Friday, October 17, 2008

The IRS - Death and Taxes

We have all heard the saying, “Two things in life are for sure and that is death and taxes.” Whoever said that was definitely telling the truth. Tax problems can, and often do, follow a person to their grave. It is a good thing to resolve any and all outstanding tax issues you have. One reason for this is because it is simply the right thing to do. The other reason to do this is because your tax liability will not end when you die. The liability will attach to your estate and will be left to your heirs.

Yes this is true! Too many times “taxes after death” have claimed large portions of the deceased person’s estate because the tax liability was not effectively addressed when the person was alive. The liability grew so large that it consumed all of the wealth the deceased individual willed to their heirs, sometimes causing additional hardships. Don’t let this happen to you! If you have a tax problem call a tax professional and figure out a way to get the problem resolved before it’s too late.

No comments: