The clean answer
A CPA should be involved before estate tax planning becomes an emergency. The attorney designs legal documents; the CPA helps quantify tax exposure, organize records, evaluate basis and valuation issues, and coordinate the income tax, gift tax, and estate tax reporting pieces.
For business owners and real estate investors, the CPA can also help the planning team understand cash flow, entity structure, buy-sell obligations, depreciation history, and records that an executor may need later.
Records to gather
- Entity documents, ownership schedules, buy-sell agreements, cap tables, and recent financial statements.
- Real estate closing statements, depreciation schedules, appraisals, debt records, and lease information.
- Prior gift tax returns, trust documents, beneficiary designations, and charitable gift records.
- Investment statements, crypto wallet records, insurance policies, and liquidity projections.
CPA roles in the planning team
Model estate, gift, income tax, and basis consequences for proposed transfers.
Coordinate valuations and records for business and real estate interests.
Help executors identify return filings, accounting records, and beneficiary reporting needs.
Work with estate counsel so tax execution matches the legal plan.