It’s hard to believe 2016 is almost over, and with 2017 just around the corner, it’s time to make your New Year’s resolutions. For many people, the standard resolution is getting organized, and along these lines, let’s make it a year to get our estate plans in order.
Estate planning is all too often our ‘when I have time’ or ‘next year’ task. Instead, it should be one of your top goals of 2017. Whether it is creating a will, disability planning, creating a medical power of attorney or considering a living trust – these are not tasks that should be left, once again, for next year.
An estate planning attorney can help you with your estate planning New Year’s resolutions, and help to ensure your family’s needs and goals are met.
Host Lou Pierro and Robert Vandy give concrete steps to successful planning, covering strategies for getting organized to start the new year, including:
- Start to take a thorough inventory of all of your assets
- Begin taking a thorough inventory of all your legal documents
- Review 2016 spending
- Review Long Term Goals
- Contact your financial advisor, consider new investment options
- Wait until next year to exercise your stock options.
- Take advantage of tax-deferred retirement plans. To reduce your taxable income this year, maximize your IRA and 401(k) contributions.
- Harvest investment losses.
- Pre-pay state income taxes.
- Ramp up your charitable contributions. Distribute trust income, even if it's not required.
- New Year’s [Insurance] Resolutions o Resolve to provide the best insurance solutions for your estate planning needs
- Resolve to protect your loved ones against the impact of taxes and other risks
- Resolve to review your insurance policies and other documents to make sure they don’t need updating
- Resolve to make sure you have the right beneficiaries named on your life insurance policies
- Resolve to ensure against life happening in the way of long-term care, or premature death.
- Build your team in 2017… and more!