Tax Time is a great time to review your estate planning

You’ve compiled all your tax information and given it to your CPA (or sat down at Turbo Tax and done it yourself).  You’ve determined whether you are due a refund or whether you owe money to the I.R.S.  And, by now, you’ve either filed your taxes or you’ve requested an extension.

So why is it a good time to think about your estate planning?
Well, you already have all your information out regarding your assets (property taxes paid for homestead, interest income earned on bank accounts, etc.).  That being said, it’s a good time to sit down and review that information, contemplate what you have done (or haven’t done) with regards to your estate planning, and think about the following:

  • Who do I want to have these assets?
  • Who do I want to deal with my estate when I am gone?
  • Who do I want to make decisions for me (financial or healthcare) if I can no longer do so?

Although I generally tell clients to review their estate planning every three to five years, an annual check-up around tax time (even if it is just asking yourself the questions posed above), is a good idea.

For more information, please contact the Estate Planning  Offices of Law Ohall today.