10 Estate Planning Questions to Ask Before Year-End

Updated: 3 days ago

If you have not revisited your estate plan in a while, ask yourself these 10 questions then schedule a meeting with your Personal Family Lawyer®:


1. Should your estate plan be changed to reflect any new laws? New assets? Changes in your life such as marriage, divorce, new child, moved to new state, child reached 18, etc.?


2. Are your assets being tracked so that if anything happens to you, your family knows exactly how to access everything you own right now?


3. If you have a family LLC or limited partnership, has it been properly maintained to comply with tax laws?


4. If you have made gifts to family or friends, have you exceeded your exemption limit for the year?


5. Are you maximizing opportunities for income tax deductions in 2020?


6. Are the people you have designated as executor, trustee or beneficiaries still the right ones?


7. Are you employing the best strategies for year-end charitable gifting?


8. If you donate cash to a charity from an IRA, are those being made properly?


9. Is there an opportunity to use a trust to protect assets?


10. What considerations should you be giving to managing capital gains and timing long-term losses?


If you would like more information about creating or updating your estate plan, call our office today at (757) 672-9353 to schedule a time for us to sit down and talk. We normally charge $750 for a Life & Legacy 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. Remember that estate planning is a gift to your kids and your pets!

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