The dawn of a new year creates opportunities for improvement in all aspects of life, including estate planning. As you pay attention to your physical health and overall well-being, it’s important not to lose sight of the coming years, and to make plans to set yourself up for a bright financial future.
Use these tips to make sound estate planning decisions in 2018, and for years to come:
Assess Your Current Plan and Make a Budget
Time moves fast, and it may have been months or even years since you last took a close look at your estate plans. This includes reviewing the past, recognizing areas for improvement, and making clear goals moving forward.
Consider factors such as retirement and financial planning as it pertains to your long-term goals. Speaking with your Daytona Beach estate planning attorney will help you gain a better understanding of the necessary steps to achieve and/or maintain your financial ambitions.
As part of this process, you’ll also need to create a budget. While there’s no way to plan for unexpected events, such as loss of income, emergency home repairs, and the like, drafting a basic budget will help you track your current expenditures, and identify financial areas that can be improved or even eliminated.
For many people, creating a comprehensive budget can be an eye-opening experience. For instance, Americans spend about $14 a week on coffee purchased from coffee shops (not made at home). That adds up to $1,100 per year! These funds could be better used as a contribution to your overall estate plan.
Don’t forget charitable giving. As you’re aware, charitable donations must be made by December 31st of the current calendar year to qualify for charitable donation deduction. Rather than wait until the end of the year, it’s wise to start planning as early as possible.
In addition, assessing your current plan and making a detailed budget can help you understand where you are financially. Can you finally take that dream vacation? Is it time to make a significant investment into your grandchildren’s education? These are questions that can only be answered by getting all the facts.
Be Flexible and Realistic
Estate tax laws change often, and it’s possible that estate tax exemptions will increase. This makes flexibility essential.
You’re already in the habit of speaking with your Daytona Beach estate planning attorney when there are significant changes in your life. It’s also important to be in more regular contact, so you can be aware of changing rules that could be of direct benefit to your plans.
Especially in the case of being the head of household with dependents trusting in you, having a sound estate plan in place ensures the financial safety and security of your loved ones.
Get an Estate Planning Checkup
Rather than a chore or unwanted task, estate planning should be viewed as a valuable resource in providing for your loved ones once you pass. Such a plan ensures your wishes are clear and legally binding.
In addition, it gives you peace of mind. Without a plan, the state distributes assets according to state laws. Prevent this from happening by speaking with your Daytona Beach estate planning attorney.
With nearly four decades of experience, we’re proud to have helped countless families in their estate planning and financial goals. Contact us today and take the first step toward your financial future!
