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Preparing for an IRS audit

If you have an estate plan or trust, you may face being audited by the IRS at some point. This should be no cause for concern, but it should mean that you take the audit very seriously and that you prepare as much as you can.

Going through an audit means that you need all of the relevant documents at your disposal as well as the people that are involved in the creation of the trust or plan. The following are some key tips on preparing for an audit on your plan or trust in the state of Massachusetts.

Gather all the documents you might need

It's always good to keep all relevant documents pertaining to your plan or trust in one safe place in the event of you needing them. When you are preparing for an audit, you should gather opinion letters, plan documents, amendments, summaries of the plan, and agreements with any providers that you have.

Notify people involved about the audit

You should inform the representative with power of attorney, actuary, and trustee as well as any other relevant people about the audit and tell them that they may need to be available during the audit.

Practice explaining the plan

It is important that you are able to explain the terms of the plan and that you understand exactly how it works. This will help you to feel more confident and will mean that you shall be able to answer any questions succinctly.

If you are preparing for an audit of your estate in Massachusetts, you should make sure that you are prepared as possible.

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