The last two months of the year are always busy. Family, friends, and events pile up on each other making you long for the slow pace of summer. With this in mind, we don’t recommend an exhaustive analysis at this time, but like the 3 year-end estate planning tips below to review at year-end. Otherwise, enjoy the holiday season and spend the time re-connecting with the people important in your life.
1. Review your personal financial statement. Significant appreciation in real estate and stock market values may make your estate taxable if it exceeds the current federal estate tax exemptions if your estate plan is not properly updated. Check the current DeAngelis Legal Estate Planning Update for applicable amounts. If you are close to the exemption amounts, please contact us to review your trust and discuss alternatives for minimizing estate taxes.
2. Complete your gifts. Make sure to make your charitable contributions and annual exclusion gifts before December 31st.
3. Communicate. Take some time while your loved ones are together over the holidays to review your estate plan. The breadth of the disclosure is up to you. Many people stick with the minimum topics, which are where your important papers are located and who your loved ones should contact if something happens. Others prefer to review the size of their estate, who will inherit what and why. This is a great opportunity to open the communication lines and you might be surprised at the feedback you receive. If you would like DeAngelis Legal to prepare any materials or participate in the meeting, just give us a call.