There are several reasons why people postpone estate planning. Most don’t want to think about their mortality, and those who are young and healthy prefer not to worry about wills and trusts. Further, when the process feels overwhelming, it’s easier to justify putting it off. As your family grows and you acquire more assets, deciding how to distribute them becomes more complicated. Fortunately, there are ways to simplify the approach; here’s how.

Estate Planning Tips to Save You Some Trouble 

1. Inventory Your Assets at Tax Time

If the thought of inventorying all your assets is overwhelming, consider doing so when preparing the prior year’s tax return. Even if an accountant does your tax preparation, you still have to gather all essential documents, which will provide a starting point for creating a comprehensive estate plan. Make two copies of everything instead of one. Save one set for the CPA, and give the other to an estate planning attorney. 

2. Be More Generous

The more you give away now, the less you have to distribute later. Gifting assets while still alive will not only make estate planning easier but also reduces each beneficiary's tax burden upon death. If you want to minimize your tax obligations, limit each gift to $15,000 per person per year, which is the current annual gift tax exclusion. 

3. Turn to the Professionals 

Estate planning attorneys, financial advisors, and tax professionals can all help with your last wishes. Start by meeting with a lawyer to discuss your current financial situation and family dynamic. Based on where you stand and what you hope to achieve, the attorney will advise on the best way to proceed. 

If you have been postponing estate planning but are ready to get started, turn to Alan A. Panek Law Office, S.C., in Wisconsin Rapids, WI. The general practice firm can assist you with everything from living wills and powers of attorney to irrevocable trusts and asset transfers. Attorney Panek offers quality legal guidance through every step of the process to protect your best interests. Visit the website to explore all the legal services he provides, or call (715) 421-4900 to schedule an initial consultation today.