End Of The Year Review:
Planning For The Present, Protecting The Future
By Brook Bell
Among the hustle and bustle of
the holiday season, it is impor-
tant to reflect on everything that
has happened over the course
of the year – financially, person-
ally, and professionally. In addi-
tion to shopping for the perfect
gift and prepping for the in-laws,
the end of the year is the perfect
time to review your estate plan
(or create one). Here are a few
tips to ensure your estate plan
is up-to-date, safeguarding your
current financial interests and
ensuring your final wishes are
clear.
Asset Assessment
It is important to assess the
changes that occurred during
the year and the implications
those changes might have on
your estate plan. Have you sold
or purchased a home? Did you
get married or divorced? Do
you plan on or did you have a
baby? Did you receive any gifts
or inheritance? Did you get a
promotion or start a business?
Numerous events can affect
your estate and may require
changes to your estate plan.
Power of Attorney
A power of attorney allows you
to designate someone to act
on your behalf in certain situa-
tions. A durable power of attor-
ney permits someone to make
financial decisions for you, and
a medical power of attorney
allows someone to make medi-
cal decisions for you in the
event you are unable. Both of
these documents are important
tools in your estate plan, to help
ensure your affairs are managed
according to your wishes. If you
have already executed power
of attorney documents, review
your agent designations to make
certain those you have named
are still the appropriate choices.
Spending time with family
this holiday season is a prior-
ity. It is a perfect opportunity
to discuss your estate plan with
your family so your wishes
are clear. Discuss your plan
and answer any questions or
concerns your family may have.
A simple review of your estate
plan will dismiss any lingering
worries and allow you to focus
your energy on enjoying the
holiday season with your loved
ones.
If you have questions involving
wills, estates, or probate matters,
seek advice of an attorney who
is experienced and skilled in
such matters.
This article is for informational purposes only
and not for the purpose of providing legal
advice. You should contact an attorney to
obtain advice with respect to any particular
issue.
Brook Bell is an attorney with Harris,
Finley & Bogle, P.C. Her practice
focuses on estate planning and
probate matters.
‘Tis the Season for Giving
This season is not just for the
beautifully wrapped boxes
under the tree; consider evalu-
ating your tax-free gifts. The
law allows you to give up to
$15,000 per person to as many
people as you wish each year.
This provides you the ability to
reduce the value of your estate
and the benefit of watching your
loved ones enjoy the gifts during
your lifetime. The law allows
for unlimited charitable giving.
If you have a taxable estate,
you might consider speaking to
a lawyer or tax professional to
discuss your giving options.
Brook Bell
Beneficiary Designations
Naming a beneficiary on your
bank accounts, life insurance
policies, annuities, retirement
accounts, and other assets is one
of the easiest estate planning
methods. Assets such as these
pass to named beneficiaries
under contract and not under
provisions of a will or trust. A
proper beneficiary designation
can make sure your named
beneficiary receives the funds
directly, typically without going
through probate. Review your
current beneficiary designations
to ensure that no changes are
needed.
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