Tax Planning Before Retirement: Avoiding Costly IRS Problems
Notes de l’épisode
Could unresolved tax issues today create financial problems for your family and your legacy tomorrow?
CPA Denson Pepper joins Mike Bascom to explore the important connection between tax planning, retirement, and leaving a strong financial legacy. Drawing on more than 40 years of experience, Denson discusses the risks of unfiled tax returns, dealing with IRS debt, preparing for retirement, keeping important financial records organized, and avoiding tax problems that could eventually fall to your loved ones. The conversation also highlights why proactive planning—and coordination between CPAs, estate planning attorneys, and other professionals—can help protect what you've worked hard to build.
Key Takeaways:
- Unfiled tax returns and unresolved IRS issues can become more difficult over time and may create serious complications as retirement approaches.
- Outstanding tax obligations can affect an estate and may need to be resolved before remaining assets can be distributed to beneficiaries.
- Staying current on taxes and realistically managing repayment plans can help prevent existing tax problems from becoming even larger.
- Families should keep important tax, real estate, trust, and estate documents organized so loved ones aren't left reconstructing their financial history.
- Proactive retirement and tax planning, including making the most of available retirement plans, can play an important role in building and protecting a lasting financial legacy.
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