New York Times: “Business owners who do not form a succession plan create a time bomb that can not only destroy their companies but tear apart their families. ‘A lot of families fight and fight until the business is gone . . . It eats up everyone’s inheritances.’ Here are some suggestions to avoid a succession disaster:”
Top Ten Tips for Last-Minute Filers
As the tax filing deadline close in on us, I wanted to share with you the top 10 tips the IRS wants you to know if you or your clients are still working on your Federal Income Tax Return:
1. E-File Your Tax Return – Don’t miss out on the benefits of e-file. Your tax return will get processed quickly if you use e-file. If there is an error on your return, it will typically be identified and can be corrected right away. E-file is available 24 hours a day, seven days a week, from the convenience of your own home. If you file electronically and choose to have your tax refund deposited directly into your bank account, you will have your money in as few as 10 days. Two out of three taxpayers, 95 million, already get the benefits of e-file.
2. Review Tax ID Numbers – Remember to carefully check all identification numbers on your return. Incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
3. Double-Check Your Figures – Whether you are filing electronically or by paper, review all the amounts you transferred over from your Forms W-2 or 1099.
4. Review Your Math – Taxpayers filing paper returns should also double-check that they have correctly figured the refund or balance due and have used the right figure from the tax table.
5. Sign and Date Your Tax Return – Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
6. Choose Direct Deposit – To receive your refund quicker, select Direct Deposit and the IRS will deposit your refund directly into your bank account.
7. How to Make a Payment – People sending a payment should make the check out to “United States Treasury” and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. Write your name, address, SSN, telephone number, tax year and form number on the check or money order. If you file electronically, you can file and pay in a single step by authorizing an electronic funds withdrawal. Whether you file a paper return or file electronically, you can pay by phone or online using a credit or debit card. Visit IRS.gov for more information on payment options.
8. File an Extension, if Necessary – Taxpayers who will not be able to file a return by the April 15 deadline should request an extension of time to file. Remember, the extension of time to file does not give one an extension of time to pay the income tax due by April 15.
9. Visit the IRS Website, anytime – “www.IRS.gov” contains forms, publications and helpful information on a variety of relevant tax subjects.
10. Review Your Tax Return…One More Time – Before you seal the envelope or hit send, go over all the information on your return again. Errors may delay the processing of your return, so it is always best to make sure all numbers contained on your income return are correct and can be substantiated.
Forbes.com: “Seven steps to make sure your family doesn’t end up like the Astors. The recent fraud and grand larceny conviction of socialite Brooke Astor’s son, Anthony Marshall, highlights how dangerous a power of attorney can be in the hands of an abuser. Among the 14 counts the New York jury found Marshall guilty of: misusing his power by giving himself a retroactive $1 million raise to manage his mom’s finances. . . . The Astor case is a reminder to families that it’s important to make sure you get this basic estate and disability planning document right.”
Putting our legal and financial affairs in order, before it’s too late, is vitally important. These 10 Celebrity Estate Planning Mistakes, detailed in Forbes Magazine, can help spring your clients into taking the necessary steps to protect and preserve their property.
Just like regular folks, celebrities flub their estate planning, costing their intended heirs money and/or grief. What’s different? Bigger dollar amounts and notoriety, mostly. A new book, Trial & Heirs, by probate litigator Andrew W. Mayoras and his estate lawyer wife, Danielle B. Mayoras, details celebrity cases to provide real-life advice that is relevant to all of our clients.
The mistakes celebrities have made run the gamut, from never writing a Will (music legend Jimi Hendrix) to relying on a “letter of wishes” to give away belongings (Princess Di). So read on, and learn from their mistakes.
Forbes: Putting affairs in order before it’s too late is important. As planning professionals, one of the challenges that we face every day is motivating our clients to review and revise their existing estate plan, if they have one at all. Unfortunately, many of our clients have excuses for pushing their estate planning to the back burner. “Whatever the reasons, procrastination is common when it comes to clients doing the proper estate planning . . .”
You can educate your clients about the importance of engaging an experienced estate planning attorney to help them plan now to protect their estate. We invite you to contact The Levin Law Firm to schedule a Complimentary Consultation by calling our office at (610) 977-2443.
New York Times: This article on the importance of estate planning starts with ” not discussing something that is going to happen will not stop it from happening. And at some point, someone is going to have to sort out your estate — regardless of how big or small it is.” The article then summarizes key estate planning issues that should be addressed.
