The Golf Masters Tournament is here. The Golf Masters Tournament is basically the Superbowl for golf fans, and golf itself isn’t for everyone. Some people are the type to work hard at perfecting their shot and achieving the lowest possible score, while others are the type to hit one ball into the water and throw their clubs in after it. To each his own (most of us likely fall somewhere in the middle). Whether golf infuriates or hypnotizes you, there are some lessons to be learned from the sport that can apply to your future. You want to give life your best shot, not just on the field but off it too. Estate planning can help you do that.

Create a Base

An estate plan is a way to organize your assets and affairs so that they transfer smoothly and wrap themselves up neatly after you pass on. An estate plan does not have to be complete and picture-perfect the first time around. Things change, and family dynamics change, and you will likely end up updating your estate plan multiple times in order to reflect these changes. But, having an estate plan provides a basic working plan in the event that something happens. This base is crucial to maintaining the financial health of you and your family.

Help Your Kids 

Another great benefit of an estate plan is that it gives you the opportunity to help your kids. You are able to set up guardianship papers for them, which protects their wellbeing in the event of an emergency. You are also able to set up college savings plans for them, ensuring that they get at least some of their tuition paid. These savings plans have tax advantages, which means that you are saving more money than if you tried to save through a regular, non-IRS plan. Helping your kids is one of the pillars of estate planning.

Protect Your Assets

Your assets include basically everything that you own. When you die, do you know where your stuff is going? If you send your family to probate court because you don’t have an estate plan, you will end up giving your things to the state to pay off creditors. Your family will get whatever remains. You want your assets to go to the people you love, and estate planning will allow you to do that. There are many tools to protect your assets from the state.

Protect Your Business

You may also be a business owner with a lot of finances and plans to protect. Perhaps you haven’t thought about where your business will end up or what your business plans are in the event that you die. Estate planning can help you set up a succession plan or an asset division plan that will ensure that your business is not left rudderless if something happens to you. It’s an excellent way to ensure your business’s future, which also in turn protects your family’s future.

Financial & Physical Health 

Estate planning protects both your financial and physical health. Financially, you can hire a power of attorney and arrange for your finances to be taken care of if you’re too sick to make decisions yourself. The power of attorney is a trusted loved one. You can also put forth healthcare directives that will deliver instructions about your care to doctors and hospitals, even if you cannot communicate them yourself.

If you love golf, then we wish you the best when watching the Golf Masters Tournament. If you’re not a big golf fan and/or are bad at golf, that’s okay—you can still learn a lot from the sport and apply those lessons to your own life. Estate planning will help you take the best shot you can at life, on and off the course. 

Well, the above title says it all. You got behind on your taxes, the IRS is mad, and you need to fix it. While the IRS has been painted as the boogeyman since America started collecting taxes, it is a necessary evil and doesn’t have to be quite so scary. If you have overdue taxes, you already know that you can’t waste another minute. Here are some ways you can get caught up on your taxes (as well as what happens if you don’t).

Don’t Wait for Them to Contact You 

When it comes to the IRS, no news is not good news. If they haven’t contacted you about back taxes, that doesn’t mean that they’re unaware. The system is automated. It is likely that they have or are about to receive an alert about your unpaid taxes. Waiting for them to contact you also looks like you’re trying to avoid paying back taxes, and that is less than ideal when asking them for leniency. 

A Payment Plan 

There are options for payment plans. The IRS knows, logically, that at some point, people are going to run into problems and won’t have their tax money ready. The IRS offers payment plans to eligible individuals. These are installment agreements, which means that you pay a set amount over a repeated period of time (like a mortgage, for example). A payment plan will work for you if you believe you can pay off your taxes within the time period. Note that there will be fees associated with the plan, and you might be required to pay by direct debit. 

The Fresh Start Program 

The Fresh Start Program works well for small business owners and those who are self-employed. Installment agreements are part of the Fresh Start Program. If you owe up to $50,000 you can pay over a period of six years in the form of direct debits. This is called a “streamlined installment agreement.” Through this type of agreement, you can file to have your lien removed ahead of time if there is one. You can get the notice of the lien withdrawn if you show that you’re paying on time and according to plan.

Offer in Compromise 

Offers in compromise are another part to this Fresh Start Program. Part of the program entailed giving the IRS more flexibility when looking at your current situation. With the offer in compromise, the IRS looks at your debts, what’s going on, why you can’t pay your taxes, and equity in your assets. They may be able to settle your debt with you at a lower price. The IRS will give you that offer when it is a reasonable amount that they expect to receive within an allotted time frame. This isn’t for everyone, so check to see if you are eligible.

