Tax Tip of the Month

May, 2018

Every Estate Plan should have these basic documents:

Estate planning is not just a duty for the wealthy. Even though federal tax implications kick in only if your estate exceeds $11,200,000 for individuals ($22.4 million for married filing jointly), adjusted for inflation, there are other issues that make estate planning important for most individuals.

Start your estate planning by meeting with an attorney and your CPA or accountant. They can instruct you in the essentials of estate tax law and the requirements for establishing an estate plan. A key part of estate planning is compiling the documents that will accomplish your goals.

A basic estate plan should include the following documents:

  • Your will, which should name the guardian you choose for your minor children and an executor (personal representative) to carry out your instructions.
  • A listing of your assets. Include your home and other properties, pension and retirement accounts (401(k) & IRAs), investments (noting the cost basis), automobiles, jewelry, and any other assets.
  • Life insurance information such as your insurer, your policy number, the amount of insurance, and the location of your policies.
  • Financial and business records, including real estate deeds, tax returns and related support papers, your social security number, investment statements, and stock and bond certificates.
  • Funeral instructions, including your burial wishes and people to be notified upon your death.
  • Medical information and a list of your doctors.
  • Durable power of attorney, designating the individual(s) you select to act on your behalf if you’re incapacitated.
  • Health care proxy naming the individual(s) you want to make health care decisions for you if you aren’t capable.

Keep your original documents in a safe or with your attorney. Put your list of documents and the copies in a folder at home and tell your executor where the documents are located. If you would like assistance with your estate planning, please contact our office at 559-226-2209.


Please do not hesitate to contact us at 559-226-2209 if you have any questions or concerns about preparing your 2017 tax return. In addition, if you would like to schedule an appointment, either call us or email us at roland@rooscpa.com. Alternatively, you can schedule an appointment by submitting an online form through our website at www.rooscpa.com/contact-us/

Hope you find this helpful and we look forward to serving you.

 

Any financial or tax information contained in this article is taken from a general view and should not be acted upon in your specific circumstances without further details and analysis of the situation or professional assistance from a CPA or tax return preparer.

We have created this forum to help provide you with solutions to issues that come up in the accounting profession.  If you have any accounting or tax questions you would like us to discuss in detail in a future week, feel free to leave comments in the forums! 



“Roland is a sterling CPA!

You will love working with him, he truly cares about you and your family and he is a top-notch tax planner. If you are looking to work with the very best, you will love working together with Roland!”
— Ernest Oriente