Who thinks about tax season in July? The answer is likely no one outside of an accountant’s or tax attorney’s office. But the confusion over how to complete tax forms may not go away for executors tasked with administering an estate. Obscure and dense tax forms can be vexing; especially for those who do not regularly deal with them.
The creation of an estate plan should never be “one and done.” Taking proactive steps in protecting your assets is vital. The one thing you can count on about life is that it will change after the documents are signed.
A second marriage is a time for a new beginning. Even so, many individuals who remarry are likely to bring children from a prior marriage to the relationship, as well as financial obligations. These factors can complicate estate planning and what happens to your assets and property after your death. This is a time to enjoy your new marriage, but also a time to be responsible when it comes to estate planning.
A slight majority of Americans have not drafted their wills, according to a 2016 Gallup poll that put the number at 56 percent. While it shows an uptick from a Harris Poll in 2015 at 64 percent, over half do not have the formal document. Even more alarming, financial professionals claim that a number of those wills are old and likely outdated.
The last thing expectant spouses expect while anticipating the birth of their child is planning that goes beyond the décor of the nursery. However, taking proactive steps can help lessen the impact of increased expenses and plan for a financially secure future.
It is never too early to start an estate plan. However, it can become too late.