NJ Estate Planning: CPA or Attorney?

nj estate planning

Estate planning and asset protection are broad terms that encompass a wide array of financial and legal arrangements. A lot of people think that if they have a will in place, their estate planning is complete. A good estate plan, however, uses many more tools to help protect your assets and your legacy. There are so many different options when it comes to estate planning that it can be hard to know where to turn for the best advice. CPAs and attorneys both offer NJ estate planning services, but which professional is right for you?

Ultimately, choosing between an attorney and a CPA for your estate planning needs will come down to the kind of advice you are looking for and your overall estate planning goals.

CPAs, or certified public accountants, are trusted financial advisors with detailed knowledge of tax laws. An understanding of tax laws is important to estate planning because different estate planning tools are subject to different taxes. Tax laws change constantly and it is a CPA’s job to understand the implications of these changes. A CPA will be able to provide insight into estate and gift tax laws that could save you and your beneficiaries’ money in the long run. Complex estates with a lot of financial resources would benefit the most from the expertise of a CPA. That being said, a CPA is not a substitute for an estate planning attorney.

Experienced estate planning attorneys will also be familiar with the intricacies of how each estate planning tool will impact taxes and fees. Additionally, attorneys bring their vast legal knowledge to the table. There is a wide array of estate planning tools and each one will offer different protections for different situations. An estate planning attorney experienced with asset protection will know which tools to use and how to maximize the protections on your estate to ensure you and your loved ones are protected for the long-term.

With so many estate planning tools available, it can be difficult to understand which tools are best suited for your purposes. Most people have a will, but is that enough? This is where an attorney can make all the difference in the strength of your estate plan. The process of establishing a power of attorney, revocable and irrevocable trusts, and other estate planning tools is complex and will require a deep knowledge of the law. An experienced estate planning attorney will be able to help you make informed legal decisions by creating an estate plan made up of purposeful tools customized to meet your specific goals.

Your attorney can work with you and your family to distribute your estate as you wish and create plans that will benefit you and your loved ones in your lifetime and after. Estate planning attorneys may even be able to help you with the administration of your estate plan, either through the probate process or as the trustee of a trust. An attorney will have first-hand knowledge of your wishes and know exactly how to make sure to see your plans through to the end.

The more complex your estate, the more likely it is that you will want to work with both a CPA and an attorney. While certainly not necessary for everyone, this kind of estate planning “team” can work together to create a detailed, tightly woven plan to protect you and your loved ones. A CPA can offer the financial and tax advice to supplement the legal knowledge of an experienced estate planning attorney. However you decide to seek advice on your estate plan, do your research. These professionals will be intimately involved with you and your family’s affairs during your lifetime and after you’re gone. It is important to choose someone you can trust.

Estate planning is a very detail-oriented, complex legal process. It is in the best interest of you and your loved ones for you to consult with an attorney experienced with estate planning. The dedicated legal team at Veitengruber Law has years of experience providing personalized asset protection strategies based on each individual client’s needs. We treat our clients like family. Our attorney and legal team will work hard to protect your future so you can rest easy today.

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