It’s Important to Refocus Your Estate in the New Year

And just like that, the new year is upon us. The last year has brought on many exciting opportunities and changes for Wisconsin and Florida families. As we start off 2023, it’s important to refocus ourselves on what’s important.

Taking care of your family and loved ones should be near the top of the priority list – that includes your estate plan. You have to ask yourself important questions such as:

  • Is my estate plan accomplishing my goals?
  • Does my plan reflect recent or upcoming circumstantial changes for myself and my family?
  • Will my plan stand up to legal challenges?

Is my estate plan accomplishing my goals?

Your estate plan shouldn’t just answer the question of who will get what when you pass away. When you look at your goals for yourself and your loved ones, you have to consider if your estate plan plays a proper role in those goals. People often take the new year to take a new direction which might means your goals may be changing.

Does my plan reflect recent or upcoming circumstantial changes for myself and my family?

It’s also imperative that you update your plan as soon as possible when circumstances change in your life. Whether changes already occurred last year or you’re anticipating changes this year, updating your estate plan can’t take a backseat. Events like marriages, divorces, births, deaths, and changes to relationships with your beneficiaries are all relevant to your estate plan.

Will my plan stand up to legal challenges?

An estate plan that falls apart during the administration process is, frankly, a waste of time and money. A lot of DIY estate planning options claim to apply universally but don’t stand up to legal challenges later on. Your selection of an estate planning attorney will protect you from such challenges.

Another legal/financial note to keep in mind is the estate tax exemption and gift tax exclusions are changing for 2023. The annual gift tax exclusion increased to $17,000. The estate tax exemption grew to $12.92 million per individual and $25.84 million for married couples.

Find Peace of Mind With Elder Advisors Law

The turn of the calendar to a new year is a great yearly point to get an idea of what care your estate plan needs. Getting your planning done early can bring you and your loved ones peace of mind for the remainder of 2023. If you’re ready to do just that, contact Elder Advisors Law today. We can help you form a new plan or update the one you already have. We also offer an exclusive TLC Maintenance Program that gives you priority access to your estate planning attorney as well as additional perks that will keep your plan up to date.

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Elder Advisors Law

As Leaders in Estate Planning and Elder Law, we are passionate about helping families protect their hard-earned assets from the government, nursing homes, lawsuits or other predators.

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