When the calendar turns over into the New Year, we start thinking about tax time. There’s plenty of paperwork that goes along with paying the piper, but some of it doesn’t always come up before there’s a problem. This is a good time, while you’re getting into tax mode before putting it out of your mind until next year, to review all your forms to make sure everything’s in good order.
This includes your Individual Retirement Account details. Not just for yourself, but for any loved ones; the tax documents that apply when someone dies will affect beneficiaries. Death is a tough thing to deal with, but fiscal issues should beneficiary complications become a problem make a time for grieving into something inordinately frustrating when it doesn’t have to be. Scheduling some time to sit down with parents or other people who, like it or not, might have less time before the inevitable, can save everyone unnecessary heartache should the worst come to pass. And if you’re the parent, even a young parent, knowing your children will be okay should you not be there to help them can bring peace of mind.
Don’t be afraid to consult with a tax professional to ensure all your details are in order, with everything proper noted and filed. The time to act is before something happens.
Don’t leave it too late; file and update your beneficiary paperwork before the worst happens. #HealthStatus
- 1Work on creating documents to match what you’ll need for retirement and beyond, including power of attorney.
- 2Check your Social Security investment to make sure it is up to date and you are fully vested for retirement.
- 3Make sure your household and family plans are up to date, instead of waiting until when someone is sick when it can be impossible to make those updates.