Penalties

Of course, there are penalties for back taxes. That’s how they arrested Al Capone. He admitted to not paying income taxes, and a judge sentenced him to eleven years. He didn’t do any comparable time for his other crimes. 

That’s not to say that that’s what will happen to you. More likely, there will be a penalty fee. The fee is usually an additional five percent of the amount owed per month. If you don’t pay for sixty days past the due date, the minimum fee is $135 (or 100% of what you owe—whichever number is smaller). Jail time doesn’t happen unless it is in severe cases, which, if you take care of this now, this won’t be. 

Hopefully, this article has shown you that there are options when it comes to paying back your overdue taxes. It’s important to contact the IRS quickly to show that you’re aware that you owe taxes. They are likely more willing to work with you if they know you can start putting at least some payments down. 

This March 17th, as it has been since the early 1600s, is St. Patrick’s Day. St. Patrick is the patron saint of Ireland, and it is actually a public holiday in the Irish Republic. St. Patrick’s Day is the day of the patron’s saint’s death. The day is celebrated by wearing green, drinking beer, and, in pretty much every country, having a parade. It is most often associated with luck and gold coins, yet you should leave the luck to the parades. When it comes to your future, you don’t want to take any chances. Your pot of gold is a well-crafted estate plan; here’s why. 

In Sickness…

One place where you don’t want to test your luck is sickness. Illness can creep up on anyone, and it’s important that you don’t let it catch you unawares. Consider obtaining a healthcare directive and power of attorney. A healthcare directive is a set of instructions that you submit to the hospital ahead of time. In case you’re too sick to tell the doctors yourself, they will go by the instructions you leave them. This works well if you have special needs or religious views that you want respected. 

A power of attorney helps you manage your healthcare and/or financial decisions when you’re too unwell to do it yourself. You selected a trusted individual to be in charge of the decision. This individual should know you well, and they should respect your decisions and know what you want. This position is vital, and it takes a lot of consideration.

…And in Health 

When you’re healthy, you might feel tempted to test your luck. After all, you don’t see sickness or anything on the horizon. What’s the worst that can happen? As everyone knows, that question is a loaded one. When you’re healthy, you can get a lot done with regards to your estate plan. You can include directions on transfers of assets, medical care, creditor repayment, and more. Seize the day when you are healthy to prepare for when you are not.

Luck Won’t Keep You Out of Probate Court 

Probate court is where your assets go when you don’t leave instructions on what to do with them. Even a last will and testament is subject to probate court. A way out of it is to set your assets up in a living trust, which will nominally take effect once it is signed. This way, your assets go to your beneficiary (via your trustee) without sticking them in probate. Probate court wraps up estates by paying off debts first and then splitting the remains. It also takes a long time, and it is very expensive. It is not something you want to put your family through, to say the least. 

Safeguarding Your Gold 

And by “gold,” we don’t mean shiny metal. Your home, car, furniture, collectibles, etc.; everything you own is an asset. You want to protect these from probate court and keep them in the hands of the people you love. You can do this by working out a well-crafted estate plan. Safeguarding your treasure is a matter of good estate planning. 

(And Your Kids, Too)

If you have kids, you will want to make sure that someone is there to take care of them if you’re unable to do so. You can include guardianship in your estate plan. The guardian you choose should be one who is, obviously, responsible and who consents to become the guardian. 

Luck is best left to the Irish, and St. Patrick’s Day is a fun time every year. However, don’t get swept up in the fervor and think you’re untouchable. It’s time to craft an estate plan that will be better than anything a leprechaun can offer. There’s a way to structure your future that protects yourself, your family, and your assets without cutting corners. It is best to contact an estate planning attorney for assistance. 

International Women’s Day is celebrated around the world on March 8th. IWD came about in 1909, when the Socialist Party of America organized the day as a way to celebrate women workers. The SPA organized the event in New York, but it spread to become a nationwide celebration in 1910, when the International Socialist Women’s Conference decided it should be celebrated each year. The day has been adopted by the United Nations, as well as a host of other countries. 

It is a day of civil awareness and action. Most importantly, it is a day to celebrate the women in your life. Women do a lot of work and, in all too many cases, receive little credit. Protect the women in your life by helping them plan for their future. 

Preparing for the Future 

The future is, of course, unknowable. While you might think that you won’t get sick or become incapacitated, you never know. That’s not a bright subject to think about, but it is one that estate planning deals with all the time. 

