It is an exciting time when you start to reap the benefits of your hard work and are accumulating wealth. Many people dream of the day when they have a sizable income and acquire valuable assets. However, what most people do not think about are the financial complexities that arise when your income climbs. Luckily, the experts at Weinberg and Co. in West Palm offer a variety of Palm Beach private accounting services to take the onus off of you. If you have come to realize that your finances have taken a turn for the complicated, you can trust a Weinberg accountant. Take a look at some of the private client services we offer to help simplify your life. 

 

Asset Acquisition

When acquiring large assets- ie a property, car, recreational vehicle- there are many things that must be considered. The first is how this purchase will affect your existing finances. The second is all the information you must provide to the institution that is selling you this new asset. Many large purchases or loans will require a watertight presentation of your economic history in order to be approved. Compiling all this info is not as cut and dry as it may seem. A private accountant can go a long way in streamlining this process while presenting your fiscal matters in the best way to secure your new asset. 

Trust and Estate Planning

The regulations around trust and estate planning are complex and vary from region to region. Courts often require specific accounting documents to be presented in order to legally establish a trust or estate plan. Weinberg & Co. of West Palm Beach is highly experienced in all aspects of planning both pre and post mortem and can make sure that a plan is established and adhered to per the client’s preferences. 

Tax Preparation

As your finances grow, tax preparation becomes notably and exponentially more intensive. Not every accountant will be experienced in filing taxes for high net-worth individuals. Even a small mistake or oversight can lose you thousands of dollars in tax returns. A Weinberg CPA can seamlessly juggle all of the moving pieces that go into taxes including income, allowances, deductions, charitable contributions, dependents, etc. It is empirically true that using a tax professional will yield higher returns, especially in the case of someone with more complex finances. We will not only help compile information and file your taxes but can also help you deal with the IRS should they have follow up questions or ask for substantiation. 

Life Insurance and Future Planning

Many people deem a life insurance policy necessary, especially if they have significant assets and multiple potential beneficiaries. These policies can be quite confusing and have major repercussions on your yearly taxes, retirement plan, and the like. A CPA can help you determine which policy is best for you. We will make sure that you have sufficient coverage while not overspending and should the time come for a life insurance policy to be used, we will make sure that assets are divided seamlessly. 

 

As your finances grow, do not think you have to manage it all alone. Contact Weinberg & Co. of West Palm Beach’s Florida certified CPAs for help with any Palm Beach private accounting services you require. 

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