A Year-End Planning Guide
A lot can change during a year, so an annual financial checkup is always worthwhile.
Here are a few things to consider as you approach the end of the year and prep for 2022.
Markets were dynamic throughout 2021, driven by a robust recovery from pandemic-driven lows in 2020. Prices and inflation expectations have also risen in step with the buzzing economy. And as Congress reconvenes there’s some uncertainty swirling around potential tax law changes.
There are a host of reasons to conduct a quick check-in on your financial goals and the estate plan you’ve crafted to achieve them. This is an opportune time to check in with your financial advisor or representative to tie up loose ends from 2021 and prep for 2022. Ensure your financial plan is keeping pace with rising prices, for example, or ask whether you may have additional tax risk exposure with new policy proposals.
Meantime, here is one important housekeeping item worth tending to at year end.
Review your wills and/or revocable living trust to ensure you have the appropriate executors, trustees and guardians in place heading into 2022. Also, you’ll want to make sure your beneficiaries are up to date — especially if you’ve welcomed a child or grandchild to the family.
Remember, an estate plan is incredibly practical even if you don’t have extensive wealth. Everyone, regardless of net worth, should have one in place.
The end of the year can be a busy time for family and travel, but don’t let this key task slip through the cracks.
I can help with your estate planning needs. Please contact me at 203-544-9945 or beth@eedwardslaw.com.
