Today\u2019s landscape calls for tax practitioners to add value to a client\u2019s experience beyond solely preparing their tax filings. Proactively identifying issues and uncovering opportunities are at the core of this practice.<\/p>\n
When it comes to estate planning \u2013 an often uncomfortable, sensitive topic \u2013 many clients fail to put a plan in place and keep it up to date. This aversion creates blind spots for those who fence off the thought of their death or disability. However, the consequences of not<\/em> having a current estate plan can be quite severe, resulting in financial and emotional stress on loved ones.<\/p>\n Tax practitioners can add value to their relationships by leveraging the tax return to guide this all-important conversation. An effective estate plan will help ensure your clients\u2019 wishes and intentions are carried out after death or during incapacity. You can ask probing questions to uncover whether they have the right documents in place, coupled with a thoughtful plan.<\/p>\n Here are some key tax return triggers to help initiate estate planning conversations with your clients:<\/p>\n Family Circumstances. <\/strong>Lines 1 through 6 of the tax return offer great insight into family circumstances. Reviewing filing status and dependents provides an excellent segue into a meaningful conversation about whether the basic estate planning needs of each family member are being met. It\u2019s important to confirm that your clients have appropriate documents in place so that their estate can transition as smoothly as possible at their death or incapacity. For married couples, begin the inquiry by articulating the importance that both spouses have up-to-date wills, durable financial power of attorneys and health care proxies:<\/p>\n\n