Time to check the list for financial and estate planning goals by Corliss Law Group Estate Planning Law Corporation
It’s time to make a list and check it twice — not by Santa, but for financial and estate planning goals.
“There’s nothing magic about reviewing goals at year end, but it is a good time to refocus people on their financial goals,” said Michael Joyce, co-founder and president of JoycePayne Partners, a Richmond-based financial planning firm.
“People have been working hard all year, and they are more focused on the day to day, not the big picture, long-term goals,” he said.
Joyce recommends that consumers make sure they have made beneficiary designations on their retirement accounts and 401(k) plans, that they double-check the accuracy of their wills and that they don’t overlook long-term disability coverage.
It’s also important to consider tax consequences. “In addition to looking at goals, we try at year end to look at strategies for reducing taxes.”
L. Michael Gracik Jr., managing partner at Keiter, a Henrico County-based accounting firm, said year’s end is a good time to review estate planning documents in light of changes to the estate tax laws.