GROWTH. TRANSFER. LEGACY.
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YOU JUST GOTTA HAVE A WILL BUT ALSO SEE IT UPDATED - PERIOD!
Hey, Exit Planning Exchange Professionals. With some of your clients’ deals sidelined….how about pressing them to just as important a process and tied into their exit planning – ESTATE PLANNING!
WAIT. FIRST, HERE'S OUR DISCLAIMER. We at Abo and Company are tax and business accountants and passionately believe so much in all aspects of planning - tax planning; financial planning; estate planning. We at Abo Cipolla Financial Forensics are forensic accountants and business appraisers. Here's what we are not. WE ARE NOT ATTORNEYS. If you need the name of one of the many seasoned lawyers we know with this expertise (yep, throughout the country), you should just give us a call. Many are providing such services remotely, as well. By the way, if you are one of our many lawyer clients and friends that receive our email alerts and newsletters, you too should let us know if you need a recommendation if this is just not in your comfort zone.
So here are some non-PPP or non-Economic Impact Check thoughts to ponder as volatility during this Pandemic impacts all areas of our lives. The endless tampering by Congress and individual states with estate tax exclusions, capital gains taxes, inheritance taxes and income tax rates makes it more essential than ever to have estate planning reviewed periodically by an attorney seasoned in estate planning and us as your CPA to determine whether modifications are required or entirely new strategies need to be employed.
That said, we are still so very concerned over how many people are lulled into false security in thinking wills and estate planning are just about taxes…or you THINK your estate is not large enough to be federally or state taxed…or you are single without kids and need not be concerned…or your situation is unique…WRONG! These misconceptions can be further compounded for us in New Jersey with the possibility that the state estate tax can be reinstated or unaware of the effect of the state inheritance tax. Regardless, the tax issue is but one piece and, while the tax planning aspect has always been a concern, the basic need for wills and trusts for asset protection, safeguarding your family and dealing with personal issues remains paramount.
Attached is Abo and Company’s version of the "NO WILL-WILL". Read it…print it…pass it around.
Makes sense, right? By the way, we're not attorneys so our apologies for mocking up this will and any suggested modifications by our lawyer colleagues are welcome (and encouraged). True, we are often asked to deal with these tasks as part of the overall estate planning and settlement services we provide. Syracuse University, Villanova, Temple, etc. taught us accounting, our parents taught us to care. We like to think caring, that concern to help, in ways our professional experience can assist, is something everyone at Abo and Company is just so good at.
We know, we know. This pandemic has all of us bouncing off the walls but, hey, a long holiday weekend with rain in the forecast and with us still social distancing, what else are you doing? we are often asked to deal with these tasks as part of the overall estate planning and settlement services we provide. Syracuse University and Temple University taught Marty Abo and Pat Sharkey accounting. Our parents taught us to care. We like to think caring, that concern to help, in ways our professional experience can assist, is something everyone at Abo and Company is just so good at.
Martin H. Abo, CPA/ABV/CVA/CFF is a principle of Abo and Company, LLC and its affiliate, Abo Cipolla Financial Forensics, LLC, Certified Public Accountants – Litigation and Forensic Accountants. With offices in Mount Laurel, NJ, Morrisville, PA and Franklin Lakes, NJ. Marty can be reached at email@example.com or by calling 856-222-4723.
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