![]() We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments. ![]() SmartAsset receives compensation from Advisers for our services. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Securities and Exchange Commission as an investment adviser. We have returned to the office and are available to meet with you, subject to our COVID protocols.SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Our estate planning attorneys at Bernick Lifson, Sally Forbes Friedman and Richard Bunin, are available to coordinate and work with your team of professionals to evaluate, update and prepare your estate planning documents. I encourage you to take the time to review your estate planning documents, consider your legacy and create your own checklist. We have always known that we do not know what tomorrow will bring, but the past 20 plus months have heightened that awareness. It is highly likely that the overall exemption at the Federal level will be reduced, but when and how much is still to be determined. Coupled with all of the items on the checklist is the continued uncertainty about the pending changes to our State and Federal estate tax laws and supporting regulations. The above list is not all inclusive, but certainly identifies areas to consider. In many circumstances, including this example, it is time to consider a Revocable Trust, Will and supporting documents. Surely, you would not want to go through probate proceedings in both Minnesota and California. Have you completed the list of personal property or are you relying on your family getting along when it is time to distribute the cherished items from your personal property?Ĭheck with your team of professionals, including your attorney, accountant and financial planner to review your plans.Ī Will may have been initially sufficient and met your estate planning goals and objectives, but now you own a winter home in California and a primary residence in Minnesota. Have you purchased a winter residence in another state?Īre all of your assets transferred and funded into your Revocable Trust? Have you made a separate list of all of your passwords so your fiduciaries can access your information?ĭo you want to consider gifts to charities? Who have you named as your Personal Representatives, Trustees, Guardians (do you still need to designate Guardians), and Attorneys in Fact for Powers of Attorney, and Agents for the Medical Directives? Take the time to prepare a list of assets are the beneficiary designations correct on retirement accounts or life insurance policies? Identify who you would like to leave your estate to do any of your family members have an identified long-term disability or special needs? Are trusts needed to protect your beneficiaries? Has your financial and/or family situation changed since the basic documents were drafted? Have you had more children, grandchildren, marriages, divorces, deaths and has your financial situation changed so that more planning is needed? As practitioners, we have been responding to clients, on an almost daily basis, who have been confronted with emergency planning situations or are considering the “what if” or “what happens if the unthinkable occurs.” If you have not reviewed your game plan in a while, this is the right time to make sure everything is in order.įollowing is a brief personal and estate planning checklist for you to consider as we start the final quarter of the year:ĭo you have the basic estate planning documents, including a Will, Powers of Attorney and Medical Directives? When did you last review the documents? It may be time to dust off the documents and update them. I am optimistic that rather than looking at every situation through the lens of a crisis, we should take a breath, and be more strategic with our personal planning. ![]() During the past 20 months, many of us have had to unintentionally evaluate our personal game plan due to the onset of medical issues, staying at home, changes in jobs or just general changes. What I do know is that we are in the fourth quarter of the calendar year and it is time to consider your personal game plan. While I thoroughly enjoy football, I have no idea how to plan the game winning play.
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