As we race towards December 31, 2019, the end of the Calendar Year, it is also the end of a Decade!
This is the time to make sure that you have your Estate Plan up to date. The legal work for your Estate Planning maybe Income Tax Deductible and you may want the deduction for the calendar year 2019. Get with a well-qualified Estate Planning Attorney and get that work done so that you can get the work done and get the deduction in this Calendar Year.
You also want to make sure that your Estate Plan is up to date so that you have the “Right Helpers” in your Trust. Those will be the people that will help handle your affairs if you become Mentally Disabled or after you pass on. You want to choose people that are “competent and trustworthy”.
You want to make sure that you have named the right loved ones as your Beneficiaries. These are going to be the people that inherit “Your Life’s Work™” when you pass on. As my Dad would say, “None of us are getting out of here alive anyway”. We are going to pass on so let’s make sure that all of our efforts are not wasted or squandered after we pass on.
Remember you can avoid the “Expense, Delay, and Publicity” of Probate Court. Probate Court costs can be up to $6,000.00 per person. The Personal Representative Fee on a Probate is 5% and 5% of a Million Dollars is $50,000.00. That is a fee that can be easily avoided by a well-designed Estate Plan that would include a Living Trust based Plan and making sure that all of your assets are titled in the name of that Living Trust. The assets that are not titled in that Living Trust may move by “Death Beneficiary”, such as an IRA or Life Insurance.
Look at what pre-payments you may want to make in the Calendar Year 2019. Most people do want to prepay their 4th Quarter Estimated State Income Tax, so that they can show that as having been paid on their 2019 Income Tax Return. Any other expenses that you will need to pay that may be Income Tax Deductible, you may want to make sure that they get paid. These can include Property Tax and other State and Local Taxes.
Year End is also a great time to reflect on what has happened in the year and what you are thankful for. You may also may want to make plans about what your next “Adventures” will be in the coming year. You may also want to focus on what relationships you want to spend more time on and improve in the future.
The Year End and Decade are closing on us fast!!
Let’s “Get In Gear!”
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.