Approaching The End of Year (posted October, 2015)
As unbelievable as it seems, this is the final quarter of the old year. Many readers agree that the next few months will be a blur of holiday planning, shopping and events that will keep a family busy, busy busy.
Remember to put on your calendar a note to locate, to organize and to review your important documents. Tax time will soon roll around and rather than waiting until the final days of December (which will be far too busy anyway) – NOW might be a good time to: review your financial documents and make any adjustments; meet with financial advisors and CPAs; begin to consider any asset allocation changes for tax planning purposes; and review all your estate planning documents.
If you do not have an estate plan, consider the pros and cons of developing one.
If any of the following describe a 2015 event in your life:
Acquired significant assets;
Begun to plan for retirement;
Planning to adopt a child;
Made a change of lifestyle;
Moving to another state;
Are in the process of a divorce, marriage or remarriage;
Going into business;
Planning to exit a business;
Starting a family;
Experiencing a significant change of health
Then… now is the time to meet with an attorney who can advise on how to start the estate planning process; alter your estate plan; review your legal documents/contracts and discuss your future alternatives.
Keep in mind that without a solid estate plan – if anything happens to you – your assets, your family and your future might fall into the “default” position of having the state decide for you.
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