Estate Planning During the Holidays

Estate planning during the holidays

The holidays are always a busy time of year. It’s also a time for thinking about family, life, and plans for the future. It’s very common to evaluate estate planning during the holidays. For many reasons, it’s actually an ideal time to do so.

1 – Time to Reflect & Adapt

Life is often hectic and there may be little down time to actually think. With time off from work, the holidays are an opportunity to quietly reflect upon your life. You may gain clarity on important decisions that you’ve previously procrastinated on. Taking action and creating a plan can also bring peace of mind.

2 – Update Your Plan to Reflect Changes During the Year

If you already have an estate plan, the holidays are a good time to update it. Evaluate what has changed over the year and how your plan should adapt to your current life. Look forward to the new year and set goals. Make sure your estate plan aligns with those goals.

3 – Opportunity to Talk with Family Members

The holidays may be the one time of year when all family members are together, in-person. Some conversations are best held in-person rather than through the phone or via video call. Use this opportunity to have important conversations about your estate plan and wishes. If your plan might be upsetting to certain individuals, explain your decisions and gain acceptance. Remember that how you approach these conversations play a large part in how your family will receive the information. Be honest yet strategic in your approach.

4 – Take Advantage of Last Minute Tax Benefits

Finalizing or adjusting your plans during the holidays may also allow you to take advantage of certain tax benefits. For instance, you might maximize gift tax exclusions or contribute a little more to retirement savings. Estate planning and financial planning work together and understanding yearly limits and what might change next year can be extremely helpful.

Estate Planning During the Holidays

At Simmons & Schiavo, our Massachusetts estate planning attorneys work year-round to service our clients. We can help answer your questions and create a plan that achieves your personal goals. Contact us to schedule a consultation. We provide both phone and video options for safe estate planning from the comfort of your home.