As we step into the new year, it’s the perfect time to set financial goals that pave the way for a secure future. Ryan Laughlin explores two crucial financial resolutions to consider:
1. Personal Financial Statement Update:
Take a moment to create or update your personal financial statement, detailing all your assets and liabilities. Include information on asset ownership (joint, in trust, payable on death, etc.). Share this document with your spouse, partner, and trusted professional advisors. Regularly refresh this statement, at least every two years, ensuring it remains accessible in case of life-altering events. Your trusted advisors can guide you through this process, helping identify planning opportunities and avoiding potential pitfalls.
2. Estate Planning Documents Review:
Locate your current estate planning documents and review them to ensure they align with your goals. This may include wills, trusts, beneficiary designations for retirement plans (IRAs, 401(k) plans), powers of attorney, and more, depending on your situation. Professional advisors can assist in this review, explaining complex terms and conditions, including tax implications. If you don’t have these documents in place, consult with your advisor promptly. Remember, estate planning is an ongoing process that adapts to life changes, family dynamics, and evolving external factors.
However, here’s one resolution you should avoid:
Avoid Delaying Your Estate Plan:
Don’t fall into the trap of thinking estate planning is too complicated or costly. It’s an ongoing process that should evolve with your life and external circumstances. Waiting until a later date might lead to missed opportunities and increased risks. Consult with your professional advisor now to start the estate planning process. Remember, it’s never too late to plan—until it is.
Learn more about Estate and Gift Tax Planning and connect with our team:
