Estate Planning Moves to Make Before Year-End

10:28 pm Asset Protection, Estate Planning

2013 2014 featured 570x270 e1386627990363 Estate Planning Moves to Make Before Year EndIf you tend to procrastinate when it comes to estate and tax planning issues, you are certainly not alone.  But there are a few things you need to take care of before the end of this month to ensure your estate plan is still in good shape and to take advantage of tax deduction opportunities for 2013:

Check beneficiary designations.  The disposition of assets in retirement accounts, IRAs and life insurance policy is governed by whom you have listed as beneficiary for each account or policy.  Review these designations now to ensure you still have the right people listed as beneficiaries.

Make charitable contributions.  The holidays are a perfect time for charitable giving, as well as giving a little back to yourself in terms of reductions in estate and income taxes.  To make sure your gifts qualify for 2013 deductions, be sure you make them before Dec. 31.

Make individual gifts.  This year you are allowed to give away up to $14,000 ($28,000 for married couples) to anyone you wish, free of gift tax.  This is another nice gift to yourself as well, since it removes taxable assets from your estate.

If you need to review your entire estate plan to determine if you are employing the latest estate planning strategies, you should do it before year-end in case there are other tax-saving tools that could help you and your loved ones.

To make sure you are doing as much as possible to protect your assets, contact our Orange County law firm.

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