As we begin 2025, we enter a time of fresh starts and thoughtful reflection, making it perfect for setting some meaningful goals and resolutions. One often overlooked, yet important, yearly resolution is ensuring our estate and legacy planning goals are in place. Here are five goals to consider:
Review your Wills & Trusts
Consider making changes to Wills and/or Trusts to reflect family changes such as marriage, divorce, births, deaths, etc. Furthermore, think about if there have been changes to your financial situation that could affect how much and/or whom you want your assets distributed to.
Review your Beneficiary Designations
Review and update beneficiary designations on retirement accounts, life insurance policies, and all other accounts to ensure they are not only up-to-date but also consistent with the rest of your estate plan.
Review Asset Titling
Review all accounts to ensure that they are titled correctly. Make sure that all assets that should be titled in the name of a trust are correctly titled. This should avoid the need for probate and allow the trustees to manage these assets according to the trust’s terms.
Gifting Strategies
Combine estate planning with tax savings by taking advantage of the gift tax annual exclusion. Most people are rushing at the end of the year to utilize this strategy, but it can be planned out early in the year to save everyone some headaches come December! The annual gift tax exclusion for individuals in 2025 was increased to $19,000. This means that you can give up to $19,000 per donee without using any of your lifetime federal gift exemption.
Hold a Family Meeting
After the holiday season has come to an end, it is a good time to have, or start planning to have, family meetings concerning your family values and setting intentions regarding the legacy of wealth you plan on leaving. Every family situation is going to be different, but a conversation with family to prepare them for responsibilities and expectations around the wealth they will inherit is important.
These five goals are just the start. A well-designed estate plan can preserve your wealth, create stability during a time of loss, and a sense of peace while living. From basic estate planning to complex advanced estate planning strategies and facilitating family conversations, our experienced estate planning and financial planning specialists are here to help. Click here to learn more about our Estate Planning Services.
