Year-End Estate Planning Checklist
With a new year just around the corner, now is the time to get your estate plan and finances ready for the new year!
Wondering where to start? Follow our simple Year-End Estate Planning Checklist to feel 100% ready for anything the coming year may bring.
End-of-the-Year Estate Planning Checklist
Has it been more than 5 years since you created or updated your estate plan?
- Contact our office to schedule a trust review appointment
Has it been 3 years or more since you updated your schedule of assets (Schedule “A”)?
- Click here to download a schedule “A” template
- Fill out an updated schedule “A” and email a copy to our office (firstname.lastname@example.org)
Review the following estate plan documents to ensure they reflect your wishes. If you wish to make changes, contact our office to discuss these changes:
- Revocable Living Trust (especially your trustees, beneficiaries, and guardianship for minor children)
- Financial Power of Attorney
- Advance Healthcare Directive
Do you wish to make monetary gifts this year? The annual gifting limit this year is $16,000 per recipient. Be sure to make these gifts before Dec. 31:
- Educational and medical exclusion gifts
- Charitable gifts
- Funding 529 Plans
- Funding Irrevocable Trusts
In 2022, an individual can gift a maximum of $12.06 million over their lifetime. Think you may exceed this amount?
- Contact our office to determine a strategy to minimize the gift tax ramifications
Retirement & HSA Plans
- Confirm employer-sponsored benefits
- Fully fund 401K, 403B, or other employer-sponsored retirement plans before Dec. 31
- Fund non-employer retirement plans (like traditional and Roth IRAs) before Dec. 31
- Fund HSAs (health savings accounts) before Dec. 31
- If you’re over the age of 72 (or 70½ before Jan. 1 of next year), check that required minimum distributions from pre-tax retirement plans have been taken
Review life insurance policies:
- Ensure beneficiary designations reflect your wishes
- Make sure you have obtained sufficient death benefits
Review your beneficiary designations for the following types of accounts to ensure they reflect your wishes:
- Employer-sponsored benefits
- Bank and brokerage accounts (if P.O.D – payable on death)
Review jointly owned property documents to ensure they are titled in your trust and/or reflect your wishes:
- Deeds to real property
- Titles to all accounts
Planning to marry next year?
- Contact our firm to create a pre-nuptial agreement AND update your estate plan to reflect this change.
- Contact our firm to create a post-nuptial agreement AND update your estate plan to reflect this change.
We hope this checklist helps you find peace of mind. If you have any questions about year-end estate planning, please contact our office or another experienced estate planning attorney.
Law Offices of Daniel A. Hunt
The Law Offices of Daniel A. Hunt is a California law firm specializing in Estate Planning; Trust Administration & Litigation; Probate; and Conservatorships. We've helped over 10,000 clients find peace of mind. We serve clients throughout the greater Sacramento region and the state of California.