In your estate plan, you should consider getting a healthcare directive and selecting a power of attorney. A healthcare directive is a set of advance instructions with which you can provide hospitals and other medical personnel in the event that you are too sick to tell them yourself. Similarly, a power of attorney will help make your financial and medical decisions for you when you are feeling too unwell to make them yourself. This way, you can prepare for your future and decrease the stress on the family in your life when you become ill. Helping the family is helping the women in your life.

Your Children 

Your children should be protected as well. Part of a healthy estate plan is selecting a guardian for your children should something happen to you. All children, both sons and daughters, need a healthy role model for themselves. When you’re picking a guardian, make sure it is someone who will take care of them day to day. Consult with your proposed guardian before you make the decision. 

Taking Care of the Women in Your Life 

If you think of the women in your life, you may want to leave them something to remember you by. Don’t just consider it—do it. If you want to leave your home or other assets to a loved one, make sure to put that into a living trust, which will help keep the asset out of probate court. This way, your transfer gets into the right hands without any outside confusion.

Aging Women 

If you know women in your life who are aging and who have not started an estate plan, you should encourage them to do so. An estate plan isn’t just for the elderly—younger individuals can benefit as well. But, it becomes particularly important as you get older. The process doesn’t have to be complex or difficult. Connect the women in your life with an estate planner who will help them prepare for their future. This proactiveness is the best way to counter an unknowable future.

College Education 

Women’s education rates are soaring, and that’s amazing. Continue to keep that trend going. Consider putting savings into a 529 plan. These are tax advantaged savings plans that will give you tax breaks as you save for the future college student’s education. Another form of the 529 plan is a tuition plan, where you pay the cost of the tuition in total and it is applied to the school. These plans differ based on state and university. But, they are well worth considering.

International Women’s Day is a way to show the women in your life how much you love them. There are a lot of ways that you can express that love; preparing for the future is one of them. This IWD, remember the sacrifices women have made and continue to make every day to make the world a better place. 

February is Heart Health and Stroke Month, raising awareness of the problems that many Americans face when it comes to cardiovascular health. The statistics certainly seem to suggest that there is a problem. According to the CDC, one in four deaths in America are caused by heart disease. That is 610,000 people. Heart disease is the leading cause of death for both men and women, with coronary heart disease being most common. The idea behind this month is to discuss healthy eating and exercise habits that will reduce your risks of contracting these illnesses. 

Unfortunately, with the commonality of heart disease, it is all-too-realistic that there may be a chance of heart-related illness affecting your family. When that happens, you need to be prepared for anything. Here is how estate planning can help: 

Healthcare Directives 

While there are many different possible ailments that come along with heart disease, there is a strong likelihood that you might be too incapacitated to make your own decisions. That is definitely true when it comes to a stroke. During a stroke, oxygen to your brain is cut off, and the among the first parts to lose their functioning is memory. That’s especially a problem if you have certain wishes for your healthcare that you formulated when you were not sick. 

A healthcare directive is a set of instructions for your hospital, doctor, nurse, etc. to use when they are deciding what care to give you. The directive ensures that your wishes will be respected. Developing one when you are healthy will protect you when you are sick. 

Powers of Attorney 

Your powers of attorney for finance and healthcare also come into play when you are incapacitated. They make financial and healthcare decisions on your behalf when you are too sick to make them yourself. These positions come with a lot of responsibility. When selecting your POAs, you want to make sure that you choose someone who can be logical, level-headed, and respectful of your wishes. Discuss with your proposed powers of attorney your decision to appoint them to that position. Make sure they are on board before you nominate them. 

Asset Protection 

Unfortunately, as seen in the statistics above, heart disease is deadly. There’s no way around it—it can be a disease that ends lives. If you’re concerned about yourself or a loved one, make sure you or your loved one have a plan in place to protect assets in the even that this happens. Ensuring the smooth transfer of property through a living trust or a similar document will allow your affairs to wrap up easily. It’s not exactly a spirit-lifting topic, but it is an important one if you want to be prepared for anything. 

Avoiding Probate Court 

Probate court is a lengthy, arduous process. If you die without a will (or even with a will), your family will end up there. By putting in place a living trust, you can get out of probate court. Your assets will be divided in a way that best benefits you and your family. Otherwise, they will most likely be liquidated to pay off your creditors first. Then, your family will get what’s left. That’s not the asset plan you or your family deserves. 

You can never be too sure that there won’t be an illness striking your family. Though that’s not exactly a topic any of us want to think about, it is one that happens. The above tools and resources are useful for preventing and protecting against asset loss or diminishment as a result of illness. Consult an estate planner today.