Do I need a fiduciary, an acountant (CPA) or both?
My mother recently passed and I expect to get a sizeable inheritance. I also recently started a new position which has doubled my past salary. Do I need a fiduciary for the inheritance and a CPA for taxes or can one person handle both tasks? Thanks!
Terry Says
You need a FIDUCIARY FEE-ONLY financial advisor. The one place I recommend you search is at Wealthramp.com Or use the “Find a Financial Planner” link in one of the small boxes, top right corner of my website to understand why I recommend this process. (I get NOTHING from this recommendation!).
You will likely need an accountant as well, to advise on income taxes. But your inheritance itself won’t be taxable. Still you’ll be making money on your investments — and might need to file quarterly taxes. Your new fiduciary financial advisor will suggest tax savings — like increasing contributions to retirement accounts, etc. The two should work together as most Fiduciary advisors do not file income tax returns.
