Ok, so you are not a Kennedy.  You don’t need Deloitte, Pricewaterhouse, or KPMG to oversee your family’s wealth. But you do need a strong local CPA that understands your family’s complex financial issues. 

When you remarried after your first spouse passed away, you gained a whole new family, and a whole new set of tax issues.  Your new spouse is an American citizen, but her three children were born in the UK. Once still lives in the UK, one lives in the South Africa, and one lives in Australia.  All three are US citizens, but who knows if they have complied with US tax laws. You want to help them with their situation.  How do you clean this up?   What about foreign financial asset reports?

Your business has grown, and you have many LLC’s and S-Corporations that have been around for years.  It seems every time you turn around, you are forming a new entity. Or you have one entity with everything in it.  Most attorneys recommend keeping your assets separated the riskier ones from the safe ones.  How do you shuffle your asset titles for the best estate preservation protection?

You think you are above the Estate tax exemption amount for your estate. You have thought about selling some of your business or gifting some of your business to your children, and maybe your stepchildren. What’s the best way to do this?  Most of the children are strong willed and independent, but maybe one of them might not be so good at handling money or a rental property.  How do you deal with this?  What about gifting?

When you lived in Midland, Texas, you were a Geophysical Engineer, and acquired some working interest and royalty interest oil and gas wells.  Does your CPA understand intangible drilling costs, cost and percentage depletion, and proven properties?

Your dad left you and your sibling’s two family trusts.  You aren’t sure what to do on an annual basis.  You need someone who understands Trust taxation. What is principal and what is income and expense? Mom lives in Miami, and her health is declining.  Her medical care costs are increasing.

Your new business in Florida requires annual financial statements.  You are smart, but sometimes all the complexities overwhelm you.  You need a consultant to bounce things off of from time to time.

Your Dad established a Private Foundation for his favorite charities.  You are now the Trustee of this Foundation.  What are you required to do?

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