Sudden Wealth and Finding Your CPA

Sudden Wealth and Finding Your CPA

January 18, 2020

Today’s #SuddenWealthSaturday article is from Julie Clark, owner of Julia Clark CPA and Associates.   She is a member of AICPA and the Society of Certified Public Accountants.  

Many sudden wealth recipients are surprised at the tax implications of their new wealth.  And many of them handled their own tax returns prior to the windfall.  Depending on the size of the windfall and the manner in which you received it, your tax situation may become more complicated and in those cases, an experience CPA on your team is warranted.   

 While the purpose of this article isn’t to give specific tax advice, I would like to help you find a reputable CPA by asking a few key questions. 

Probably the first and most appropriate question would be:  Can you tell me your experience with other clients who have experienced a sudden wealth event? And can you provide references? 

Secondly—are you willing to work with the other advisors on my team?  Typically I work hand in hand with wealth advisors and estate planning attorneys in cohesive planning on behalf of our shared clients. 

And the question that everyone wants a direct answer to is, how do you charge for your service.  Too often fees are ambiguous and clients are afraid to ask their CPA  a simple tax question for fear of the “fee clock” ticking.  Look for a CPA who has a clear fee schedule and is open to answering simple questions without sending you a bill. 

These are just a few key questions on helping you find YOUR CPA.  Stay tuned for more tips on the important role that CPAs play in sudden wealth cases.  Until then, I’m Julie Clark. 

If you’ve experienced sudden wealth, contact the sudden wealth specialists at Quartz Financial. They not only specialize in sudden wealth, they wrote the book on it.

Julie Clark, owner of Julia Clark CPA and Associates. 

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