How CPAs and other financial professionals can benefit from a courthouse-compiled list of probate filings
From estate tax planning and filing to accounting for assets and managing investments, executors have a high demand for financial guidance.
Armed with probate leads, astute financial experts can identify opportunities to assist executors and administrators in managing a whole host of responsibilities.
By getting in front of decision-makers tasked with both the honor and burden of selling the estate’s assets, knowledgeable and compassionate financial advisors can add tremendous value in bringing the estate closer to final settlement.
Let’s review the demand for professional assistance.
Estate tax planning, filing, and accounting for assets and liabilities
When someone is in charge of settling an estate, they may need assistance calculating and filing estate taxes, especially when the estate is sizeable or complex. Isn’t it ironic that the only two certainties in life - death and taxes - occur simultaneously?
During probate, there has to be a rigorous process of taking inventory of assets and liabilities attached to the estate. A financial professional who can assist in reducing tax liabilities, filing income tax returns for the deceased, and advising on the tax-efficient distribution of assets to heirs will be worth their weight in gold.
Managing investments
Oftentimes, what we find is that heirs have inherited a windfall of money and don’t know what to do with it.
Beneficiaries who are forward-minded do not want to squander their newfound wealth; they want to invest it. Financial advisors have a unique opportunity to provide investment strategies, handle retirement accounts and portfolios, and ensure intergenerational wealth.
Realizing the potential for long-term clients and estate planning opportunities
Having cemented a bond with executors and administrators, financial practitioners can earn their business for life, in terms of financial planning, retirement planning, investment management, tax services, and estate planning. Let’s put an asterisk on this point.
Having gone through a tumultuous process of settling an estate, and building rapport with a financial professional, these folks are likely to use their trusted advisors again for creating or updating wills, trusts, and other documents, as well as setting up tax-efficient wealth transfer strategies and financial planning for future generations.
Collaborative opportunities to expand your pipeline
Savvy financial professionals understand the value of cross-pollinating with attorneys, real estate brokers, and other service providers who are injected in the probate case. This can be a golden goose of referral-based leads.
Conexus Market Advisors can furnish a timely list of probate leads to CPAs and other financial professionals to make an introduction to those responsible for settling the estate. The services of a financial expert can be extremely beneficial for loved ones tasked with untangling the financial and tax issues at hand, navigating the probate process, and cementing long-term client relationships.