Year-End Estate Planning: Essential Steps to Protect Your Legacy
October 18, 2024
By: Robert S. Beraha
As National Estate Planning Week approaches, it’s an ideal time to reflect on the steps necessary to ensure that your estate is in order before the end of the year. Whether you’re creating your first estate plan or revisiting an existing one, here are some key considerations to keep in mind:
Update Your Will or Trust
Life events such as marriage, the birth of a child, or changes in financial status might require updates to your will or trust. Ensuring your assets are distributed according to your wishes can prevent future legal complications and stress for your loved ones.
Review Beneficiary Designations
It’s crucial to regularly review beneficiary designations on life insurance policies, retirement accounts, and other financial instruments. Ensure that these align with your current goals and relationships.
Address Tax Implications
The end of the year is an important time to review any potential tax implications. Depending on your circumstances, there may be opportunities for tax-efficient giving or other strategies that can reduce your taxable estate.
Organize Important Documents
Having all your estate planning documents—such as wills, trusts, and powers of attorney—easily accessible and up to date will save time and prevent unnecessary confusion in the future.
Plan for Healthcare Decisions
Ensure you have an advance healthcare directive or living will in place. This document outlines your preferences for medical treatment if you are unable to make decisions on your own, providing peace of mind for both you and your family.
Evaluate Gifting Strategies
If you’re considering charitable giving or passing assets to heirs during your lifetime, now is the time to review annual gift tax exclusions and other estate planning opportunities to benefit from tax savings.
Estate planning is an essential part of securing your financial legacy and protecting your loved ones. As we approach the year’s end, consider taking the time to review your estate plan with a qualified professional.
Berger Singerman’s Wealth Preservation and Estate Planning Team is dedicated to helping you safeguard your legacy and navigate the complexities of estate planning. With potential legislative and tax changes on the horizon, now is the perfect time to review and update your estate plan. Should you have any questions or need further guidance on how these changes may impact your estate, please contact Robert S. Beraha.
