First, don’t panic. Speak with a tax attorney as soon as you are notified of an audit to get an understanding what kind of audit it is and what information you will need to gather. Your attorney can also represent you at the audit.
Every adult should have an estate plan, not only to plan for the event of their death but the possibility that they will become incapacitated. People with children or large estates should definitely have an estate plan, but it’s important to plan even if you are single or have few assets.
An estate plan may contain a will, a trust, or both, as well as powers of attorney to allow someone you trust to make medical and financial decisions for you if you become unable to make them for yourself.
Property left in a will does have to go through probate, but if avoiding probate is important to you, there are ways to achieve that goal. One of the most common ways to avoid probate is through a revocable living trust.
There are many estate planning strategies that can reduce the likelihood of taxes on your estate. Lifetime gifting is only one of many ways to reduce the size of your taxable estate. A tax and estate planning attorney can advise you based on your situation and goals.
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