YES! This can be a difficult subject to discuss with your business partner(s) and/or your spouse. It is critical for you to learn from each other as to wishes and next steps when it comes to disposition of legacy assets at death. This is NOT something you want to be guessing at or doing hastily at the end of a loved one’s life.

When is the last time you reviewed your:

  • Buy/Sell agreements –
  • Wills/Trust agreements
  • Business documents
  • IRA/Retirement plans – including beneficiary designations
  • Life insurance policies – including beneficiary designations
  • Computer/Cell phone/Banking passwords/Tax records
  • Power of Attorney/Health care directives
  • If you have minor children or a special needs child or loved one – fully document about what is involved and memorialize to family and friends.
  • Tax records/Bank statements/Credit cards/utility bills/recurring charges, etc.
  • Funeral arrangements, etc. – If you feel this is too stressful to deal with before death, it’s a double whammy for your family when you are gone.

At Killingsworth Spencer CPAs, we are working with clients on matters that are critical to their goals and objectives. In the near future, I will delve deeper into Buy/Sell agreements and other important matters that should be discussed on a regular basis. If there is something you would like to discuss further, give me a call or send me an email.