Year-End Estate Planning: Why Now Is the Time to Review Your Will and Trusts
Changes throughout the year, such as new family members, losses, or asset shifts, can significantly impact your estate’s structure. Regularly updating your estate plans can help ensure your assets are distributed exactly as you intend:
- Life Changes: Marriages, divorces, births, or deaths in the family should prompt a will or trust review to accurately reflect your wishes.
- Financial Shifts: Changes in asset values, business ownership, or income can influence the way you structure your estate, affecting beneficiaries and tax efficiency.
- Health Considerations: As health circumstances evolve, it may become necessary to adjust healthcare directives and designate new powers of attorney.
Regularly reviewing your will and trusts guarantees that your loved ones are provided for according to your current circumstances.
Tax Benefits of a Year-End Review
Tax laws change frequently, and some of these updates could directly affect your estate. As the tax year ends, take the time to review your estate’s tax efficiency and minimize potential estate tax liabilities. The end of the year is especially critical for those nearing estate tax thresholds or with complex holdings, as it allows for:
- Gift Tax Exemptions: Consider gifting assets to reduce taxable estate size, taking advantage of annual gift tax exemptions.
- Trust Adjustments: Modifying trusts to maximize benefits under current tax regulations can help you retain more assets for your beneficiaries.
An updated review may reveal strategies that preserve more wealth within the family while legally reducing tax burdens.
Ensuring Accurate Beneficiaries and Executors
Life changes might mean your original choices for beneficiaries and executors are no longer appropriate. For example, if a previously designated beneficiary or executor has passed away or if relationships have shifted, these roles should be updated to reflect your current wishes.
Make sure you:
- Review Beneficiary Designations: These should be regularly updated across all documents, including retirement accounts, insurance policies, and savings accounts.
- Update Executor and Trustee Choices: Ensure your chosen representatives remain appropriate for their responsibilities and understand your wishes.
An attorney can simplify the process of ensuring your estate remains updated and tax-compliant. They can also offer guidance on complex estate issues, like managing trusts or business assets, to ensure everything aligns with your goals.
Why Choose Taylor Odachowski Schmidt & Crossland, LLC for Year-End Estate Planning?
At Taylor Odachowski Schmidt & Crossland, LLC, we bring extensive experience in navigating the complexities of estate planning, especially as tax laws and personal circumstances change. With nearly three decades of dedicated service, we understand how to ensure that your will, trusts, and beneficiary designations reflect your current wishes and protect your legacy. Our team’s personalized approach can help optimize your plan for the coming year, giving you peace of mind that your loved ones are well-supported and your assets well-managed.
Take control of your estate’s future by trusting us with your year-end review – our knowledge and commitment provide the guidance you need for clarity and confidence in your estate planning. If you’re ready to update your plans, call us at (912) 634-0955 or reach out through our contact form.
