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Charitable contributions: maybe your adviser should wear two hats

| Mar 20, 2017 | Uncategorized |

Although certified public accountants provide valuable assistance to their clients across a wide universe of financial matters having material tax-related implications, their services do not typically extend in equal fashion to the giving of reflective advice on estate planning and administration.

Conversely, proven estate planning attorneys are often invaluable advisers and strategists for individuals and families with concerns spanning the entire spectrum of estate-related issues, but their expertise in many cases falls short of advocacy relevant to complex tax considerations.

That can be a bit problematic for many clients, given that the close nexus and clear interrelationship between estate planning and taxes often requires professional input in both those spheres.

Put another way: It is seldom the case that family considerations relevant to complex estate planning are devoid of tax-focused issues, or vice versa. As a recent article in Accounting Today notes, “[C]lients depend upon their advisers to help them achieve their financial, estate planning, tax minimization and philanthropic goals.”

The key word in that above quotation is “and,” which clearly conveys the reality that multiple and complementary objectives are often addressed and resolved through professional representation that considers both estate planning goals and purposeful behavior regarding tax avoidance.

Given that such is clearly the case, it is certainly arguable that individuals and families with financial goals in play can substantially benefit from the input of a professional adviser who commands singularly broad attributes as an adviser.

A few select attorneys who specialize in estate planning are also CPAs and thus both experienced and comfortable in giving advice that deals with planning considerations and tax implications in an integrated and complementary way.

Connie Yi, the principal attorney at the Law Offices of Connie Yi, PC, with multiple locations across the San Francisco Bay Area region, is one such attorney. Ms. Yi is a long-time proven estate planning attorney who also worked as a CPA in the accounting industry for more than two decades.

We note the close link between financial investments, planning and tax liabilities on our website, as well as Ms. Yi’s “comprehensive advice and counsel to individuals wishing to preserve their assets while lowering their current and future tax liabilities.”

We welcome readers’ contacts to our law firm, and the opportunity to help you with all your estate administration needs.

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