Maybe when you take a break from the crazy holidays, you’ll find a minute or two to view these quick tips for your year-end estate planning. Soon you’ll be taking a deep dive into tax stuff, so do yourself a favor and check these out now – you may need to take action.
1. Review Your Will and Trusts
It is incredible how quickly your plans can become outdated. Things happen, divorce, birth, marriage and so many more life changes can and will have a direct impact on your will and trust. Look at your plan now … is everything still the same as when it was created or the last time it was updated?
2. Update Beneficiary Designations
The same goes for beneficiary designations. This applies to your retirement accounts, life insurance policies, and payable-on-death accounts; check the names, percentages and contingent beneficiaries. Does anything need to be updated?
3. Check Guardianship Designations
If you don’t have minor children, skip this. If you do, is everything clearly spelled out? Are the guardians still appropriate? Any changes needed?
4. Review Powers of Attorney and Health Care Directives
Again, life comes at you fast sometimes. Are the individuals you chose still the people you trust to act on your behalf? If not, now is the time to make the change. This one shouldn’t be skipped!
5. Consider Year-End Gifting Strategies
If you are planning significant cash or property (or stock, etc.) gifts right now, get yourself up to speed on annual gift exclusions, etc. It can make a difference.
6. Organize and Share Important Information
If you had trouble tracking down any of the above, then organizing all the information clearly should be on your “to-do” list. If you can’t find it, how will your heirs find the information they will need? Please don’t leave a mess for them to sort through. Show how much you care by having all your documents organized. Let the appropriate individuals know where to find them.
7. Schedule a Planning Review for the New Year
If you were surprised at how much of the above was woefully out of date, please call me. Let’s get your plans current, now, while this is top of mind. Call me to schedule a meeting to ensure you’ve taken the right steps to protect your hard-earned assets and your loved ones. Please call me at 513-399-7526 or visit my website www.davidlefton.com.