Year-End Estate Planning: 3 Must Do’s Before 2023

  • Estate Planning
year end estate planning | estate and probate legal group

People often consider the year-end as a new beginning, a fresh start. Many of us think a new year is an ideal time for new habits and a new way of life. We make resolutions to lose weight, save money, or travel more often. At Estate and Probate Legal Group, we believe preparation will help you succeed in the new year. We want you to be ready for the next year, and now is the perfect time for year-end estate planning.

Year-End Estate Planning

You need to be ready for success. Planning and preparation ahead of time will allow you to welcome the new year and be able to tackle those resolutions.

Concerning your estate plan – here are 3 must do’s before 2023:

  1. Update your estate plan
    You want to do this every 3-5 years. But you should update your entire estate plan, not only your will. Perhaps your beneficiaries have changed. Maybe you purchased or sold property or got married or divorced. Perhaps your health has declined, and you want to update your Health Care Directive. You always say you will get around to it – but now is the time to review and update your estate plan.
  2. Give gifts
    There is still time to make monetary gifts. Are you taking advantage of all tax exemptions? The annual gifting limit exemption is $16,000 per recipient, and you need to set it up to happen before December 31st.
  3. Confirm your retirement plans
    Are you using all the available 401(k) matching benefits? Have you funded your health savings accounts? If you’re over 70, you’ll want to ensure you take the required minimum distribution from pre-tax retirement plans.

Being prepared now will help you successfully move into the new year. And working with an experienced estate planning attorney will help you review and update all aspects of your estate plan. From your will or trust to your power of attorney and health care directive, we will help you look over your entire estate plan and make necessary changes.

Oak Brook Estate Planning Attorney

Now is the time to wrap up the new year and review and update your estate plan. To do this, call the attorneys at Estate & Probate Legal Group in Illinois to help you set up get your estate plan in order. Contact us today at 630-864-5835.

AREAS WE SERVE: DuPage, Kane, Lake and Will counties.