With tax season approaching now is a good time to start reviewing the estate plan. It is important to review any changes in circumstances that might require making changes to a will or power of attorney. Make sure that the beneficiary designations for insurance plans, 401(k)s, IRAs, and other retirement plans are all updated. People might also consider the idea of creating a “living trust” to help channel assets directly to heirs. “The US Treasury Department recommends that owners of savings bonds prepare a list that records serial numbers, issuance dates, and the name and address on each bond, along with the Social Security number of the owner.” Finally, it is important for senior citizens to be wary of attending many of the free lunch seminars that they might get invited to.
See Julian Block, Estate Planning Reminders for This Tax Season, Accounting Web, February 8, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
