Estate Planning

Estate planning is not a one-time event, but a continual process. A personal life change, such as marriage, divorce, or birth of a child, substantial changes in your net worth, or moving to a new state affects your plan.

Barfield, Murphy, Shank & Smith is here to help you develop your estate plan and be available to adapt your plan as circumstances change.

As your accountant and a part of your advisory team, we will work to understand your situation and then recommend customized strategies designed to preserve and protect your assets while meeting your overall goals.

What is involved with estate planning?

  • Analysis of assets
  • Asset protection
  • Charitable planning
  • Consideration of life insurance
  • Minimization of taxes, if possible
  • Planning for your family’s financial security and funding for education
  • Planning for your retirement
  • Selection of beneficiaries and guardians
  • Selection of executor and trustees
  • Wealth transfer to your family
  • Will and Trust establishment

Our estate and tax planning services integrate asset protection strategies. Asset protection planning includes a variety of methods and sophisticated techniques. Both domestic and international jurisdictions are considered.  BMSS estate planning professionals have assisted clients with the IRS Offshore Voluntary Disclosure Program (OVDP).

Complex estate & succession planning issues often arise when a family business is involved. BMSS develops management plans that are in place and ready should they become necessary. We will work closely with you within the framework of your goals for the business.

BMSS also has Certified Valuation Analysts (CVA) on staff; business valuations are often an integral part of succession planning. For tax compliance purposes, business interests must be valued when transferred as a gift or as part of an estate. A well-prepared valuation is a cornerstone of business succession planning.

Your BMSS estate planning team will include accountants who practice as part of the Estate Planning Council of Birmingham and are Accredited Estate Planners (AEP).

BMSS Estate Planning Professionals