Estate Planning
When was the last time you reviewed your estate plan? Ten years ago or five years ago? Last year? Never?
If your plan was set up years ago or your answer is never, it’s definitely time to review the provisions you have made for handling your estate and providing for your family after you die.
Even if your plan was written as recently as last year, revisions may be appropriate because tax laws are continually evolving. And if you do not have an estate plan, there is no time like the present to create one with help from the personal and family tax planners at Borland Benefield.
By definition, your estate is your property or possessions. Your house, car, securities, business interests, cash, retirement plan benefits anything you own that can produce income or that can be converted into cash make up your estate.
Most well-thought-out estate plans make certain allowances for potential changes in economic or family circumstances. But, unless you have a foolproof method for seeing into the future, you cannot predict all the possible changes that might affect your financial situation and estate plan.
A periodic review of your estate plan is essential if you want it to continue to meet your needs.
In Borland Benefield’s Estate Planning List [hotlink to Helpful Resources – Estate Planning List], we have listed some of the events that might trigger a review of your long-term financial and estate plans. Check for any items that apply and consider the possible effects on your estate plan.
Consider the effect these items have on your current income tax and financial planning as well. Planning for the distribution of your estate property is only one aspect of estate planning. Equally important is planning for the accumulation, conservation, and enjoyment of your income and property during your lifetime.
As a part of our estate, gift and trust planning services, Borland Benefield can also help you with:
• Federal estate tax returns (Form 706)
• Alabama and/or other state inheritance (or estate) tax returns
• Gift tax returns (Form 709)
• Estate and trust income tax returns (Forms 1041)
• Elections maximizing income and estate tax savings
• Fiduciary accounting statements for estates and trusts
• Formal Charge and Discharge Statements
• Funding schedules for an "estate planning" will trust
• Estate tax estimates and planning for surviving spouse
• Probate schedules
For more information, please contact John Wilson (jmw@borlandcpa.com) in Birmingham at 205-802-7212, or Dena Davis (dwd@borlandcpa.com) in Florence at 256-767-3555.