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The Wealth Advisor
5 Estate Planning Resolutions For 2017!
Now is an excellent time to begin making plans for the upcoming year.

First, please remember to let your tax advisor know if you paid for estate planning services in 2016.  Some or all of the fees paid may be tax deductible.


According to a study conducted by Fidelity Investments, 37 percent of Americans considered making at least one finance-based New Year’s resolution for 2016, up from 31 percent in the previous year.  To that end, below are 5 estate planning resolutions designed to help you plan for 2017.

1. Set realistic, reachable goals.
 
If it seems a bit ironic that our first resolution or goal is to have goals, that’s because this is where most people fail at the outset. Either they don’t have specific goals in mind, or they set the bar so high that their goals are virtually impossible to reach, causing them to lose heart and give up. Don’t let the "perfect" be the enemy of the "good".  Set your benchmarks now.

2. Prepare for changes in the tax laws.

With President Trump in office, changes in the tax codes will almost certainly follow. If you haven’t already done so, talk to your advisors now to strategize about changes to your estate, financial, and tax plans.  We will use this newsletter to report key changes that could impact your estate plan.

3. Review your life insurance coverage.

Your policy may be out of date and not have features now commonly available with insurance policies.  For example, hybrid policies that include death benefits and long-term care coverage.  Your policy must also be up-to-date to adequately support your family's financial needs. Once you’ve decided on changes with your insurance advisor, coordinate the beneficiary designation with us, so it aligns with your estate plan.



4. Review your retirement plan.

If you have a 401(k) or an IRA, how is it performing? Is it time to increase your contributions? Should you roll over to a different plan? If you don’t have a retirement strategy, start now.  Now is also a great time to verify that your beneficiary designations coordinate with your estate plan. We are here to help if you have questions.

5. Plan for your heirs.

If it has been more than three years since your estate plan was last reviewed, it is time for a checkup. Are there any life changes (e.g., marriage, divorce, birth, adoption, death) that need to be considered and incorporated into your plan?  Having a plan to protect, and make things easier for, your loved ones is important for an estate of any size.
 
Make a commitment in 2017 to set solid financial and estate planning goals that will successfully pass your legacy to the next generation.  We are here to help.

From our family to yours, have a safe and happy 2017!


 
Sound Estate Planning, PLLC • 152 3rd Ave. South, Ste. 107 • Edmonds, WA 98020 • (425) 967-7287