Trust-Based Estate Planning
As you know, tax returns for 2017 were due on October 15, 2018. The end of the year is quickly approaching. So, maybe you’re ahead of the game and have already started gathering data to file for 2018? But if you live in the real world like the rest of us, you have not given your 2018 taxes much thought. After all, they are not due until April or next October, if you file for an extension. But, even so, the end of 2018 is upon us. So, we wanted to remind you to file a trust-based estate plan, which will help with tax filing for every year.
A trust-based estate plan will put you on the right track to protect your assets while you are alive to use them and will also help protect you and your loved ones from financial mismanagement and over-taxation, which could occur after you pass.
But even the best trust-based estate plans can fail if your assets aren’t properly funded into your trusts or otherwise aligned with your plan. Follow these three easy steps as soon as possible to make sure you wrap up 2018 by leveraging your tax returns.
Consider these Tips:
- Review your trust design diagram or summary to ensure it still matches your goals.
- If you’ve faced life changes since you last visited your estate plan, such as welcoming a new baby to the family, suffering the death of a loved one, or experiencing major health concerns, you might have a new perspective on what you’d like your long-term estate planning goals to look like.
- It’s always a good idea to revisit your trust design diagram or trust summary periodically to make sure it still works with your current situation.
Trust-Based Steps to take:
- Gather your most recent bank statements, investment statements, beneficiary designation forms, and other paperwork concerning new accounts.
- Before filing tax documents away, bring important financial documents to your estate attorney so we can help make nothing should be changed relative to your existing estate plan. We can determine this based on your current account statements and other financial data.
- Remember, estate planning isn’t a one-and-done matter. Routine review and updates will help ensure your goals work with ongoing changes to your assets, family dynamics, and the law.
Trust-Based Asset Schedules
Make sure to update your trust asset schedules. Make sure your property funds into a trust or otherwise aligns with your plan. Your trust schedules are an important supporting document to your estate plan. However, just because the schedules include an item — your house, for example — doesn’t guarantee inclusion within the trust. Things can get complicated (and potentially expensive or confusing for your family). Documents like trust schedules and deeds, titles, or other “ownership” documents might not match up. Listing an asset on a trust schedule doesn’t transfer title of that asset. We can ensure actual ownership of all of your assets aligns with your estate planning goals and documents.
Focus your energy on enjoying the holiday season with your loved ones rather than worrying about your estate plan. Call today to schedule a time to review your plan. Update your asset schedules and ownership records. We can help you achieve your estate planning goals.
About Skvarna Law
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
