One of the best times to review your estate plan, or to get one if you do not already have one, is when you are doing your yearly taxes.
Even if you have the assistance of an accountant, filing your income tax return can be a time-consuming and frustrating process. Most people want to get it over as quickly as possible. However, it is actually an excellent time to extend the burden a little bit and do some estate planning.
Think about it. While doing your taxes you will be gathering much of the same documentation needed to review an estate plan. In addition, the documentation will be fresh in your mind.
Accounting Web recently offered some tips about estate planning during the tax season in “Estate Planning Reminders for This Tax Season.”
The advice includes:
Tax time is a great time to introduce your tax preparer and your estate planning attorney, so all of the bases are covered each year.
Reference: Accounting Web (Feb. 8, 2016) “Estate Planning Reminders for This Tax Season.”
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