End of Year Planning for the Elderly
How important is end of year planning for the elderly? Joe Ranni, Esq. of Ranni Law Firm PLLC helps with answers to this and many questions including: Do I need to update my will, living trust, or power of attorney each year? Is the end of the year the best time to optimize the distribution of my assets to minimize taxes? Is it the best time to ensure my wishes are carried out by updating my will? Do I have to update my estate planning annually? Do I have to update my plan for managing my affairs if I become incapacitated? (Legal guardian, health proxy, etc.) Do attorneys help with year-end Minimizing tax liabilities, Gifting strategies or long term care planning? Since the holdays bring families together, is it a good time to discuss Housing considerations? If you seek help, what type of documentation does an attorney need? (Estate planning documents, tax returns, financial statements?) Is it best to reach out to an attorney at the end or the beginning of the year?