With the end of 2020 in sight, a few last minute estate planning considerations provided by JD Supra can help you close out this turbulent year with confidence and a clean slate:

1. Make gifts of cash to public charities to take advantage of tax laws;

2. Have discussions regarding your estate plan with your family over the holidays;

3. Review and update your estate plan every few years or after a major life event such as a birth, death, or marriage;

4. Check account ownership and beneficiary designations to make sure they still reflect your wishes;

5. Make sure your family knows how you would like your affairs to be handled in the event of your incapacity and where all pertinent documents (powers of attorney, living wills, advance directives, etc.) are stored;

6. Investigate life insurance options for the benefit of your dependents or loved ones; and

7. Finalize or pledge charitable gifts that qualify for 2020 tax purposes.

Wishing you joy and happiness this holiday season, and a safe and bright start to a brand new year!

With the holiday season upon us, especially this year, care and concern for family and loved ones takes on particular importance. Although contemplating what will happen to our assets should we lose capacity or pass away is not a typically joyful holiday pastime, thinking broadly about your main goals for your estate plan can provide a positive starting point. To help you get started, below are some of the most common estate planning objectives:

• Provide financially for oneself, spouse, children, or other friends and family members

• Minimize estate and income tax consequences

• Appoint a guardian for children

• Give to charities, churches, or other organizations

• Contribute to educational costs of loved ones

• Protect assets from creditors

• Appoint representatives in the event of incapacity

• Simplify the process of asset transfer for family members

• Give specific items of personal property to family or friends

• Avoid the probate process

Taking the time to consider what you wish to accomplish with your estate plan can make the process seem less daunting and provide a clear roadmap for developing your plan. For more information on ways to meet your estate planning objectives, take a look at this recent piece from Forbes.

In a world of heavy news, time for some lighter reading! We are often warned about the potential for trouble if we neglect our estate plans, but even celebrities are not immune to estate planning blunders. For the average American, estate planning failures can lead to a messy and potentially expensive legal process for loved ones left behind. For celebrities, such mistakes are often magnified by the typically massive value and public nature of their estates. Sonny Bono, Marilyn Monroe, Michael Jackson, and Prince are just a few celebrities whose assets became tied up in unintended legal battles after they passed away. For a little brain break, check out this ThinkAdvisor piece detailing thirteen surprising celebrity estate planning calamities.

Choosing a guardian for young children is almost always the most difficult estate planning decision parents face. If you are a parent, imagining someone else raising your children is unsettling. Worse, imagining a scenario in which your children must adapt to the loss of their parents in addition to an entirely new living situation is gut-wrenching. Though parents often agonize over this daunting decision, it is important to keep in mind that a probate court will make this decision for you if you do not express your wishes in your will or other written document before you pass away. While there is no perfect formula for selecting a guardian for your children, below are a few items for consideration:

1. Choose a friend or family member with shared values who will likely apply these same principles to raising your children.

2. Consider the guardian’s age, health, and general capacity to raise your children until adulthood.

3. Weigh the guardian’s financial stability. The guardian may manage your children’s inherited assets until they reach adulthood. Alternatively, parents may choose to name a separate individual to manage their children’s financial assets if another person would be more qualified.

4. Keep in mind that this decision is personal to you, the parents, and the future you see for your children. The opinions of others may be helpful, but should not control your final decision.

5. Ask the person you select to serve as guardian in advance to make sure they understand and agree to the undertaking.

6. List backups in case things change down the road and your first choice guardian no longer has the capacity or desire to handle raising your children.

All parents want the best for their children, so the anxiety parents feel when selecting a guardian is understandable and expected. Rest assured, you are not alone in these feelings of hesitation. Expressing your wishes in writing after careful deliberation is the best way to ensure the future you want for your children.

To all the moms out there navigating a brand new normal and juggling emotions ranging from guilt and fear to joy and gratitude, we are in this together one day at a time. Wishing you all a very Happy Mother’s Day!