In just a blink, another year is coming to a close as we stare down the launch of 2019. Busy with holiday madness, planning, and writing out those New Years resolutions, you probably have not had any time to sit back and think about the status of your estate planning with a new fiscal year approaching.
Although it might not sound as fun as buying Christmas presents, here is your 2018 estate planning to-do list moving forward:
When it comes to estate planning, you need to ensure all of your essential documents are up to date, including:
Again, whoever is mentioned on your life insurance, retirement accounts, bank accounts, vehicles, etc. needs to still be able to function as a beneficiary. Be sure to go over these sensitive documents and ensure that person is still able to support you in that role.
Yes, tax season is on the horizon, which is why you should begin gathering the necessary documents, proof of deduction, charitable giving receipts, and more so you aren’t forced to rush through it at the last second. Additionally, consider the Tax Cuts and Jobs Act that has made several new changes to the existing tax code.
Be sure to review your current insurance coverage for your home and property, seeing if you can save more money through a different policy, as well as secure reductions on rates if you have not filed any claims. Lastly, check to see how much you have contributed to your 401(k), IRA, or Health Savings Account considering the government allows you to contribute X amount pre-tax. Put more money away for your retirement or future medical expenses while you still can!
The Ashcraft Firm
We all know the end of the year can be a hectic, expensive, and stressful time, which is why we are here to support you and your estate amid the chaos, changes, and start of new laws and regulations. If you would like to schedule an appointment, please reach out to our team today. We’re here to get you ready for 2019.