10 Estate Planning Questions to Ask Before the End of the Year

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012. If you have not reviewed your estate plan following the changes made to the estate and gift tax laws by this legislation, you need to ask yourself these 10 questions then schedule a meeting with your Family Trust Lawyer to ensure you have the answers:

1. Should your estate plan be updated to reflect the new laws, any new assets you may have acquired, or any other changes in your life over the last year?

2. Are your assets being tracked and documented so that if anything happens to you, your family knows exactly how to access your accounts and everything else you own?

3. If your family has a LLC or limited partnership, has it been maintained properly so as to comply with applicable tax laws?

4. If you made gifts to family or friends during the last year, are you within the exemption limit for the year?

5. Are you maximizing ALL opportunities for income tax deductions in 2013?

6. Are the people you designated as executor, trustee and beneficiaries of your trust still the right choices?

7. Are you employing the best strategies for year-end charitable gifts and contributions?

8. If you donate cash to a charity from an IRA, are you doing so properly?

9. Are there any opportunities to use a trust to protect your assets?

10. What should capital gains management strategies (or timing of long-term losses) should you be considering?

If you would like more information about creating or updating your estate plan, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.