they may not see the possible tax ramifications, but you can.
by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor
inheritance advice and guidance is a valuable service for clients who have lost a loved one and are remembered in the will.
more on marketing: seven questions to suggest estate planning | 28 data points for a financial planning discussion | every client can use financial planning | four reasons to perform tax projections | four additional services to suggest
exclusively for pro members. log in here or 2022世界杯足球排名 today.
most times accountants are not the first ones clients call. usually the attorney is the first person and then a financial planner. we get involved after the fact to “record” the results of what was done on the tax return, or via a phone call asking about the taxation of what they either received or think they will receive.
inheritance advice and guidance has to do with helping ease the client into their new situation, applying some brakes to what other professionals suggest they do, working out the tax plan, advising on pension and individual retirement account (ira) alternatives, and maybe even offering some postmortem estate planning. this is a wide area where the accountant’s skills are used to the fullest.
who needs this service
identifying clients needing this service is not that difficult if you are alert to clients’ situations and are in occasional touch with them. also, the tax return interview will usually disclose the changing situation. many times we get phone calls asking about the amount of tax they have to pay and when we inquire further, we are able to get them to see the benefits of coming in for a consultation.
other ways to identify them – or rather get them to identify themselves – are by continuous promotion in firm newsletters, other mailings and in conversations with them throughout the years. we find that most clients remain oblivious to the “ads” in newsletters and mailings, and need constant reinforcement about the type of services you perform. calling occasionally, reading the obituary pages, and tax return interview and tax planning meetings are the most effective for us.
why the accountant is suited to offer this service
the inquiring accountant at a tax return interview can find out if the client is expecting to inherit anything in the near future. if the client answers in the affirmative, offer a short exhortation about how careful one must be in the initial decisions made when the inheritance is received, particularly if the inheritance is from an ira or pension plan that is taxed when withdrawn. the client can be told to call you as soon as they know they will receive an inheritance because there are early tax elections that should be considered that will preserve the assets and keep the taxes at a minimum. who is more knowledgeable in tax savings than the accountant who prepares their returns?
introducing the client to the service
telephone calls are the most effective. try calling a tax return client a couple of times during the year to ask how they are doing, and if anything is new. coincide one of these calls with a birthday or anniversary greeting and you get two hits for one swing.
how many times do you get a call asking how a client should handle an inheritance? be alert for these calls. what we also have found is that many calls are directed to the staff person handling their taxes. you cannot make this into an additional service and billing unless the staff associate is coached on how to identify needs and when they should tell the partner about the call. in-firm marketing is a neglected area. work on that.
when there is a death in the family the immediate concerns are clearing up the initial tumult, helping them through their feeling of how they will get through whatever has to happen and determining how they will make do financially. you should let the client get a feeling of how you can be in control and will guide them in the right and secure direction.
other areas of concern for clients are how the process works; what the timetable is; whom they can turn to for assistance; what the costs are; how they will manage financially with the children; who will run business, or buy it, or sell it for them; how they will manage through the mess of papers; whom they can trust; and what they are supposed to know.