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Five Tips for Financial Success in the New Year
As we begin the new year, it’s the perfect time to reflect on our financial goals and take proactive steps toward a secure future. Whether planning a major purchase or considering your legacy, effective financial planning is the key to achieving financial success.
1. Organize your Financial Records
We handle a lot of estate and trust settlement matters, and one of the hardest parts for family members or others named as fiduciaries is finding information on assets: bank accounts, retirement accounts, pensions, life insurance, and investment accounts. The problem has become worse as more people move to digital.
A primary purpose of estate planning is to make it easier for people to help you if you become incapacitated and ease the burden on the people dealing with your estate when you pass. One of the greatest gifts you can give the people you have named to these positions is the gift of well-organized records.
2. Create or Update your Estate Plan
Creating an estate plan is important for everyone age 18 and older. An estate plan, which may include a Will, Power of Attorney, and health care documents, provides a roadmap for your loved ones in case of your incapacity or death.
If you have young children, an estate, a beneficiary with disabilities, a second marriage, multiple properties, or own a business, a Trust may be advisable to meet your goals. If it has been more than 5 years since you reviewed your plan, resolve to meet with your estate planning attorney to review and update your plan as needed.
3. Check your Beneficiary Designations
Most of your assets, including retirement accounts, life insurance, and annuities, will be paid to a beneficiary upon your death. However, properly designating those beneficiaries is more complicated than it may appear. If you have minor children or if you want to benefit a person with disabilities who receives government benefits, it is best that the assets be paid to a Trust. Ensuring your beneficiary designations are consistent with your overall estate plan is critical.
4. Be Proactive to Changes in Federal Estate and Gift Tax Exemptions
With the IRS announcement of higher gift and estate tax exemptions for 2025, now is the time to consider how these changes may impact your overall estate and financial plans. It is a favorable time for clients to take advantage of the increased exemption amounts by making lifetime gifts, either directly to an individual or for the benefit of an individual through a Trust.
5. Protect your Assets
Combining an Asset Protection Plan, which safeguards your assets from potential creditors or lawsuits, and an Estate Plan secures protection for you and your loved ones. For those who own business entities, have significant assets, or have complex family dynamics, taking the time to plan and protect their estates is crucial.
An Asset Protection Plan can provide a layer of security and ensure your hard-earned assets are preserved for your loved ones.
With Conti Law, you can confidently navigate the complexities of financial management and estate planning. Take charge of your assets, plan for the future, and set yourself up for a prosperous and secure 2025.
