5 common estate planning mistakes

In today’s uncertain economic times, estate planning is more important than ever. A carefully crafted estate plan can help you provide for your family’s financial security at the lowest possible tax cost. As you design your plan, or review an existing one, be sure you aren’t making any of these five common estate planning mistakes.

1. You don’t have a gifting plan

2. You own your life insurance policy

3. You’re leaving everything to your spouse

4. You haven’t considered GST taxes

5. You own assets jointly

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With recent economic downturns and important pieces of tax legislation being passed over the past year, you may be wondering what changes you need to make now to protect yourself in the future. Keeping abreast of tax law changes and tax-saving strategies is one way you can protect your assets. This article looks at some key changes made from the new laws: the homebuyer tax break, charitable IRA rollovers and the sales tax deduction.

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Taking stock of your inventory accounting method

If your business involves the production, purchase or sale of merchandise, inventory accounting can have a significant effect on your tax bill. In some cases, switching inventory accounting methods from first-in, first-out (FIFO) to last-in, first-out (LIFO) can reduce your taxable income, giving your cash flow a boost. This article reviews factors to consider with inventory accounting methods, including tax savings and the effect the change will have on financial statements.

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In today’s uncertain economic times, estate planning is more important than ever. A carefully crafted estate plan can help you provide for your family’s financial security at the lowest possible tax cost. This article explains five common estate planning mistakes to avoid.

Read more

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