YOUR TAX-TIME FINANCIAL REVIEW

It's the new year … and that means it's time to review your financial affairs. Take advantage of all of that top-of-mind tax-time knowledge and increase your changes of a fiscally sound 2018.

PARENTS NEED TO DO ESTATE PLANNING

For a parent, estate planning is especially important. The first priority is to make sure your children are protected in the event that something happens to you. Your estate plan should appoint guardians for your minor children, as well as provide for their financial well-being.

SINGLE PEOPLE NEED FINANCIAL PLANNING TOO

Single people have financial considerations that differ from those who are married. But this doesn't mean they should overlook financial planning.

TAX FILING RESPONSIBILITIES OF ESTATE EXECUTORS

As an executor of an estate, it's your responsibility to make sure all the necessary tax returns are filed. This overview will help you make sure you don't miss any.

WHO'S ON YOUR TEAM?

Tough financial decisions can affect both current and future tax bills, and lining up a team of professional advisors who are ready and willing to help makes a difference. For the most benefit, make sure your advisors know each other and work well together.

DESIGNATE BENEFICIARIES TO AVOID UNINTENDED CONSEQUENCES

After your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would like.

SMART REVIEW TACTICS LEAD TO LONG-TERM BUSINESS SUCCESS

As a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are key areas to consider.

ONE MORE EXTENSION FOR ESTATE EXECUTORS

A law passed last summer added a new task for estate executors and others who file estate tax returns after July 31, 2015: providing a statement of the value of estate assets to beneficiaries and the IRS. The statement is designed to ensure consistency between the value of the property for estate tax purposes and the basis a beneficiary reports for income taxes. The information is filed on Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. If you're required to complete Form 8971 before March 31, 2016, you do not need to do so until March 31, 2016. (The original due date was February 29, 2016.)

THREE POSITIVE STEPS TO FINANCIAL WELL-BEING

While you're gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started.

ESTATE EXECUTORS HAVE ANOTHER RESPONSIBILITY

A law effective as of July 31, 2015, included provisions that require certain executors to file a statement with estate beneficiaries and the IRS, notifying both of the value of property as reported on the estate return. Unless an exception applies, the beneficiaries can claim no more than that value when the property is later sold or disposed of.

Under the new rule, the statement is due within 30 days after the estate return is filed or 30 days after the due date of the estate return, whichever is earlier. However, if you're required to file this new statement before February 29, 2016, the due date for filing and furnishing the statement is delayed until February 29, 2016.

We'll keep you updated as guidance becomes available.

EVERY ESTATE PLAN SHOULD HAVE THESE BASIC DOCUMENTS

Estate planning is not just a task for the wealthy. Even though federal tax implications kick in only if your estate exceeds $5,430,000, there are other issues that make estate planning important for most individuals.

UPDATE YOUR BENEFICIARY DESIGNATIONS

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.

UPDATE YOUR BENEFICIARY DESIGNATIONS

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.

PARENTS NEED TO DO ESTATE PLANNING

For a parent, estate planning is especially important. The first priority is to make sure your children are protected in the event that something happens to you. Your estate plan should appoint guardians for your minor children, as well as provide for their financial well-being.