It’s that time of year again, Tax Season! For some people that means they’ll be getting a nice refund check soon, but for others it’s a tedious process of collecting income statements, donation receipts, and expenditure reports.
As you collect these items, it’s a good opportunity to take a moment to review your estate planning documents as well. In fact, did you know that a portion of the fees on our trust based estate plans is actually tax deductible? And of course, our business succession planning for small business owners is always deductible for the business.
A qualified attorney can assist you in determining whether your plan is taking advantage of all the recent changes in the Tax Code. Most older plans, especially those created before the passage of the American Taxpayer Relief Act (ATRA) of 2012, were written for an entirely different estate tax environment and should definitely be updated.
Similarly, you should review your plan if there’s been any changes in your family composition. Check whether the beneficiary designations on your retirement plans and life insurance policies are up to date. And be sure that the individuals you named as guardians for your minor children, executors for your will, and/or trustees for your trust are still able and willing to serve.
Lastly, as you compare your tax returns to previous years (hopefully there’s been positive growth each year!), you’ll see that most people’s financial situation doesn’t remain the same every year. Have you or your family experienced a substantial change in your financial situation? Did you receive a large inheritance, get a promotion, or change jobs recently? Have you bought any new properties? If so, you’ll want to make sure those assets are properly titled in the trust.
At Yaser Ali Law we assist families and businesses every day to review and update their estate and business succession plans. If you have questions about your plan, give us a call. Mention this blog post and you’ll receive a special 10% discount on our fees.