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Interesting Article Today...

March 29th, 2010 at 03:34 pm

Tears and taxes: Meet my therapist, the accountant
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/03/29/...

We always joke in my CPA office, that the truth is better than any soap opera. I can certainly relate to the article.

BUT, what is the one thing I have learned from my line of work? Get your affairs in order, and don't be cheap about it. By far and above, greedy loved ones is the number one drama we face. It's a given. Every family has someone salivating and ready to start trouble, when it comes to an inheritance. (Lesson learned - a good lawyer is worth their weight in gold).

I haven't personally dealt with a lot of divorces, BUT, one of my youngest/wealthiest clients just filed for divorce last week. Ugh. It's going to be a MESSY one.

I also agree that most people are more scared of the IRS than they need to be. I've got some stories there. BUT, I have not experienced any audits. My boss has a good track record and so his clients rarely get audited. I've worked here 8 years and we have had a handful of audits - none of my clients. Something else I am sure I will get more experience with, with time.

2 Responses to “Interesting Article Today...”

  1. Joan.of.the.Arch Says:

    Interesting article. But please tell me you and the author are exaggerating about every family having a greedy one salivating over inheritance and ready to start trouble. I come from a family w/ six kids and so does my DH so that may increase the chances. I would hate to see anything like that happen when our parents die. I just cannot imagine!

  2. MonkeyMama Says:

    Sorry - not exaggerating. IF not your siblings, some crazy person will come out of the woodwork. (OF course we tend to work with more high wealth individuals. Then again, some of the worst fighting has been over people with no money left at the end. So of course someone must be "hiding something" and then the claws come out. But I think it could be somewhat the demographic, all the same. IF people expect money, they go nuts).

    One of the most calm estates I have ever seen was my dad's parents. They had NO MONEY and his siblings are very non-materialistic/kind hearted. Ironically, they all got a six figure inheritance - totally unexpected!!! On the flip side, my mom's family has money, her sister is emotionally unstable, and both her siblings are broke and counting on a nice inheritance in the near future. & lord knows who will come out of the woodwork. HAving money is not "all that," when it comes to end of life, that is for sure. IT really brings out a nasty side of people.

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