Preparing an estate plan is important regardless of your age, wealth and medical condition. While becoming incapacitated due to an illness or injury or dying without an estate plan will leave your loved ones mired in uncertainty, putting a plan in place will minimize the burden on your family while ensuring that your final wishes are carried through.

When going through a divorce, acknowledging and addressing the various tax implications involved in the process can result in significant savings for both spouses while also opening up more opportunities for compromise during settlement negotiations. Although often overlooked, there are numerous ways in which a divorce can trigger tax liability or tax-savings opportunities, and understanding all of the various tax implications of your divorce is critical to avoiding unnecessary tax liability.