It is common for the IRS to waive Failure to File (FTF) and Failure to…
Does your spouse know where your assets are should something happen to you (and it might not be upon your death)?
It is important your spouse be aware of all of your income sources and where your assets and liabilities are should you become incapacitated. A heart attack, stroke, or other debilitating event may put your family’s financial future at risk the same way death would or worse.
None of us want to think we will not be in control of our assets and investments when we are younger. However, when an unexpected health event happens and your spouse is unaware of or unable to locate assets and manage them, the results can be catastrophic. Loss of assets, loss of income, debts going unpaid and any number of other unpleasant results may occur.
Our suggestion to reduce this risk is the preparation of a comprehensive personal financial statement, which we can do for you.
If you have concerns in this area please contact one of our CPA’s for a consultation.