No doubt you’ve started getting W9s from your employers in the mail, reminding you that the trip to the tax guy is right around the corner. It’s also a reminder that you survived another year—which is good news if you don’t have a will and estate plan in place.
You can brighten your financial future if you take care of three small financial details this year.
- Check your insurance coverage. The Affordable Care Act has changed many people’s insurance, so you want to make sure your policy is still operating under the same parameters as it always has. As you age, you also want to make sure you have enough disability and life insurance to provide for your family in case you can’t. And while you’re checking on those policies, double check the beneficiaries on them all to make sure everything is in agreement with your Trust and/or Will.
- Update your estate-planning documents. When circumstances change, so should your will. Marriage, divorce, birth and death are all great reasons to take a second look at your plans and verify they are accurate. Do you have a power of attorney and a health care directive? If not, this is the year to get those done.
- Plan for the next generation. Trusts can help fund home ownership, education, or the next big thing. If you have a lot of assets that will go through probate, trusts can help minimize tax impact and set up the next generation for success. Deciding what your goals are will help you determine what kinds of trusts you need to set up and how to fund them.
Over the past 32 years, the Law Offices of Christopher A. Benson has helped more than 800 clients prepare and utilize simple and effective planning techniques to protect them and their families in order to avoid probate, save estate taxes, save money and save added emotional burden that comes from long term illness and/or death of a family member. Give us a call to schedule a free consultation to find out how we can help you and your family.
