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Estate Planning New Year’s Resolutions

February 1, 2018

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Estate Planning New Year’s Resolutions

February 1, 2018

 

 

As 2018 begins it pays to make a few resolutions that can support your wish to leave key assets to your heirs, minimize taxes and protect finances and health care.  Here are a few for you to consider in the new year:

 

Advance Health Care Directive and Power of Attorney

 

This is an often-overlooked planning tool, that governs health care decisions and preferences. Without it, your family may not be able to make the best healthcare choices if you are unable.

 

Update Your Estate Plan to Adapt to the New Tax Law

 

The new tax law passed by Congress and effective January 1, 2018 might affect your estate plan and strategies.

 

Consider the Use of Trusts and Other Lifetime Gifting Strategies

 

Aside from after-death asset distribution plans, there are ways to use trusts or gifting tools that can allocate asset while you are still alive.  This can be of benefit to heirs and simplify arranging your affairs in the future.

 

Contact the attorneys at Shoup Legal today to discuss adding these strategies and others.

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