Four Easy to Avoid Mistakes People Make at Tax Time

It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as with anything in life, the more you rush, the more likely you are to make mistakes. When it comes to your taxes, these mistakes can result in monetary penalties, delays in getting a refund, and even an increased chance of being audited. Below are four easily avoidable mistakes people make at tax time.

Not filing when you could get a refund: No matter what your income level, filing your taxes is important. This is particularly true if you are a low-income earner, as you may be entitled to a refund from the government through the earned income credit. Read More

There’s Never A Better Time Than Now To Get Your Affairs in Order

The idea of getting your financial and legal house in order is likely the last thing on your mind during the busy holiday season. But, getting started is much easier than you think. In fact, the end of the year is a good time to reflect upon the year that has passed and focus on your aspirations for the future. Don’t hold this task off for later. Some careful thought and a little bit of work now can go a long way to help you feel 100% confident about moving forward in the new year. Read More

The Silent Threat to Your Estate Plan

It is common knowledge that everyone needs to have an estate plan in place. Commonly, the focus is on assets, taxes, and any changes to legislation that may affect the security of your loved ones in the event of your incapacity or death. What many often forget, however, is that changes in family dynamics and circumstances can threaten even the most well thought out estate plan. This silent threat can easily keep your estate plan from actually working when it is truly needed. Below are several situations where updating an existing estate plan or creating a plan for the first time is necessary to protect your loved ones. Read More

Murphy’s Law and Estate Planning

As the old adage goes “anything that can go wrong, will go wrong.” Referred to as Murphy’s law, this well-known saying has no mercy. Sadly, estate planning is no exception to its wrath. There is hope! Below are five-estate planning mistakes and how to fix them:

Incorrect guardian for your children: A will is a way for you to control what happens to your estate and your minor or disabled children from the grave. If you fail to put together a will, the state will decide who cares for them at a court hearing. If you do have a will, be sure to review it regularly and confirm your original guardian is still a great choice for your children. If he or she is not, then amend your will and choose another guardian. Because all family law judges are required to make decisions in the “best interest of the child”, it’s a good idea to write a letter of explanation to help the judge understand the decision you’ve made. Read More

Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign

Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior spouse who is still caring for minor or disabled children, and also possibly make sure your current spouse and any children you had together – and any stepchildren – are also taken care of after you pass away. The good news is that estate planning can take all of these factors into account. This is true whether you are putting together your estate plan for the very first time or if you need to update your current estate plan due to a change in your circumstances. Read More