, and limits and phaseout thresholds for various tax benefits. So they can keep you updated on what specific parts you should know and wade through the gory details so you don't have to. 

5. They Can Keep You in Mind

You build a relationship with your accountant over time. They get to know your financial situation and goals. They see your family size grow or change, watch you start or end businesses, and even know about the financial implications of your messy divorce. This ongoing knowledge puts them in the best position to offer tailored guidance about your estate. 

For example, your accountant knows that your dependent minors are reaching 18. They can remind you that inheritance laws are different for adults and that you can now leave money directly to your kids. But how much? What are the tax obligations for heirs? Should you gift tax-free money now or commit more to their college savings funds instead? Your accountant can help you answer these questions. 

Your annual tax appointment could be a great place to discuss estate planning this year. If so, start by making an appointment with the accounting professionals at Bliss & Tuttle, CPAs. We'll help you find answers to all your financial questions, create a schedule to keep up with changing financial needs, and put together all the information you need to make wise financial decisions. Call today to learn more.