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Have A Difficult Conversation Now to Optimize Transfer of Wealth

Properly identifying assets and goals helps CPAs have an easier time with estate planning, along with having the appropriate products and strategies to help.

The subject of what to do with assets after retirement or death is an understandably difficult topic to address. Upset family members, lost documents and the absence of the grantor after death are among some of the difficulties that tax professionals face. But the ultimate difficulty lies in having the conversation in the first place.

Tax professionals loathe having these conversations since they can be easily misconstrued. Clients may feel that the wealth transfer conversation is too personal. Jealous or greedy family members can assume that the professional or another family member is making a play for their share, or clients may flat out not have a plan in place and they are embarrassed to talk about it.

A tax professional advising a client to allocate a portion of their assets for their wealth transfer purposes is very powerful. The desire to help clients should overcome the fear that a client might reject the conversation and make no mistake, professionals should understand it is not easy for either party.

Providing an aggressive asset allocation may or may not be the best course of action, depending on the client.

Besides an asset allocation strategy, investment methodology behind these investments also matter. Providing an aggressive asset allocation may or may not be the best course of action, depending on the client. But other important questions relating to methodology should be “What type of investments are my clients looking at?” or “How will these investments help fulfill my client’s goals?”

Addressing these difficult questions now will help avoid more difficult questions later. Mitigating risk and potential tax liabilities, helping clients leave more to their families and doing the right thing is enough to drive a tax professional to explore the topic of transferring wealth.  After all, it is a conversation that CPAs might find themselves having with their own family in the future.

Did You Know....

4Thought helps tax professionals have an easy time of a difficult discussion. We ensure that your clients have more properly titled assets to protect and  transfer to their heirs, avoiding any difficulties in the future.

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