As the year draws to a close, it’s time to take one final look at your finances and your estate plan. This will help you not only tie up any loose ends before December 31st but planning now will also help you start the new year off on a solid foundation.
Here are a few year-end moves to consider making:
✅Update beneficiary designations – If you still have an ex-spouse listed on your life insurance or retirement accounts, or a loved one who has already passed away, you’ll want to update your choices ASAP.
✅Reduce the value of your estate with a gift – You can currently give up to $15,000 to as many people as you want, tax-free. This is in addition to the lifetime gift-tax exemption of $11.58 million. This is also a great option if you want to see first hand how your generosity impacts those you hold dear.
✅Revisit your Will or Trust – Has your life changed significantly over the past year? You may need to update your Will and Trust.
✅“Refresh” your Power of Attorney and Healthcare Directives – Legal documents like Powers of Attorney and Healthcare Directives may be rejected by banks, hospitals, or other financial institutions in as little as 12 months.
Estate planning is an easy task to check off your “to-do” list alongside last-minute tax and financial moves to make before the year’s end. If you need help completing any of these items, please contact Morrison Law Group, PLC online or give us a call (504) 831-2348, so that we can quickly bring you in before January 1st.
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