February is the month of love. With Valentine’s just passing, it is important to show your loved ones that you love and care for them. Estate planning is a creative way to show your love. Here are a few ways you can express your love for others in your estate plan.
Gifting- Gifting can allow your loved ones to use your assets now instead of all at once, so they save on gift tax. If you want to start your gifting while you are still alive, consider starting a gifting trust which can protect the assets and allow loved ones to access them now or in the future when they have need of them.
Giving heirlooms- Outline the special heirlooms that you would like to leave to friends and family in your plan. This can include a wedding ring, a collection, or other items of value to you.
Maintaining your plan- By keeping up with your plan regularly and including any changes that may occur, you will ultimately reduce stress for your family. Without a plan, there is more of a risk for probate, uncertainty, family conflict, and stress. With a plan in place, you are telling your loved ones how much you loved them and that you’ve taken every step to make them financially secure and give them peace of mind.
Charity and Leaving a Legacy- Lastly, think of an organization that you care about. This could be a charity that had an impact on your life, a loved one’s life, or one whose mission you admire. By making donations, not only can you lower your estate tax, but you can also help those in need. By involving charitable donations in your plan, you are leaving a legacy for the next generation to follow in your footsteps.
Ensure that your family is cared for and feels loved through the estate plan you leave behind. Contact us to schedule an appointment for a free consultation.