QUESTIONS TO ASK YOUR CPA ABOUT PERSONAL FINANCIAL PLANNING
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What is the
best way to allocate assets for maximum tax efficiency? Do I
keep taxable, inefficient funds with high turnovers in my
IRA or other tax-deferred account, and conservative,
tax-efficient funds in my taxable accounts? Should I set up
a trust to accumulate funds for my children's education?
What types of trusts are available? What are the pros and
cons of each? How can I lower
taxes by shifting income to my children, and how much money
can I give to them as gifts? What is "second
to die" life insurance, and how does it play a role in
estate planning? If I want to
donate a stock I lost money on to a charity, how should I do
this so I can maximize my tax savings? What is my risk
if I extend the holding period on a stock to 12 months to
qualify for a lower capital gains rate? Should I
consider making a withdrawal from an IRA to pay college
expenses? If I do, will I pay a penalty? If I need to
borrow money for personal use, what is the best source: home
equity loans, 401(k) loans, banks, finance companies,
brokerage firms or insurance policies? How does the
Roth IRA work? Can my nonworking spouse make a contribution
to a Roth IRA if I am covered by my employer's pension
plan? What personal
records do I need to keep and where should I keep
them?