PLLC CERTIFIED PUBLIC ACCOUNTANTS 5 COMMON MISTAKES YOUR TAX RETURN MAY REVEAL PART I As we prepare to file your taxes, we often identify common planning mistakes and missed opportunities. Over the next few weeks we will discuss five red flags that may present problems. One of the most common financial planning mistakes we see is a failure to make a transfer on death (TOD) designation. How you title your assets matters. Consider an asset held in joint name. In the event of your passing, this asset will automatically become owned by whomever the joint owner is through rights of survivorship. If you wish to appoint this asset to someone else, the asset may need to pass through probate before the transfer can be made. Probate, the courts process of gathering and distributing a deceased person's assets, can take anywhere from 6 months to 2 years to complete. You can avoid probate by making a transfer on death election. Contact us for more information. Morgantown, WV 304.554.3371 Charleston, WW 304.343.4126 1 Parkersburg, WW 304.485.6584 www.suttlecpas.com