Like many people in the Tampa, FL area, you might think that estate planning is only for the rich. This, however, is simply not true. If you’ve worked hard all your life and have accumulated any assets – such as a home, retirement savings, life insurance, inheritances, etc. – then you want to make sure that your assets are preserved for the loved ones who survive you. This means estate planning is important for you, too.

Due to complex laws dealing with estates, it is important to receive the advice of an expert, such as a CPA in Tampa, when planning your estate. Your CPA can help you:

• Maximize your assets for your heirs
• Decide how your assets will be distributed after you die
• Ensure that your assets are distributed in the most orderly way possible
• Minimize the tax burden on your heirs

In the simplest terms, your estate is the accumulation of all that you own when you die, minus any debt you have. There are, however, other factors that can affect your estate such as federal and state taxes. Your CPA can advise you on tax rules that allow you to leave a certain amount of tax-exempt assets to your heirs. Furthermore, your CPA can tell you about other vital documents that should be in place before you die such as a will, living will, life insurance, post mortem letters, and so on.

If you would like to talk to a CPA in Tampa about estate planning, please contact Reliance Consulting, LLC. We would be happy to provide you with a free initial consultation and checkup of your financial health.