12/31/2024
Now is the perfect time to review your estate and financial plans to ensure everything is in order for the year ahead.
We’ve outlined an end-of-year checklist with 12 key considerations to help you wrap up 2024 with confidence:
1. If your children are 18 years old or older, ensure they have a (1) Durable Financial Power of Attorney, and (2) an Advance Directive/Designation of Health Care Agent.
2. Review the Fiduciaries named in your current estate planning documents to confirm they are still the right choice.
3. Review your directions and instructions in your estate planning documents.
4. Confirm your beneficiary designations on retirement accounts and life insurance policies to ensure they are in accordance with your current estate plan.
5. Inventory your assets, including tangible property, real property l and digital assets.
6. Review your estate plan with your loved ones.
7. If you are the beneficiary or Trustee of a trust, ensure that annual distribution requirements are met; Trustees should also begin gathering the financial information for tax filings.
8. Take any Required Minimum Distributions (RMDs) from retirement accounts.
9. Review your income projections and year-end financial picture with your financial and tax advisors.
10. Max out your annual retirement plan contributions.
11. If eligible, use Qualified Charitable Distributions from retirement accounts to make your charitable contributions.
12. Use your 2024 annual gift tax exclusion, and ensure that your checks clear by 12/31. Or use online banking transactions to ensure your gift reaches its intended recipient before the end of the year.
Addressing these year-end tasks can help set a solid 2025 foundation. If you need assistance with any of these items or have questions, our team at Cox Law Group is here to help. Contact us today.
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