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3 Estate Planning Steps to Take in 2012

December 30, 2011Estate Planning, Taxes

The new year is our annual reminder to do the things we should have done in the previous year, as well as get ahead and make plans for the future. If you haven’t already done so, you should review your estate plan and set up a meeting with your estate planning attorney if you see any changes that need to be made.

 

Step 1: Update your documents. If this past year had you go through family or financial changes, you’ll want to address these in your estate planning documents. If, for example, you have a new child or grandchild, you’ll want to make sure you address this in your will.

 

Step 2: Review your estate in light of the tax implications. Federal estate tax exemptions and rates may change after 2012, though for now at least it appears the $5 million individual exemption is still in effect.  The New York estate tax continues to apply to estates exceeding just $1 million in value.  If you and your spouse have assets worth more than $1 million and haven’t already done so, you should consult an estate planning attorney to ensure your estate is as protected as possible.

 

Step 3: Speak to your family. Discussing your estate planning wishes with your family is especially important if you’ve made changes to your living will or health care proxy in the past year. Even if you haven’t made changes, you can discuss your own wishes and urge your family members to begin their own planning efforts. It’s never too soon to start, but it can very quickly become too late if you wait too long.

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Michael Robinson, Estate Planning Attorney

Michael Robinson, Estate Planning Attorney

Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney

Latest posts by Michael Robinson, Estate Planning Attorney (see all)

  • A Look at Common Estate Planning Documents - February 14, 2019
  • Tax Tips after New Year - February 13, 2019
  • Estate Planning Is an Ongoing Process - February 12, 2019

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Several educational workshops coming up around the Finger Lakes you don’t want to miss.   About Latest Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see... Read more →

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Over the years we have been to many programs regarding Estate Planning. We were most impressed with Mr. Robinson’s presentation – both in subject matter and explanation in an understandable manner. We have put our “trust” in his competent hands. We were not aware of the complexity and the volume of paperwork generated for this undertaking. We found his staff to be most capable and client orien…
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Establishing a Family Wealth Trust through the Law Office Of Michael Robinson P.C. has been a positive experience, the staff is congenial, patient, thorough, professional and knowledgeable. We certainly are comfortable and confident with our decision.
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Our overall experience was one of thoughtfulness, clarity and comprehensiveness on the part of Michael Robinson, his staff and associates. We attended Michael’s seminar on legacy wealth, and found him to be clear and well-spoken. He touched on all aspects of Estate Planning in which we were interested. Our first of two visits to his office was timely and helpful enough for us to consider develop…
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