It is said that the only things certain are death and taxes so perhaps it is fitting as we get closer to the deadline for filing our income tax returns, that we also think about whether our wills are up to date. For eighty percent of the population the question is not whether their wills are up to date, but rather whether they should get around to having an initial will drawn. Without a properly prepared will the intestacy laws of the state control who gets your assets and that may well not be the people whom you wish to receive your property. In addition, the cost of probating or settling your estate may be increased and the person appointed by the court to act as your estate’s administrator also may not be the person whom you would choose. Anyone with young children should particularly be concerned with whom they wish to name as guardian for their children.

Personal Tax Planning
Anyone who receives more than $500 in a tax refund should consider changing the amount of their withholding which would translate into a bigger paycheck for themselves. For most taxpayers the amount of withholding is determined by the number of allowances claimed on the W-4 form which determines the amount of tax withheld from your paycheck. Many people fill out this form when they are first hired and forget about it. Anything that would reduce your tax bill may be considered when determining the number of allowances, such as the number of exemptions you declare, tax credits, deductions and taxable losses. You can use the IRS’s calculator on its own website of www.irs.gov to see if you should change your withholding.