‘Tis the season, eh? My friends who work in tax accounting have been off limits for weeks now, but the real crunch is coming. I find tax season interesting in that it highlights the various approaches to adulting:
- Early Birds - We all know the gal or guy who submits their paperwork to the accountant in early February, fully reconciled, and is enjoying their refund by late March. First in, first out. Harder now, easier later.
- Just In Time - Likely the vast majority of us, they wait until it’s almost too late, scrambling to gather all of the docs and forms, and making the deadline even more stressful for themselves and their accountant. Pull it off every year. But barely. Lots of wasted energy. Lots of unnecessary drama.
- File an Extension - We all know this gal or guy, too, perpetually pushing off the deadline until mid-October. They’ll get to it eventually. And they typically do. Just not on time.
And with some extrapolation, we can see how these personality types approach inheritance and estate tax planning. There are some with a well maintained binder and spreadsheet, complete with color coded index and sections, and a specific, current plan of who to call, where to look, and what to do as the estate transitions to the next generation.
More than likely, though, there are some documents, somewhere, and they might be current. Don’t worry, though, the list of who to call is in the office. Or maybe the safe. Don’t worry, the family will find it when needed, right? Especially as they’re grieving.
And as we know, there is no filing for an extension when it comes to estate planning and taxes. I am amazed that less than half of homeowners have a will (let alone a trust). Do we want our children fighting with the probate courts (and each other) for years about the family home and assets? Is this how we preserve our legacy?
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