Year-end planning presents an opportunity to review some of the most important issues facing you and your existing strategies. With a new year can also bring legislative changes and new considerations for how to optimize your estate and tax planning. This makes it even more important to establish a relationship with financial professionals including estate planning lawyers and even a CPA.

Look at where your current situation stands and look for opportunities to reduce your 2021 tax payments. At the end of the year, retirement plan contributions, charitable donations and determining in which year to make some deductible expenses should all be considered.

Finally, required minimum distributions for those people who are of appropriate age should also be considered. In the final version of the tax plan, you will also want to walk through strategies for optimizing your overall tax situation with the help of an estate planning lawyer and the financial professionals on your team. Strategizing with a lawyer is strongly recommended to help you accomplish all of your individual goals.

It’s a great time of year for your planning conversation. Most people recognize that the holiday season is a great opportunity to gather with their loved ones. Whether it is good food, gift giving or just the company, this is also a great opportunity to talk about the legacy that you intend to leave.

Many people have not had a chance to connect with their loved ones much over the last two years, meaning that if you have completed any changes in your estate plan, or are beginning to gather resources to answer important questions in your estate plan, that now is the right time to do so.

A recent study by Edward Jones, The Harris Poll, and Age Wave found that the pandemic has already prompted a lot of estate planning conversations about their personal preferences or end of life plans. For example, at the start of the pandemic, 44.5 million Americans engaged in their very first conversation about legal plans, finances, and health. This has made many people step back and think more about the legacy that they intend to leave.

If the pandemic has started your thought process on these issues as well, consider scheduling a consultation with an experienced and knowledgeable estate planning lawyer to walk through these important considerations. The support of an estate planning lawyer can make a big difference in how you move forward.

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