August 2018 Archives

Keeping older tax returns can be important

Many people in Minnesota assume that they should hold on to their tax returns for three years after the initial filing. In general, the Internal Revenue Service (IRS) has three years to perform an audit or assess additional taxes; three years is also the time limit during which people can file amended tax returns. However, there are exceptions to the three-year rule, and this could make it important to hold on to tax returns for much longer.

How family is a threat to an estate plan

Minnesota residents may find that squabbles among family members can have just as large of an impact on estate planning as taxes do. This is according to a poll by TD Wealth of 109 estate planning professionals. Family issues may come into play in cases where a person has been married multiple times or is significantly older or younger than a spouse. Spending time talking with family members can work to create realistic expectations for what they will receive.

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