It’s that time of year to celebrate the season and enjoy opportunities with your family. This is also a good time, however, to sit down with your estate planning lawyer to discuss your powers of attorney, trusts, wills, and other estate planning documents.
Bigger Than Basics- Estate Tips for Those Who Served
These foundational documents are the cornerstone of your estate planning, and veterans might have unique estate planning considerations depending on their individual situation.
Some other aspects of foundational estate planning to keep in mind include beneficiary designations that are used to manage former and current employment retirement plans, IRAs and annuities.
The designations on these beneficiary forms will supersede any other estate planning tools, which is why they should be an important component of your plan. Now is also a good time to closely examine the way that your property is currently titled.
Understand the Possible Tax Issues of Your Decisions
There are possible income tax implications that could make a child a joint owner of property leading to capital gains taxes upon the sale of that property.
Make sure that your legal and tax advisors are consulted regarding these possibilities. Make sure that you have liability insurance and a personal property plan in place as well. None of these aspects of your estate planning should be an afterthought.
For military service members or veterans, one of life’s challenges in the military is frequently changing. Developing a continuity book can bleed over into your personal affairs. Your continuity book could include an inventory of all your property, liabilities and insurance policies, as well as details about your key contacts, social media accounts, funeral wishes, and a list of the location of your key estate planning documents.
Talk to a lawyer about your options for estate planning.