It is that time of year again, tax time. This is the time of year when you realize the tax mistakes that you made during the past year. However, it can also be a great time to identify possible tax problems that you may face this year or in years to come.
If you have a professional tax preparer that you work with, then take advantage of your meetings. Since you are already being charged for their time ask them questions about how you draft your will so that you can minimize estate taxes, or so that you can take advantage of charitable contributions that you plan to make with your estate on next year’s tax return. Your tax professional may also be able to tell you if you can save estate taxes by distributing your assets before you pass away.
If you complete your taxes yourself then you still can learn about tax advantages of estate planning. The IRS is a great resource for information. They offer a huge library of tax reference materials that are free of charge. Simply look in your tax booklet to find ways that you can order these reference materials. Your state department of revenue is another great resource for tax information. To get their materials contact them directly by phone, mail or visit their website.
As the saying goes, the only things that you can be sure of are taxes and death. Fortunately you can save time by planning for both at the same time. Preserve the wealth of your life by learning how to use your spiritual ethical will for estate planning. Return to this blog next week for more information on how to write an ethical will.