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An Estate Planning To-do List

Posted on in Beneficiaries

Since the holidays are right around the corner, there are some things that you should start to consider for planning your estate. One reason to plan now is that laws will change on January 1, 2014, and certain trusts can allow you to leave assets to your loved ones without being lessened by taxes. To make the most of your hard work, make sure you take the time to complete your estate plan.

Starting in 2014, the federal tax free limit that people can transfer to successors will increase. The gift tax will is also set to increase. There are also many different tax breaks or exclusions that will change beginning next year. This is a good time to begin or review your personal estate plan with a checklist.

It is important to elect someone who will act in your best interest if you are unable to. If your health could be an issue in the future, nominate someone to have health care power of attorney and amend your living will, which will provide them with a guide. You can also elect a financial power of attorney, a guardian for any minor children and an executor of your last wishes.

Estate planning is the time to write down how you want your assets to be passed on to your loved ones. Your spouse might want to sit in with you as they will be one of your main concerns in this process. If you have any current documentation that controls your estate, this is a good chance to review it and make changes as you see fit.

If you have identified your main goals in your estate plan, it is time to seek a professional. It is important to have the expertise of someone who can translate your desires into a combination of trusts and scheduled gifting that will allow your estate to be transferred with a minimal taxed amount. An attorney can make sure that all documents are legally sound, and there will not be any hiccups when it it is too late for you to make changes. Contact an experienced estate planning attorney in DuPage County today.

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