Thanksgiving is a season of gratitude, family gatherings, and planning for the year ahead. As you enjoy time with loved ones and think about your blessings, it’s also a good opportunity to consider something equally important – your estate plan.
The end of the year is just around the corner, making it an ideal time to ensure your affairs are in order. Here’s why you should consider scheduling an estate plan review this Thanksgiving season.
Aligning Family Goals and Wishes
Thanksgiving often brings families together, sometimes from far and wide. What better time to discuss family goals, future plans, and wishes? By engaging in an open dialogue, you can find out if there have been any changes in your family members’ lives that may affect your estate plan.
Taking Stock of the Past Year
Over a year, a lot can change – births, deaths, marriages, divorces, and so on. Each of these life events can have implications for your estate plan. Take some time this Thanksgiving to reflect on what has changed in your life and how your estate plan should be updated to reflect those changes.
Preparing for Tax Season
The end of the year means that tax season is on the horizon. Certain aspects of your estate plan can have tax implications. A review at this time can provide you with strategies to minimize the tax burden on your estate or beneficiaries. That way, you’re not scrambling to make adjustments at the last minute.
Evaluating Financial Changes
Have you had significant financial changes this year, like a job loss, inheritance, or sale of property? Your estate plan needs to reflect your current financial situation. Thanksgiving is a good time to assess this, as you may have more free time to gather the necessary financial documents and meet with your estate planning attorney.
Taking Advantage of Year-End Gifting
The IRS allows for annual contact form and we will get back in touch with you promptly.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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