- Tax Doctor
Similarities Between Tax Planning and Estate Planning
"Adulting" is hard. Between kids, pets, jobs, bills, medical problems, car problems, etc. it's hard to find time to start tax planning. People often feel the same way about estate planning. Life gets in the way and these things are pushed further down the road, on and on.
These things are often not really a priority...until they are.
Don't Forget About Tax Planning!
If you're a business owner, thoughts of tax planning might bubble to the surface a couple times a year. Perhaps around March 15th and April 15th. If you're a regular-ole W-2 employee or retiree, it might come to the surface just once a year, in April.
Regardless of when you get your taxes done, you'll have to face it sooner or later. Before you know it, tax season has ending, and you don't really think about your taxes for another year or so. The cycle is complete and most will do nothing, then face the pain of a huge tax bill again in a year.
Don't Forget About Estate Planning!
Estate planning is forgotten even more often then taxes. There's not a deadline to remind you every year. Thoughts of estate planning might occur at an uncle's funeral, your mother's bed side in the ICU, or when you come across a classmate's obituary.
Of course, even after these tragic events, estate planning can be easily ignored.
Ignoring tax planning and estate planning can have major consequences for you and your family. There's only two things certain in life...death and taxes! Don't ignore them both!
At Ohio Tax Advocates, we act as your portal to trusted CPAs, Financial Planners, and Estate Attorneys. Give us a call at 614-356-8647 to get your documents in order.