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5 Resolutions for your Financial Good Health

Planning in the new year"With so many regulatory changes affecting retirement, Social Security and estate planning, you should update your estate plan for the New Year."

Maybe not the whole day, but you should spend some time getting started with these important issues. Here are some key elements from The Business Investor's Daily's article "5 Changes to Make to Your Financial Plan Now."

Make gifts to family. Plan to give gifts of cash or tangible property of up to $14,000 per person because there's no limit on how many gifts you can make, and there is no gift or estate tax. Couples can combine their gift giving to $28,000 per person. This is an easy way to reduce a potentially taxable estate. Establish a long-term strategy and give annual gifts to your beneficiaries.

Give to charity. You can also make a donation to a charity, and if you tend to make significant charitable donations, consider establishing a family foundation. To avoid capital gains tax, you should consider donating appreciated assets like stocks. A donor-advised fund is another way to receive a charitable deduction today, avoid capital gains tax and retain the authority to determine its future use.

Check your beneficiaries. This applies not just to your personal estate plan but also to the benefits you have from your employment, like life insurance and retirement assets.

Set up a meeting to address your advance medical directives, durable power of attorney, and updated trust or will. Now's the time to schedule a meeting with your estate planning attorney to create or update these documents.

Apply for Social Security and set up life insurance. If you are or will be 62 before the end of 2015, apply for your Social Security benefits. One of the best strategies for married couples considering their Social Security and retirement finances goes away by the end of this year, so this needs to be addressed now. You should also update or buy life insurance.

Reference: Business Investor's Daily (December 18, 2015) "5 Changes to Make to Your Financial Plan Now"

 


 

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.