Hyden, Miron & Foster, PLLC Law Blog

Monday, May 29, 2017

This Tax Season, Take Time to Prepare for Your Financial Future

What steps can I take to prepare for my financial future?

As Benjamin Franklin correctly surmised, “In this world, nothing can be said to be certain, except death and taxes.”  This tax season, take some time to inventory your finances and engage in financial planning that may prove vital to your future.  Our Arkansas tax law attorneys offer a look at a few things to think about as you complete your taxes this year.

  1. Do you have a power of attorney?

    You have likely heard of a power of attorney, but may not have one in place.  A power of attorney is a legal document that provides someone you select the power to act on your behalf.  Two of the most important types of powers attorney (POA) include a financial POA and medical POA.  With these documents, you can choose someone you trust to take control of your finances or make critical medical decisions on your behalf in case you become incapacitated.  Consider making the move to complete a power of attorney, or update your existing one, during this tax season.

  2. Do you have an estate plan?

    Less than half of all Americans have a will, and even fewer have a comprehensive estate plan in place that will ensure their assets transfer to their desired heirs with minimal tax consequences.  If you do not yet have a will or trust in place, now is the time to contact our estate planning lawyers to get started.  If you already have a will, use tax season to review your will and make any necessary revisions.  While estate planning can be a difficult topic to discuss, it is a vital component to your lasting legacy. 

  3.  Have you considered tax planning?
    Effective tax planning could save you significantly in the long run.  This tax season, call your tax planning lawyer to discuss ways in which to minimize your tax consequences.  This could include better tracking your deductions, gifting strategically, increasing contributions to retirement plans, and more.  With the help of your attorney, you could set aside more money for retirement and beyond.

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