With several months left before the new year, fall is the perfect time to review your estate planning affairs. Below is a checklist to ensure your planning meets your needs and is up-to-date:
When did you last update your Power of Attorney (POA)?
A valuable legal document, no matter what the circumstance A POA is it flexible because it can be made effective immediately or at such time you are no longer able to manage your own affairs. Periodically review the terms and replace it whenever circumstances change. This includes when you want to name a new person to help if you need to add or remove powers from the document.
Does your trust/will still match your wishes?
After your estate planning attorney creates a will or trust, it’s typical to put it in a safe place and forget about it. Several reasons to review and update it include: a marriage or divorce, birth or adoption of a child, recent windfall of cash or assets, purchase or sale of a home, or a recent move to another state or country. Since your life changes, so should your will or trust.
Is your business paperwork in order?
Whether you own an LLC, corporation, or another type of business entity, paperwork must be filed with the secretary of state and (potentially) other government agencies on an annual basis. Make sure your documents are up-to-date, fees have been paid, and licenses are current. Note deadlines on a calendar so you won’t miss renewals.
When did you last meet with your tax advisor?
End-of-year estate planning is important relative to taxes and potential liability. This is especially true in light of the 2018 tax changes. Make sure you use the most up-to-date IRS forms since the 2019 tax season will be much different than 2018. Learn about options under the law now so unwelcome surprises won’t greet you in April.
Have you met with the rest of your professional team?
Whether our country is facing a bear or bull market, meet with your financial advisor to go over investment results. This will help you put together an investment strategy for 2019.
Don’t Delay. Call today!
Before you make any financial or legal decisions about 2019, contact your estate planning attorney and the rest of your financial team. We would love to help you make informed decisions to protect you and your loved ones.
About Skvarna Law Firm
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.
