Estate Planning Goals & Objectives for 2022
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The start of a new year brings about renewed energy towards accomplishing goals, but how often do we tend to fizzle out only after a few short months? If one of your goals for 2022 is to finalize your estate planning needs you will want to set some realistic expectations and guidelines for achieving these steps. At The Law Offices of Clifford M Cohen, an estate planning lawyer in Washington D.C., we have identified six steps you can take to help achieve your estate planning goals and objectives for 2022.
Estate Planning Goals and Objectives: The Steps You Should Take To Get Things Done
Involve Heirs and Advisors
Involving your heirs and advisors can provide you with some significant advantages when it comes to estate planning. If you feel comfortable opening a dialogue with your heirs and advisors it will help to eliminate issues down the line such as someone contesting your will. By communicating with your heirs it can also ensure that your intentions don’t come as a shock to your closet loved ones and that your wishes are ultimately carried out as you intended.
Consider Your Security
Part of the estate planning process is making sure that your documents are protected and accessible to the right people. Consider adding important documents to secure file-sharing platforms that are password protected and are designed to keep documents in a safe location that can be accessed in the event of your incapacity or death. An estate planning lawyer can help you organize this information for you.
Remain Responsive to Any Policy Changes
It’s possible that tax law changes can affect investing, estate planning, and charitable giving so be sure to consult with your estate planning lawyer. Being proactive is key to estate planning as it can help you determine whether any actions are necessary to your overall strategy.
Remember to Review Your Existing Estate Plan
It is always a good idea to periodically review your estate plan to make sure that it is still in sync with your wishes. If there have been important life events in the past year such as a marriage, divorce, births, or other life-changing moments among your loved ones, ask yourself does your current estate plan address these? By addressing these important questions you can ensure that your estate plan will be executed to your wishes.
The tax law established in 2017 made it more complex to make use of the tax-deducting benefits that come with charity. But that doesn’t mean that you can’t reap some advantages. Consult with an advisor to choose the best way to give out to charity that aligns with your estate plan.
Just like with anything in life, planning is essential to achieve your goals, especially when it comes to financials. With the above tips, you can make adjustments to your estate plan in 2022 to reach your goals for the new year.