But I am so busy preparing my taxes I don’t have time to do my living trust!
The most popular excuse for putting of the creation of your living trust: “It’s tax season and I am SO busy getting everything ready to file my taxes!” BUT it’s the BEST time to do your living trust! One of the most important parts of creating a living trust is “funding” the trust. In other words you want to title your assets in the name of your trust, and often times in the process of preparing your tax return you have gathered statements for the various brokerage account, bank accounts, any account you will be reporting income or interest on for tax purposes. Another reason why tax time is a great time to create a living trust is the opportunity to have your professional advisors work together to create the best estate plan for you and your financial situation. If you have a professional tax preparer, such as a CPA, prepare your taxes you probably only see them once or twice a year– this is a good time to let them know you will be creating a living trust and to get valuable feedback. It is also a good idea to talk to your financial advisor. With express written consent from our clients we often work with other professionals to create a cohesive estate plan. So what are you waiting for? It’s the new year, you are in the process of gathering a lot of information, take one more step and finish your new year resolution to do your estate planning!