Thousand Oaks Tax Preparer Explains Why You Need An Estate Plan NOW
December 16, 2013
Skylar Dubrow, CPA
Blog
December 16, 2013Skylar Dubrow, CPABlog
I’m once again spending my morning scattershooting around news in the tax industry, while simultaneously preparing for a sure-to-be-busier tax season here in the Thousand Oaks area (thanks for all the recent referrals — keep ’em coming!) AND navigating the perils of another holiday season … well, it means one busy Skylar Dubrow CPA!
Seriously, we’re getting excited about what is our most intense season of the year — TAX time. This year, with all of the ACA confusion, we are already fielding a ton of questions from Thousand Oaks tax preparation clients, not to mention queries about the raft of tax credits disappearing on 12-31-13.
So in between cookies and eggnog, we’re boning up on all of the official tax law changes, and we’re meeting with clients for last-minute tax planning.
[Which, based on what we’re seeing in our meetings, could be a VERY good idea for you too. Give us a call: (818) 889-7285 ]
But it also reminds me, as we prepare to meet with hundreds of our clients, that “tax time” is the perfect time for you to get other, long-delayed financial tasks accomplished. One of these is the dreaded estate plan. This is something which every Thousand Oaks family should have in place, and so I’ve got some further thoughts on that for you in this week’s Note…
Thousand Oaks Tax Preparer Explains Why You Need An Estate Plan NOW
“Leadership is practiced not so much in words as in attitude and in actions.” -Harold Geneen
Most of us here in the Thousand Oaks region (and beyond, I suppose) spend a considerable amount of time and energy in our lives working for our families and accumulating wealth.
But unless you’re careful, all of it will be going to waste.
That’s why a well-crafted estate plan is so critical. It ensures that your hard-earned wealth (including intangible, non-financial assets) can pass intact to those you intend to be your beneficiaries, instead of being siphoned off to government processes and bureaucrats, or even being lost. We all dislike handing over our resources to those who don’t have our best interests in mind.
A well-made estate plan guarantees that this will NEVER happen to your family.
“But Skylar, what happens if I don’t create an estate plan? Doesn’t the judicial system have easy steps in place for families?”
Yep, and it’s called “probate” (Latin for “prove the will”), and it’s an ugly process.
You see, “probate” guarantees government interference in how you transfer your estate (however large or small). Documents must be filed, and approval must be received from a court to pay your bills, pay your spouse an allowance, and account for your property. Oh, and even worse — it all takes place in the public’s view.
If you fail to plan your estate, not only do you lose the opportunity to protect your family from an impersonal, complex governmental process (that is a burden at best), but it’s slapped across the public domain for all to see.
Then, of course … there’s taxes. You think the government is incentivized to keep those low on your behalf? There’s a variety of solutions for each Thousand Oaks family’s particular situation, but the plain fact is that working without a plan is U-G-L-Y no matter how you slice it.
When it comes right down to it, planning is a gift for your family (the people you love most), because if you don’t take care of things while you are living and able, they’ll have a mess to clean up when you are gone.
Even more, if you have children, you want to establish the proper (legal) procedure for ensuring they’re taken care of properly.
So if these issues are important to you (and I believe they are), make your tax preparation appointment with us count twice, and we can set you up with information about how to get the estate planning process started right.
To your family’s lasting financial and emotional peace…
Warmly,
Skylar Dubrow CPA
(818) 889-7285
Preparing a correct and accurate tax return is our priority. We proudly stand behind our work and if a mistake does happen that is our fault, we will immediate correct the mistake and gladly refund your money if requested.
If any penalties or interest are incurred due to our mistake, we will do everything we can to fix the problem and cover any penalties should they arise.
We feel so confident in our processes to account for all deductions and uncover hidden deductions that we guarantee that you will pay the lowest amount of taxes legally possible. We spend a good amount of time correcting and fixing other so called tax pros mistakes and oversights.
We are so committed to giving out clients the best service. We do this by taking thte time to understand our clients situation and asking the right questions to make sure every deduction is accounted for. And remember we work for you, NOT the IRS.
Not only do we prepare an accurate tax return, we will inform you of tax saving strategies and best record keeping practices should we see fit.
Starting January 1, 2017, all our returns come with our “Silver” Stress Free Audit Insurance, FREE with paid tax preparation. Our Silver package includes our full support when handling IRS and State Notices for the 2016 tax year. If you receive a notice, send it to us and we will work with you to organize the required documentation and we will respond to the IRS on your behalf.
“Many tax experts are predicting an increase in IRS audits (because of the system automation), as well as an increase in audits by the state”
Our Gold Package adds our representation for an actual IRS audit for the current year. Whether it be an “audit by mail”, or an actual audit at one of the IRS locations, we will work with you to compile all the necessary documentation and represent you in front of the IRS for no additional charge. Our fees to represent our clients in an audit scenario can range from $1000- $2500 & up depending on time and complexities.
Our Gold option is an optional add on service & not included with regular tax preparation. Gold protection covers the current tax year only regardless of when you get audited.
The IRS and state authorities are behind in auditing tax returns and matching reporting documents to tax returns.They are currently working on 2012 & 2013 years.
Our Platinum level package covers you for a period of 7 years. It Is just like our Gold package, but it includes the currtent year and 6 prior years. We will provide audit coverage for prior years tax returns, even if we did not prepare them.
How is that for taking care of our clients! Once the Platinum level package is purchased, only the gold level will be required in future years as the previous years have been protected by the one time Platinum purchase.
