Updating your estate plan is not the first thing on the Holiday to-do list for most of us. There are gifts to be bought, decorations to put up, special foods to be baked, and the list goes on and on. In spite of the reasons not to act this time of the year, there are a number of reasons to act now.
- The Bush Era tax cuts and the $5,120,000 Federal Estate tax exemption expire December 31, 2012. I recommend that you go to estateplanning.com and view the webinar “Planning Opportunities Not to Miss in 2012.
- A first rate estate plan is one of the greatest gifts that you can give to your family. I often hear the excuse for delaying planning is that I want to talk with my children about my wishes before I come into the office. My experience is that those conversations are more productive after you have met with an attorney. The attorney can guide and educate you so you can better discuss the issues that affect your children.
- There is no better time than to start than now. There will always be reasons to delay and procrastinate when you are dealing with your own mortality. Nevertheless, the joys of the season will be even more apparent with the comfort of knowing that your affairs are in order.