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Use Your Tax Papers to Get a Head Start on Estate Planning

If you don’t want to get the Internal Revenue Service (IRS) breathing down your neck, then you must have just recently finished your taxes for this year. All around your home office, you probably have piles of paperwork related to your income and your assets. If you are a small business owner, then you probably have documents about that go into detail about your company and its own finances. All of this paperwork is now in your way — or is it?

At Kitzke & Canfield LLC, we suggest you keep all of your tax paperwork on your desk and put it towards good use once again by starting your estate plan. The most critical information that the IRS wants to see in your tax documents is actually the same information that makes the foundation of your estate plan. Your finances are basically the groundwork for both processes. Taxes ask what finances you have now, why, and what part of that goes to Uncle Sam. An estate plan asks what finances will you have in the future, how will you ensure it, and what goes to whom when you pass away.

Turn your tax season momentum in estate planning power by:

  • Keeping the tax documents you retrieved easily accessible.
  • Categorizing your documents, with the most recent entries on the top.
  • Reviewing your tax filing to see the relative health of your finances.
  • Seeing if government aid, like Medicaid, will be available to you to pay for long-term care based on your tax situation.
  • Discussing your tax filing and estate plan with others with direct interests in both, such as your spouse or adult children.
  • Calling an estate planning lawyer about how to take all of your documents and new information to get started on an estate plan.

The necessary papers to file your taxes will only be the framework of your estate plan, though. To make your estate plan functional, it needs to be carefully created to your own specifications and expectations. Kitzke & Canfield LLC and our estate planning attorneys can help you form your estate plan using your newfound understanding of your finances thanks to the end of tax season. With us acting as your legal guides, don’t have to stress about what the future holds because you’ll be actively planning for it!

Call (262) 214-6827 today to learn about our legal services in Grafton. We offer flexible appointments and affordable fixed fees.

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