Updating Your Estate Plan After Tax Season: Why it Matters

Tax season involves gathering financial documents and submitting your tax returns. With all that financial paperwork in hand, now is the perfect opportunity to also review your estate plan. Estate planning is an important piece of your overall fiscal health. By reviewing your Estate Plan every year, you'll be rewarded with fiscal security for both you and your family. Here are key reasons why tax season is also estate plan time.

Why Update Your Estate Plan After Tax Season?

You're already focused on paperwork:

Tax season requires reviewing statements and documents. Since you're already in this detail-oriented mode and handling your documents, it's a good time to also look at your Estate Plan.

You have a clear view of your property and assets:

The documents you collect for taxes are also needed to review your Estate Plan. By going through these documents, your property and assets are already top-of-mind. It’s an opportune moment to ensure all your assets are accounted for in your Estate Plan and evaluate how you would like to distribute each of these assets.

Changes in your financial standing:

Changes in your fiscal situations should also be reflected in your Estate Plan, including your list of assets and beneficiary designations.

Beneficiary designations:

Financial institutions typically send tax-related forms by mid-February. Use this paperwork to review your beneficiary designations and make sure there are no conflicts between your Estate Planning documents and your beneficiary designations.

Your CPA's Role:

Your CPA can work with your estate planning attorney to minimize taxes for your family. When you talk about your taxes with your CPA, it’s also the perfect time to connect them with your Estate Planning attorney.

Tax Advantages:

Taxes can impact your Estate Plan. Through careful planning, it’s possible to protect your Estate from getting reduced significantly by taxes.

How We Can Help

At View Ridge Family Law & Estate Planning, we understand the complexities of estate planning and how it relates to tax considerations. Our team can help you in updating your estate plan after tax season to align with your current financial situation. We can also offer guidance on estate and inheritance taxes in conjunction with your CPA and Financial Planner.

We can assist with:

• Updating your will or trust

• Adjusting beneficiary designations

• Tax-advantaged estate planning

  
  

If you're ready to update your estate plan, contact us at 206-703-0764 or reach out online to schedule a consultation.