Updates & Tax News

Quick Peek – Winter 2017 Newsletter

IRS Update

The current IRS update addresses relief for Harvey, Irma and Maria hurricane victims, 2017 filing reminders and ITIN renewal instructions.

Read more…


In Other News

How to Talk Finances with Your Aging Parents

One day you may find yourself taking care of an elderly parent who is in declining physical or mental health. This can be stressful, both emotionally and financially. Fortunately, you can start taking steps to make sure finances are in order before this occurs.

Talk to your parents about their financial affairs. Parents may be reluctant to discuss their finances, but it’s important that someone knows the name of their accountant and where critical financial papers are located. There’s a good chance much of the information will be in your parents’ heads, or scattered around their house.

Take a look at the following topics you might want to cover with your parents:

Basic information

Ask your parents where they keep:

  • Social Security cards
  • Driver’s licenses
  • Passports
  • Marriage or divorce records
  • Family birth certificates
  • Military service records
  • Pension records

Income and expenses

Learn about your parents’ current:

  • Income
  • Monthly expenses
  • Financial planner (if they have one)

Financial and insurance records

Help your parents make a list of and review their:

  • Financial assets
  • Bank accounts
  • Retirement accounts
  • Investments
  • Designated beneficiaries
  • Safe deposit box location and box number
  • Accountant information
  • Copies of tax returns
  • Home, vehicle, health and life insurance records

Physical assets

Ask your parents where they keep:

  • Mortgage records
  • Deed to their house or other property
  • Vehicle titles
  • Any other assets

Estate planning

Find out if your parents have:

  • A will or living trust
  • An attorney
  • A power of attorney
  • Special wishes for bequests (encourage your parents to put them in writing)
  • Directives for medical care (living wills)

Don’t try to gather all this information in one exhausting session. Instead, use the list as a starting point for a series of conversations. Wherever possible, involve your parents in putting their own affairs in order. You may find it’s a great opportunity to bond with your parents in their golden years.

Our winter newsletter also offers articles on:

  • When nature strikes, the tax code offers relief
  • Ready for the 2017 filing season?  This will help
  • The power of the buy-sell agreement
  • Your 2018 wallet goals
  • Mark Your Calendar

Read more…

Health Insurance Insider

Spring 2016

Tips and Tools

E-Guide Record Retention

E-Guide Charitable Gifts

E-Guide Travel and Entertainment Expenses

E-Guide Vehicle Expenses

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