Estate Planning

Estate planning is not a one-time event, but a continual process to ensure your legacy.

Barfield, Murphy, Shank & Smith is here to help you develop your estate plan and work with you to adapt your plan as circumstances change.  A personal life change, such as marriage, divorce, birth of a child, substantial changes in your net worth or moving to a new state affects your plan.

As your accountants and part of your advisory team, we work with your lawyers, bankers, investment advisors and financial planners to help customize a strategy designed to preserve your assets while meeting your short-term and long-term goals.

What is involved with estate planning?

  • Analysis of assets
  • Asset protection planning
  • Asset valuation
  • Business succession planning
  • 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 personal representatives
  • Wealth transfer to your beneficiaries
  • Will and Trust establishment

Our estate and tax planning services include a variety of methods and sophisticated techniques of asset protection. Both domestic and international jurisdictions are considered.  BMSS has assisted clients with the IRS Offshore Voluntary Disclosure (OVDI and OVDP), Report of Foreign Bank and Financial Accounts (FBAR), and Form 8938, "Statement of Foreign Financial Assets."

Complex estate & succession planning issues often arise when a family business is involved. BMSS is familiar with the family dynamics involved in multi-generational businesses, the planning that is involved with the successful transfer of the business to the next generation and are experienced in working with family members who are at different stages of life circumstances.

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 has Certified Valuation Analysts (CVA) on staff.  Business valuations are 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.

With recent legislation and changes to the estate tax, now is the time to take control of your estate plan to leave the legacy you intended.

BMSS Estate Planning Professionals