Planning Newsletter - October 2022
Planning Newsletter (click image to open)
Develop the habit of reviewing your estate planning documents and beneficiary designations on a regular basis. We recommend doing this at least every two to five years at a minimum and always after any significant life event.
Even a young adult should have the following estate planning documents: Advanced Health Care Directive, Financial Power of Attorney, Beneficiaries for accounts, Last Will and a Digital Will.
Living trusts, Childcare Directives, Beneficiary Updates, Charitable Giving Plans, Special Needs Trusts, and strategies to reduce estate taxes are commonly part of the estate planning tool kit as individuals progress through the early and middle stages of life.
Later stage estate planning often involves multi-generational planning, further estate tax reduction strategies, considering Life insurance outside of one’s estate as a means of paying estate taxes. It is useful to keep a sharp eye on making sure trustee and successor trustee choices are appropriate.
A review of all account beneficiaries should be done periodically to ensure that the directives on your account(s) are still in alignment with your wants, goals, and desires.
An up-to-date beneficiary plan is important to safeguard assets as they pass to your desired heirs.
Beneficiary designations can be added to non-retirement accounts by adding a TOD (transfer on death) feature to your account.