It’s hard to believe 2010 is almost over, and with 2011 just around the corner, it’s time to make your New Year’s resolutions. For many people, the standard resolution is getting organized, and along these lines, let’s make it a year to get our estate plans in order.
Estate planning is all too often our ‘when I have time’ or ‘next year’ task. But tis the season to get our estate plans in place. Whether it is creating a will, disability planning, creating a medical power of attorney or considering a living trust – these are not tasks that should be left, once again, for next year. With the major changes in store with estate taxes for 2011, as it stands, estate taxes are slated to go from 0 to as high as 55% on January 1, 2011 (although there’s a lot of activity in Congress as they wrestle over possible changes).
For those who have already started the estate planning process, take time to review your plans and make sure they are up to date. Whether there have been life changes or even law changes, estate plans consist of ‘living’ documents that should be updated on a regular basis.
An estate planning attorney can help you with your estate planning New Year’s resolutions, and help to ensure your family’s needs and goals are met.