![]() Place your assets into the trust (fund your Trust). In the meantime, here is an estate planning checklist to guide you through the eight (8) must-have estate planning documents before life circumstances get the best of you to decide what will happen to what you own and your body.Įxplain your final wishes by naming an executor to carry out your final wishes as a fiduciary, specify which heirs will receive assets from your estate, and select a guardian for any minor children you may have through the Court process called Probate.Ĭustomize a legal agreement between you (settlor, grantor, or trust maker), the manager of your assets (trustee) and those who benefit from the trust (beneficiaries). In addition, wouldn’t you prefer to receive the medical treatment plan you prefer - or decline a health care treatment plan - in a Living Will rather than someone else guessing what you would want, or worse, placing their judgment over yours? Similarly, those considering business succession planning of a family business may want to consider that transition sooner than later. Those with Trust-based estate plans may opt for creating new Trusts, or modifying existing Trusts through an amendment or restatement while it is still possible to do so to update your estate planning. In addition, you may want to consider contacting your financial advisor or accountant to take advantage of tax planning, and the window of opportunity to make gifts before the end of the year if you have not already exhausted your exemption amounts, and/or make contributions to your IRA, or other retirement account funds while you still have time.įor example, this year you can still gift up to $11.7 million without incurring any inheritance tax, and the assets would be removed from your taxable estate. If you have not already, it is important to review your estate plans to ensure your estate planning will work the way you want, especially with the potential end-of-the-year changes from the BBBA, which only needs a simple majority to pass. This “reconciliation bill,” known as “ The Build Back Better Act ” (BBBA) could make major changes that impact estate planning, including, but not limited to, huge policy changes in gift, tax, capital gains, and even surtaxes. Also, you may have heard that Congress is debating major changes to estate tax and gift tax laws. Without any estate planning, heirs may lose life insurance payouts, tax deduction advantages, or even miss accounts they did not know existed which will go to the state’s unclaimed property department. Whether you own a little or a lot, the last thing you want to do to your loved ones is leave a mess of paperwork and inaccessible online accounts if you become temporarily ill, incapacitated, or when you pass away. GCPC First Generation Law Student Scholarship.Arbitration, Mediation & Alternative Dispute Resolution Attorneys.Getting Government Contracts: Small Business Certification Services.Domestic Violence and Protective Orders.Alternative Dispute Resolution in Divorce Employer Considerations For Government Contractors. ![]()
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