It’s not surprising that when someone thinks about hiring an Accountant in Manhattan, they primarily think about hiring a professional to handle business or individual tax filings. While this is certainly a big reason why people hire accountants, an accountant can help in many other ways. One way that these financial professionals can be extremely beneficial is when someone is actively planning their estate.
Estate Planning and Taxes
There are many facets of estate planning, from investing money to documenting who will become the executor of the estate when the owner of that estate passes away. However, tax issues can be a significant part of estate planning and, often times, the best person to advise an individual when it comes to taxes is an accountant.
For example, if a person wishes to leave gifts for people before they pass away, this can help reduce the tax burden on the individual receiving those gifts, especially if they are in line to gain something from the estate after the owner has passed away. In addition, minimizing debt is a huge issue when it comes to estate planing.
Getting out of Debt
An accountant can work with the estate owner to help manage loan repayment schedules. In some cases, an accountant can help the estate owner understand the benefits of accelerating loan repayments so that when they pass away, few, if any, financial resources will have to go towards paying off existing creditors. In these cases, most of the financial resources of a person’s estate can be disseminated among the estate’s beneficiaries, free from debt.
This type of planning, while perfect for estate planning, is also a good idea for an individual looking to get their personal or family finances in better shape. Many times, an accountant can not only handle tax issues, but they can also help their clients to be better regimented with money, to follow a clear budget, and to work to get out of debt.
An Accountant in Manhattan offers a number of benefits, which is why so many individuals and businesses use personal and business accountants on a regular basis. If you’d like to know more about what personal accountants can offer you, you may want to check out a website like Rawcpa.com.
