Year-End Estate Planning and Review

During the end of each year you should consider your unique Phoenix estate planning needs and review all the details of your estate. You can speak or meet with a Phoenix estate planning expert to get advice on how to review your estate plan. If you don’t have an estate plan, a Phoenix estate planning expert can also get you started, and there’s no better time to start on a new plan than the end of the year.

Think about income taxes

You will want to think about your income taxes at the end of the year as a part of your Phoenix estate planning process. You can sell assets to reduce capital gains if necessary, and a local Phoenix estate planning professional can help you with determining whether or not you should. Your Phoenix estate planning professional can give you other advice to reduce your income taxes during the year.

Think about annual gifting

There is a tax exclusion of up to $14,000 per individual for gifts, and this a commonly overlooked way to transfer wealth to beneficiaries or fund 529 plans. This amount is can be given without needing to pay a gift tax.

Have a full look at your estate plan

If you had a marriage or major life change during the year, you should definitely think about updating your estate plan to reflect those major life changes. The full estate plan should usually be reviewed every three years no matter what at a minimum, but every time there has been a major change in your life you should update your plan. A Phoenix estate planning professional can give you specific advice on how to update your estate plan with major life changes.

Think about tax law changes

The tax laws for Arizona can change, and you may need to update your estate plan to reflect and adjust for those changes. For Phoenix estate planning you might need to make major tax alterations, and you should discuss any tax law changes that may affect your tax liability with your assets or other parts of your estate. Talk to a Phoenix estate planning expert if you have any questions about this.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.