It’s Time to Take Stock of Your Estate Plan

Heading into the second quarter of 2021, you may have more questions than you do assurances. A new presidential administration is raising questions about how estate taxes will be impacted. The world is still being rocked by a pandemic and no one is sure of their immediate future. This is an appropriate opportunity to step back, review, and take stock of where things stand.

If you’re concerned about updating any of your plans to align with new strategies or goals, this is when you can lean on your team of professionals like a CPA, financial planner, or estate planning lawyer.

A financial risk and estate management investigation is a good opportunity here to identify where your gaps are and determine next steps. Start by going over all of your investment accounts. Determine if you’re aware of all the fees associated with your accounts, if the asset allocation is what you hoped and if you have any leftover IRAs or other orphan accounts.

When it comes to evaluating your IRAs, take a look at your beneficiary forms and ensure they are in line with what you had hoped, consider backdoor Roth if your income is over $139,000 (single) or $206,000 (married filing jointly), contributions on behalf of a non-working spouse, the benefits of converting to a Roth and other implications.

You may be able to increase your contributions with other plans, such as 401(k)s, 403(b)s and 457(b)s. When it comes to your estate plan, consider whether or not your digital legacy is protected, your durable power of attorney is up to date, and your trust and wills are up to date. If you need support in amending any of these documents or you’ve moved somewhere new and need help creating ones relevant for your new state, schedule a consultation with an estate planning attorney located in Pasadena.   



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