Estate Planning in 2013

Now is a great time to review your estate plan. Some laws in 2013 have changed, so it's time to make sure your plan is in order.

• Has it been more than 5 years since you updated your estate planning documents? If so, it is worth a review by an attorney.
   
• Have you had new children or grandchildren?
   
• Do you have children that are having difficult times with work, their life, etc., that may effect how you plan your estate?
   
• Do you still want the person you've chosen as Executor/Trustee/Power of Attorney?
   
• Have you thought about taking advantage of gifting during your lifetime? In 2013, you can make $5 Million in lifetime gifts without incurring gift taxes. You can also gift $14,000 per year per person without any tax or filing liability.
   
• Have you reviewed and updated your beneficiary designation forms on IRA's, Life insurance policies, 401(k)'s, annuities, and other accounts with a beneficiary form? 
   
• Have you considered how you will plan for a 30+ year retirement? 
   
• Do you give to certain charities, and don't have them included in your estate plan but want to give something upon your death?
   
• Have you considered how you will deal with your pets if you become incapacitated or pass on?
   
• Are you confident your plan will work when it is needed, so that there is a smooth transition from you to your loved ones?
   
• Have you considered tax-free wealth transfer strategies for your estate?

If any of the checklist items concern you, or if you have any questions, please do not hesistate to reach out to our office. Call us today at (215) 706-0200.