"No one here gets out alive." Jim Morrison

Sorry to disappoint.  This isn't going to be a discussion of Jim Morrison and I'm sure when he made this statement, he wasn't talking about end of life planning.  But the statement is very true.  No one gets out alive.

All your life you plan for the future or someone plans for you when you're young.  By the time you're in high school you're doing the planning.  College?  Trade school?  The military?  Once the career path is started, there's planning for your first house, a bigger car, your kids, their education and your retirement.  Life moves on, one plan after the other until, if you're lucky, all those plans work out and the retirement plan that was put into place is functioning as it should.  You're retired.  You're taking it easy and, suddenly, all planning stops.  Why is that?  Do you think you're going to continue in retirement for eternity?

No, sad to say, you're going to die.  Well, yes, but there's no need to plan for that.  Plan or no plan, no one gets out alive.  True, but we don't disappear or blow up on a certain date and that's that.  Some will die peacefully in their sleep or in a quick accident, but far too many will have a long and lingering death.  And some of those will linger in a mental state that makes it impossible for them to make decisions or communicate with caregivers.  What then?  What's the plan?

You can't stop planning when you reach retirement.  You have to keep the plan going as long as you are above ground.  What decisions do you want made if you can't make them?  Who do you want to make them?  In these days of medical miracles and longer lives, it's absolutely essential to consider what you want at the end of your life.  And then you need to write it down or create a living will.  Make sure the person you select "to pull the plug" is someone who can actually do it.  Don't put that chore on someone who can't let you go.  Maybe your spouse or children aren't the best to nominate for this position.  Whoever it is, talk to them before their services are needed and let them know what your wishes are and when to take action.  Don't leave your end of life planning to others.

You can consult with attorneys or find forms on the Internet to help you figure out what may need to be done and who best to do it.  http://www.caringinfo.org/files/public/ad/Tennessee.pdf is a good place to start.  If you're not in Tennessee, there are forms for every state.  This will give you an idea of what to think about and what to discuss with your family and friends.  And you can prepay your funeral expenses and even write your own eulogy.  But don't put it off for too long.  Although no one gets out alive, not many of us know when we're going.

IRS Opens January 19 for filing 2015 personal tax returns

The IRS has announced that the tax extenders legislation will not slow the start of tax season.  The IRS will be open for business on January 19, as planned.  On this day personal tax returns, 1040 forms, can be electronically filed.  All 1040s will begin to be processed at that time so sending in a paper return before that date will not speed up the process.  Paper returns will be held until January 19 and processed at that time.

Tax season will end on Monday, April 18, 2016, because Washington, D.C. will celebrate Emancipation Day and when D.C. closes and the IRS takes a break, it slows down the end of tax season.

The IRS urges tax payers to make certain all tax filing forms have been received before filing a tax return, this included W-2s, 1099s and the new form 1095-A from the Marketplace for tax payers who plan to take the premium tax credit.  I will be writing a separate post on these forms which are new.

E-file and direct deposit are still the quickest and safest ways to file returns and claim refunds.  You can do this yourself, sometimes for free if certain qualifications are met, or for a small fee.  You can also use the services of a tax professional if you prefer.  If you have any questions, please post a question and I'll do my best to supply an answer.