Tax Season and Your Estate Plan

It’s time to dig out all of your receipts and pay stubs from last year—that’s right it’s tax season! While you are reviewing your finances, it’s also the perfect time to make sure your estate plan is up to date. If you have recently gotten married, had a child, acquired new assets, or experienced any major life event not only should that be reflected in your taxes but it should also be added to your estate plan. Proper tax and estate planning go hand-in-hand so now is the best time to get both in order. If you have recently experienced any of the following, make sure you schedule an appointment with an experienced attorney to make sure your estate planning documents are updated.

Large Assets

02G69561If you had a big purchase this year and acquired an asset of large value (such as a home) you may need to modify your estate planning documents. Leaving big assets out of your estate plan can create conflict and ambiguity after your passing. Your existing will or trust may already include language to address future purchases like a new home.  If not, adding a home to an already existing will or trust is simple. An experienced attorney will be able to walk you through the process quickly.

Marriage and Divorce

If you had a shift in your tax filing status due to a marriage or divorce, then there are likely some adjustments you will need to make in your estate plan. You don’t want your new spouse to be excluded or your former spouse included when it is time to divide the assets. This is also a great opportunity for you and your new spouse to discuss important end of life care and power of attorney concerns.

New Baby

If you welcomed a bundle of joy into your family this year, you get to enjoy some great tax credits and deductions. This is also a great occasion to ensure your estate plan provides for your growing family. Adding your children to your will or trust is crucial to ensuring their needs are taken care of if you were to unexpectedly pass away. If you do not have an existing will or trust in place, now is the time to act so you can protect your son or daughter.

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Law Offices of Debbie J. Cunningham

Debbie Cunningham is an Irving attorney providing affordable estate planning to the Dallas/ Fort-Worth areas. She understands the steps you should take to protect yourself and your loved ones. Debbie is family-focused and wants to ensure her clients are fully informed on the options that are available for their families. Debbie’s own blended family has given her valuable insights into the complexities of family dynamics.

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