Millions of people still haven’t started, or updated their estate plans. While it can be tempting to just keep putting it off because you feel like it isn’t the highest priority, there are some compelling reasons why it makes more sense to take care of it before the new year hits.
You Never Know When it is Needed
While it may sound grim, the reality is none of us know when our time will come. If you keep delaying your estate planning, it may be too late. If you pass away without an estate plan in place, or with one that is outdated, it will be your loved ones who suffer because of it. Taking action right away will ensure that you and your estate are ready should something happen.
Annual Tax Exemptions
The federal and state tax laws regarding estate planning are quite complex. One thing to remember, however, is that many of the laws and regulations limit how much of your estate you can give away without having to pay a gift tax. Taking advantage of the option to give loved ones money tax free can help save thousands of dollars over the course of years.
Prepare for the Changing Tax Codes
Every year there are hundreds, if not thousands, of adjustments to the tax code and other laws related to estate planning. Taking care to update your existing estate plan to take advantage of laws that will take effect in 2018 can be very important. Even if the changes are fairly minor, keeping your estate plan up to date is very beneficial.
Make it an Annual Event
It is easy to ‘set and forget’ your estate plan if you don’t take steps to ensure it is kept up to date. For many people, setting an appointment at the end of each year to make any necessary adjustments is a great way to ensure it never falls out of date. A lot can happen in a year. You may have new children or grandchildren born, who you want to include in your plan. Other people may need to be removed from your plan. Taking care of all of these types of things once per year is important for ensuring your family is taken care of properly when you are gone.
We Can Help
Contact us to set up an appointment to start an estate plan, or get an existing plan updated so you’re ready for 2018 and beyond. We have helped many people with anything from a simple Will to a complex estate planning system. Our team is ready to help answer all of your questions about Florida estate planning.