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Crucial Year-End Estate Planning Tips

estate planningAs 2020 nears its end and 2021 approaches, it’s a great time to closely examine your estate plan. When you do, you’re likely to see some changes and updates need to be made. If you’re ready to do so but need guidance along the way, consult with Menomonee Falls estate planning attorneys at McLario Helm Bertling and Spiegel.

Update Beneficiary Designations – If you have life insurance policies or retirement accounts, make sure the people you have named as beneficiaries for these items are indeed the people you want these to go to upon your death. If you neglect this area of estate planning, you may have assets going to an ex-spouse or others of whom you don’t approve. To be sure your beneficiary designations are in alignment with your estate planning goals, it’s best to consult with Menomonee Falls estate planning lawyers who can give you sound legal advice.

Tax-Exempt Gifting – Since exemption amounts have increased regarding estates, take advantage of this by making tax-exempt gifting a top estate planning priority. For example, you can arrange to have payments made directly to a college or university for tuition that can be considered tax-exempt, saving you thousands of dollars.

Health Directive and Powers of Attorney – Whether you already have advanced health directives and powers of attorney in place or need to do so, make sure these important documents are included in your estate plan. Also, make sure those you have listed to make important end-of-life or financial decisions are people you trust with these matters.

Should you need additional guidance regarding decisions about who will take care of your minor children should you die unexpectedly, how to make changes to an existing will, or other estate planning matters, always speak to experienced and trusted estate planning attorneys in Menomonee Falls WI at the law firm of McLario Helm Bertling and Spiegel.

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