Tax season is a good time to do estate planning.
Most people do not get warm fuzzy feelings this time of year.
There are no carols.
Family does not gather to celebrate.
In fact, traditionally, most people highly dislike April 15, or whenever tax day happens to fall.
This year the ax falls on April 17.
Can anything good come from tax season?
According to a recent Forbes article titled "Make A Better Plan This Tax Season," the answer is yes.
Tax season is an ideal time to work on your estate planning.
Tax season requires you to gather your financial information for the government.
This same information is useful for intentional financial and estate planning.
Not all information for estate planning will be required for your taxes, but it is certainly a good starting point.
Once you have all of your asset information, you will know what you have.
From this point, you can begin deciding how you want to distribute it.
To do this, you should work with an experienced estate planning attorney.
He or she will be able to create a plan to help you allocate your assets legally and efficiently.
Already have an estate plan?
Your tax groundwork can help you determine if life changes require an update.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Forbes (March 19, 2018) "Make A Better Plan This Tax Season."