Your certified public accountant (CPA) represents a valuable member of your wealth-building team. A CPA firm like Flavin Nooney and Person can help you set up a wealth management system that makes it easy for you to accrue wealth with minimal risk.

This wealth management system helps you automate savings and investment while planning for your future, including your death. The CPA does this using many financial tools. Three of these financial tools include:

1. Life Insurance With a Cash Value Account

A life insurance policy with a cash value account provides your beneficiary with a death benefit, and it allows you to save pre-tax in a savings account with a minimum guaranteed return.[1] Some of these are money market accounts, while others are tied to an indexed investment account. Each month or quarter, you pay your insurance premiums. A portion of the funds pays the insurance policy premium, and the other portion goes into your cash-value account. Once you save a minimum amount set by the insurance agency, you can borrow against the account or withdraw from it. If you simply let it accrue, though, the funds grow at a faster rate than typical savings accounts.

2. Revocable or Irrevocable Trust

A Flavin Nooney and Person CPA helps you determine which type of trust works better for your situation. Most people choose a revocable trust to protect certain assets while living and ensure that they immediately transfer to their beneficiaries upon their death.[2] Items held in trust do not have to go through probate.

3. Diversified Investment Account

Your CPA can help you set up a diversified investment portfolio that includes stocks, bonds, cryptocurrency, gold, and other precious metals. They will help you maximize your investments using dollar-cost averaging with a recurring buy. Regular portfolio rebalancing reduces your risk while maximizing returns. By using recurring buys, you avoid needing to devote time to determine when to buy.[3]

Your CPA can provide numerous tools to help you create a wealth management system that protects your current net worth and grows it. Contact Flavin Nooney and Person today to learn how they can help you save and invest for your future and future generations of your family.