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Families are Evolving. Is Your Estate Plan?

Have you noticed that families are changing in this day and age? Traditional families are evolving and include more extended family and relatives. This newsletter talks about the changes of “traditional families” in our society and how they affect your estate plan. If you are interested in talking to an attorney, please give our office a call.

The laws relating to how estates are handled are designed with a very traditional nuclear family in mind – a husband, wife and biological children. That is not the traditional family anymore. Fewer than half of all U.S. households meet this traditional definition. That trend is likely to continue now that same sex marriage has been legalized nationwide. Also, divorce and remarriage remain very common. It is no longer about just the traditional versus non-traditional families.

A particularly serious issue to consider is the rapid advances in reproductive technology. How should children conceived with stored genetic material after the death of one or both genetic parents be treated in regards to inheritance?

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When Key Tax Documents Will Arrive

Employers must provide employees with a W-2 by Jan. 31.

Businesses that hire independent contractors will have to give them their 1099-MISC by that date.

Retirees should also pay attention to their mailboxes in January. That’s when the Social Security Administration sends beneficiaries an SSA-1099, which will detail what they received during the previous year.

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Tax season starts on Jan. 29. Here’s What You Need to Know

  • Certain refunds won’t be available until late February.
  • The IRS expects nearly 155 million individual tax returns for 2017.

For those of you who like to get your taxes done at the beginning of the season pay attention to your mail. All the documents and statements you will need to prepare your tax return are on the way.

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