Be Prepared finances ; your documents can specify the plan for both guardianship and financial support separately . A best practice is to list alternate guardians in case the named guardian cannot or will on not be able to serve as guardian .
Special Needs Family Members Individuals with special needs children or family members should consider working with an estate planning attorney that has experience planning for special needs people . There are specific laws and regulations that dictate how much can be left to a special needs individual before disqualifying them from government assistance programs . The Special Need Alliance Organization ( specialneedsalliance . org ) provides guidance and information that can support planning needs for special needs family members .
Serving as a Fiduciary As a CPA you have special considerations when serving as a client ’ s fiduciary . If you provide services on federal tax matters , members must consider both the AICPA Code and Circular 230 in determining whether a conflict of interest does or could exist . Thus , the practitioner must evaluate whether :
• One client ’ s interests are directly adverse to another client ’ s interests ;
• There is a significant risk that the services to a client would be materially limited by the responsibility to provide services to another client ( either current or former ), to another person , or by the interest of the member or the member ’ s firm ; or
• A client or other appropriate party could consider the member ’ s objectivity impaired because of the client relationships that each holds with the member or the member ’ s firm .
List of Beneficiaries & Professional Relationships Prepare a complete list of individual and or charity names , addresses , phone numbers , EIN or Social Security numbers . In addition , prepare a list of professionals you work with : CPA , attorney , financial adviser , etc . Often as professionals we forget to update our beneficiary information as our children age and family members pass away .
Conclusion Estate planning documents should be designed with flexibility for your fiduciary to make decisions based upon circumstances that cannot be foreseen . A letter to the trustee is a good way to provide your fiduciaries with your values and wishes , especially as it concerns your children , and sensitive family matter that would not be documented in your estate planning documents . A letter to your trustee is non-binding , but can leave information for your trustee to provide peace to family members and or make sure your final expressions or love are communicated .
A good source of advice may be someone in your firm or whom you ’ ve met at a CalCPA meeting . Don ’ t put off this important step ; any estate plan can be revised . But you can ’ t revise the plan you never got around to establishing .
Jannette Brooks , CPA , CTFA is the founder of D4 Fiduciary , Business Advisory and Family Office Services . You can reach her at janette @ d4fiduciary . com .
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