Planning Your Future - Part 4 | Tax Tip of the Week | No. 207

You Really Need to Plan for This - Part 4

Our death and possibility of developing an incapacitating illness are not pleasant things to think about.  But planning for them, however, must be addressed.This is part four of a four part series of Tax Tips that will highlight some of the primary legal steps you should consider. NOTE: We are NOT attorneys.  Please consult with an attorney before following any of these suggestionsAssemble Your Records---And Let Someone Know Where They Are Located!Even if you have a power of attorney to help manage your property, have signed a valid will and have created a revocable living trust, it will help your advisors if you have an organized system for your records.The first set of records should include all of the above planning documents. In addition, the documents for the care of your person, such as a durable power of attorney for healthcare, a HIPAA release a living will or an advance directive should be included.The second set of documents will be all of your financial records. Many people with a chronic disease have placed their records on computer. Through a combination of online banking and records from your brokerage and securities accounts, all of your financial data can be accessible in one location.The third category of record is your family information and personal history. This could include marriage certificates, insurance records and other various types of medical reports.We hope you learned some planning tips in the series.  Most importantly, we hope it has inspired you to call your attorney and make any needed changes to your estate plans.  Give us a call if you do not have an attorney and need a referral.As always, give us a call with any questions or concerns you may have.

You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.