Prepping for the final shutdown

This shutdown will be your last, whether you are just starting, are mid-career or on a shuffleboard court in Sun City. It will happen whether you are a bike-to-work vegan who uses high grade sunscreen, or your car is programmed to stop at every McDonald’s.

Yeah, that “shutdown.”

While there is nothing you can do to prevent it, there is plenty you can and should be doing for your peace of mind, and to make the day-after easier and less painful for your significant other, children or family members. And there is a lot you can do to prevent your heirs and loved ones from spending months, even years in court, or going through other legal hassles including some that could needlessly divide your family for years.

Which is why my Your Turn guest this week is estate attorney Tom O’Rourke, a former IRS attorney who now works exclusively on estate planning. That includes things such as wills, powers-of-attorney, medical directives and trusts, which some would say most people should have. Where to start? Check it out at 10 a.m. EST today, either by listening at www.federalnewsnetwork.com or on 1500 AM in the Washington, D.C. area. The interview will also be archived on our show page.

Questions can be sent before show time to mcausey@federalnewsnetwork.com. I expect our conversation to cover: how the IRS reported that the average tax refund is down from last year and that many people who typically receive funds have a balance due with their 2018 tax return. With this in mind, you may wish to do a quick analysis of whether you have had sufficient withholdings to pay all of your taxes by the April 15 due date.

It is also a good idea to review the amount you are having withheld from your salary. Will it be sufficient to meet your 2019 tax obligations? An excellent tool to help you do this is the tax calculator that may be found on IRS.gov.

While you are exploring financial data in connection with your tax return, you may wish to determine whether you can increase the amount you are contributing to the Thrift Savings Plan. This will not only help you reduce your income tax liability but will also enhance your overall financial well being.

When reviewing your financial information in connection with your tax return it is also a good idea to review your estate plan. Some of the things you may wish to consider are whether you want to change the distribution of your assets after your death, as well as if the person you picked to administer your estate — executor/personal representative — is still the right choice.

Also, is it a good idea to give your children their inheritance in one lump sum, and do they still need a guardian to manage their affairs? Is that guardian still the proper person for this role? Should you consider using a trust as the key tool in your estate plan?

Do you have financial and medical powers of attorney in place? If so, are the persons you have selected to act as your agent still proper? And finally, have there been any events in your life — i.e. births, deaths, dementia, marriages, divorces and moves — that could have an impact on your estate plan or that you should at least discuss with your lawyer?

Nearly Useless Factoid

By Amelia Brust

In addition to being made into wigs and extensions, human hair is often synthesized into L-cysteine, an amino acid used to extend the shelf life of commercial bread.

Source: Munchies

Copyright © 2024 Federal News Network. All rights reserved. This website is not intended for users located within the European Economic Area.